Senate Hall Academic Publishing

Click HERE for a sample entrepreneurship paper

NOTE: Since 2009 the title of the International Journal of Entrepreneurship Education (IJEE) has been changed to the title above.  ISSN numbers: IJEE 1649-2269 and IRE 2009-2822

Publications & Abstracts below

In the ABS journals rankings published by the Chartered Association of Business Schools and also listed by Cabells, EBSCO, ARC, Cranfield, and Thomson-Reuters’ Web of Science ESCI citations index

ISSN Number: 2009-2822. Frequency: 4 Issues per year (online only)  

SME Financing in Japan during the Global Financial Crisis: Evidence from Firm Surveys

IRE Vol 12: Issue 4, 2014, Pages 191-218

Author(s): Arito Ono (Mizuho Research Institute, Tokyo, Japan) and Iichiro Uesugi (Hitotsubashi University, Japan)

Employing data from a unique firm survey, this article examines small and medium-sized enterprise (SME) financing in Japan during the global financial crisis. The major findings of the article are two-fold. First, in terms of credit availability, loans extended by main banks were the “first line of defense” for most Japanese SMEs to deal with the crisis. In contrast, the role of trade credit provided by firms’ main suppliers was relatively limited. The Emergency Credit Guarantees (ECG) program introduced by the government in response to the crisis also helped to increase credit availability. Second, in terms of firms’ ex-post performance, loans extended by firms’ main bank and loans backed by government policy measures contributed to firms’ cost restructuring, but had little impact on their profitability, suggesting a lack of sales growth. A key challenge for policy-makers is to provide incentives for SMEs to adopt effective strategies not only for cost-cutting but also for growth..
JEL classifications: G21, G28, G30, G38

Keywords: SME financing, main bank, trade credit, credit guarantees

Purchase this Article

To purchase this article click the Add To Order button below. The paper will be delivered electronically as a watermarked PDF file with a licence to make the number of copies ordered. Delivery of the article to your email address will normally be within 24 hours of placing the order online. If you would prefer to post or fax your order then please CLICK HERE for a printable order form. If you experience any difficulties please email us at:

If you wish to take out a yearly subscription to this journal CLICK HERE for prices and to order

Paper Pricing
USA and Rest of World
US Dollars($)
Euros (€)
Great Britain
Sterling (£)
Article Price