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Analysis of Firm-level Factors Fffects in Success of Financing with Credit Guarantee-Case Study of Iranian Technology Fund

Fatemi Khorasgani, Ali | 2015

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 47833 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Souzanchi Kashani, Ebrahim
  7. Abstract:
  8. Financing is an important barrier in growth path of small and medium-sized technology-based firms. Using guarantee letters to ease access of such firms to credit, is one way to encounter this barrier. In this study, the pioneer research and technology fund in offering this service to technology-based firms in Iran have been considered. Credit guarantee issuance records of this fund illustrates that none of credit guarantee letters certified by this fund has been defaulted yet. Comparison of fund’s credit scoring model with Chandler’s framework for organizational capabilities reveals that the fund does not investigate marketing and managerial capabilities in its credit scoring model. So, the fund’s experience raise the question why Chandler’s framework for organizational capabilities is not justifiable in this case? As an answer to this question, propositions like the need to adjust the framework, effects of context-specific factors in Iran, and inaccuracy of fund’s claim about its past records, could be made. According to these facts, the forthcoming research has tried to investigate impacts of Chandler’s organizational capabilities –specially marketing and managerial capabilities- in success of four firms applied for this fund’s payment guarantee letter. The result shows that two of four cases were very close to guarantee default, and those two faced challenging situation in managerial and marketing capabilities. So, firstly, Chandler’s theory could be verified in this context and fund’s experience could not contravene that. Secondly, this research is a successful empirical test of Chandler’s model in the new context of technology-based SMEs. Thirdly, according to importance of marketing and managerial capabilities in prosperity of technology-based SMEs, research and technology funds should consider these two capabilities in their credit scoring system
  9. Keywords:
  10. Finance ; Organizational Capability ; Small and Medium Sized Firms ; New Technology-based Firms ; Credit Guarantee

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