Abstract
This study deals with the financial structures and the performances of small and medium-sized (SMEs) versus Large enterprises (LEs) using BACH data bank which is the most advanced available data base for comparison in this field. It covers the period 1990-1996 and concerns 9 countries (7 European countries, Japan and the United States). The main results are the following: (1) regarding profitability, there are distinctive features of SMEs compared to LEs that transcend their nationality and the gross profitability is larger for SMEs than for LEs (2) regarding financial patterns, specific national features of financial system have a strong impact on the firm behaviour, with small enterprise financial structures being more typified than larger ones (3) a given rate of profit can be achieved following distinct models of profit formation ('market-based' and 'organisation-based' models); (4) it also can be achieved with dramatically different financial patterns.
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