Causal Factors Affecting Operating Constraints and Access to Finance from Financial Institutions of Small and Medium Enterprises (SMEs) in Phitsanulok
DOI:
https://doi.org/10.14456//psruhss.2021.2Keywords:
Access to finance from financial institutions, Small and medium enterprises, Causal factorsAbstract
The objectives of this survey research are to study the casual factors affecting access to finance from financial institutions and the influences of firm characteristics, entrepreneurial characteristics and financial characteristics on operating constraints and access to finance of SMEs in Phitsanulok. The samples are 395 samples selected by simple random sampling method. Data collected by questionnaires was analyzed by Structural Equation Model (SEM). The results revealed that access to finance from financial institutions is consistent with the empirical data ( = 136.161, df = 113,
/df = 1.205, p-value = 0.068, GFI = 0.951, IFI = 0.996, CFI = 0.996, RMSEA = 0.026). Firm characteristics and financial characteristics significantly influenced operating constraints (p < .001). Additionally, Firm characteristics and operation constraints significantly influenced access to finance (p < .01) and (p < .05) respectively, whereas the empirical data did not support that financial characteristics influenced operation constraints and access to finance. Lastly, the antecedents rendering the most influential total effect to access to finance are firm characteristics, operation constraints and entrepreneurial characteristics respectively.
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