Journal article

The patterns of financial bootstrapping behavior, Empirical evidence from Swedish SMEs’


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Publication Details

Author list: Yazdanfar, Darush

Publisher: InderScience Publishers

Publication year: 2011

Start page: 255

End page: 264

Number of pages: 10

ISSN: 1753-3627



The aim of this study is to explore the patterns of financial bootstrapping behaviour of SMEs in Ostersund/Sweden. The present research is based on a structured questionnaire survey and focuses on a sample of 146 SMEs. Financial bootstrapping denotes a set of techniques such as reliance on internal funding sources, low-cost acquisition of financial resources, and avoidance of external financial resources. The empirical results show that the sample firms use a wide variety of bootstrapping techniques. In addition, although the internal resources and social oriented techniques emerged as the most- and second most highly used financial bootstrapping techniques respectively, other techniques such as minimising accounts receivable, minimising capital, and subsidy bootstrapping have been ranked as the most important bootstrapping techniques. The results from this study contribute to the understanding of informal financial behaviour of SMEs.


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