La financiación de la internacionalización de las pymes industriales españolas, 1980-2000el caso del grupo Grifols

  1. José Luis García Ruiz
  2. Paloma Fernández Pérez
Revista:
Universia Business Review

ISSN: 1698-5117

Any de publicació: 2017

Número: 55

Pàgines: 64-79

Tipus: Article

DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Altres publicacions en: Universia Business Review

Resum

There is not enough research on the role played by finance in the expansion of industrial firms, especially in the case of small and medium-sized enterprises (SMEs), which, since the 1980s, have had to face the challenges of the internationalization spurred on by the Second Globalization. In this article, we explore the subject through the Spanish case during the period 1980-2000 and offer new information extracted from databases and a relevant case study: the financial background behind the transformation of the Grifols Group from a medium-sized business into a large global corporation. According to our research, the “pecking order” induces the increasing reliance of large firms on public funding, which means more bank credit available for the SMEs. From the study of the Grifols case we learn that to have a strong international partner eases the access to credit for the SMEs.

Referències bibliogràfiques

  • BACH database at www.bach.banque-france.fr.
  • Baskin, J. B. and Miranti Jr., P. J. (1997). A History of Corporate Finance. Cambridge: Cambridge University Press.
  • Beck, T., Demirgüç-Kunt, A. and Singer, D. (2013). Is Small Beautiful? Financial Structure, Size, and Access to Finance. World Development, 52, 19–33.
  • Berger, A. N. and Udell, G. F. (1998). The Economics of Small Business Finance: The Role of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking and Finance, 22 (6-8), 613-673
  • Berger, A. N. and Udell, G. F. (2006).A More Complete Conceptual Framework for SME Finance. Journal of Banking and Finance, 30 (11), 2945-2966.
  • Berghoff, H. (2016). Varieties of Financialization? Evidence from German Industry in the 1990s. Business History Review, 90 (1), 81–108.
  • Cano-Kollmann, M., Cantwell, J., Hannigan, T. J., Mudambi, R. and Song, J. (2016). Knowledge Connectivity: An Agenda for Innovation Research in International Business. Journal of International Business Studies, 47 (3), 255-262.
  • CBSO database at www.bde.es
  • ESEE database at www.fundacionsepi.es.
  • European Commission (2014). Supporting the Internationalization of SMEs. Luxemburg.
  • Fernández Pérez, P. and Lluch, A. (eds.) (2015). Familias empresarias y grandes empresas familiares en América Latina y España. Una visión a largo plazo. Bilbao: Fundación BBVA.
  • Grifols (2000). A Passion for Life: Grifols 60th Anniversary. Barcelona.
  • Grifols (2015). When a Dream Comes True. An Illustrated History of 75 Years of Grifols. Barcelona.
  • Grifols Lucas, V. (2012). With a Cork and a Piece of String: An Entrepreneur in Post-War Spain. Sant Cugat del Vallés: Grifols.
  • Guillén, M. F. (2005). The Rise of Spanish Multinationals: European Business in the Global Economy. Cambridge: Cambridge University Press.
  • HAGH (Historical Archive at the Grifols Headquarters) in Sant Cugat del Vallès.
  • HAMG (Historical Archive of Museu Grifols) in Barcelona.
  • Hollenstein, H. (2005). Determinants of International Activities: Are SMEs Different? Small Business Economics, 24 (5), 431-450.
  • James, H. (2006). Family Capitalism. Wendels, Haniels, Falcks, and the Continental European Model. Cambridge (USA): Harvard University Press.
  • Kobrak, C. and Bunkanwanicha, P. (2013). Finance and Family-Ness. A Historical Overview of Assessing the Economics of Kinship. In P. Fernández Pérez and A. Colli (eds.), The Endurance of Family Businesses. A Global Overview (pp. 179-196). Cambridge: Cambridge University Press.
  • Lazonick, W. (2010). Innovative Business Models and Varieties of Capitalism: Financialization of the U.S. Corporation. Business History Review, 84 (4), 675–702
  • Maroto, J. A. and Melle, M. (2000). Los sistemas financieros y la financiación empresarial: pautas de comportamiento y factores explicativos del crédito bancario: un análisis comparado internacional. Papeles de Economía Española, 84-85, 237-267.
  • Maudos, J. and Fernández de Guevara, J. (2014). Endeudamiento de las empresas españolas en el contexto europeo: el impacto de la crisis. Bilbao: Fundación BBVA.
  • Muñoz Porcar, A. and Rosell Martínez, J. (2002). Inversión y financiación de la empresa española no financiera, 1983-2000. Ekonomiaz. Revista vasca de economía, 50, 182-207.
  • Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, 39 (3), 574-592.
  • OECD (2009). Top Barriers and Drivers to SME Internationalisation. París.
  • Oxelheim, L., Randoy, T. and Stonehill, A. (2012).What Can International Finance Add to International Strategy? In A. Verbeke and H. Merchant (eds.), Handbook of Research on International Strategic Management (pp. 238-253). Cheltenham: Edward Elgar.
  • Puig, N. and Fernández Pérez, P. (2009).La internacionalización de la gran empresa familiar española. Una perspectiva histórica. Información Comercial Española, 849, 27-38.
  • SAFE database at www.ecb.europa.eu
  • Salas, V. (2013). La financiación externa de la empresa española. Situación actual y perspectivas. Economía Industrial, 387, 71-86.
  • Sist, F. (2014). Financial Needs of Internationalized Firms. International Journal of Financial Research, 5 (4), 171-179.
Fuente de los datos: Dialnet