Abstract
Financing small and medium enterprises (SMEs), especially business investments and growth, is a com- posite and particular complicated affair in the Greek entrepre- neurial reality. This paper examines the significance of secondary capital markets, as an alternative source of financing small-medium enterprises' new entrepreneurial plans. Cointe- gration technique is applied to test the relationship between the secondary capital market and the dominant sectors in Athens Stock Exchange (ASE). Causality tests are also used to provide evidence on the existence of interdependence between the co- integrated series. The results indicate that there is significant uni-directional causality between primary and secondary capi- tal market in Greece, enhancing us to suggest valuable policy implications.
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