|Abstract:||The basic goal of this doctoral thesis is to test, based on literature overview and completed empirical research, the conceptual model that connects the multidimensional variables - factors that impact the perceived accessibility to different forms of financing and the measures carried out by the HGE upon perceived limitations of financing, or the measures carried out to ensure the optimal access to financial resources and consequently the impact on their financial performance. In order to achieve the basic goal of the doctoral thesis, we studied and, based on the existing definitions, defined HGE as dynamic enterprises that grow rapidly, develop explosively, employ intensively, innovate and always keep abreast of the competitors, since it is not their goal to survive but to thrive. We have theoretically defined the concepts of entrepreneurial orientation with the relevant dimensions, intangible capital of HGE (focusing on human capital and organisational networking capacity) and financial performance of HGE.
The established theoretical conceptual model has been empirically verified on a sample of HGEs with registered offices in the Republic of Slovenia. The results of the research confirmed the reliability and quality of the devised theoretical conceptual model. It was also established with SEM that entrepreneurial orientation statistically significantly and positively shaped the perceived accessibility to different financial resources and influenced the implementation of the measures implemented by the HGEs in order to overcome financing constraints. The results indicate that the construct of intangible capital of a HGE as a whole had no statistically significant impact on the implementation of the measures and the perceived access to different sources of financing; a separate analysis of the factors has shown statistically significant impacts on the perceived access to financial resources and implemented measures, particularly in connection with organisational networking capacity. The measures implemented with the aim of overcoming financing constraints will statistically significantly and positively shape the perceived access to the sources of financing. Both above-mentioned constructs (perceived access to sources of financing and implemented measures) will have a statistically significant and positive impact on the perceived financial performance of the HGE.
The results shown are beneficial for enterprises as well as for the needs of entrepreneurial policies that, in view of the impending crisis, is increasingly focused on the creation of conditions for achieving healthy high growth along with the preservation of access to financial banking resources and expansion of the impact of alternative sources of financing. In spite of the fact that most entrepreneurial policies stem from a broader context (namely, that of the European union), the understanding of the local context of social culture, production resources and other influential factors is also important for the drafting of a national policy and the ensuing measures. The measures of the entrepreneurial policy aimed at the assurance of accessibility of financial resources can be focused on direct aid (guarantees, subsidies, irredeemable funds, national funds and programmes) or oriented towards the indirect influential factors that, according to the research (including the one in this doctoral thesis), indicate that they improve access to financial resources as well as create the conditions for the achievement of a high level of growth. Based on the results of the doctoral thesis it is evident which influential factors of growth deserve more attention from the drafters of entrepreneurial policy measures as well as from enterprises, if they are to improve access to individual forms of financial resource or the financial performance of enterprises.|