This paper focuses on the role of determinants of the viability of Greek SMEs in a period of economic crisis, contributing to existing bibliography. The empirical analysis, based on qualitative and quantitative data extracted from a survey based on more than 150 Small and Medium-Sized (SMEs) Greek manufacturing companies, examines the factors that affect their viability in times of economic recession; emphasizing in the use of collaborations with universities and research centers, as well as suggesting the tendency to maintain an adequate pillar of Equity funds and the widespread use of ERPs as tools to enhance firms’ activity, as key determinant factors.
The results suggest businesses should take initiatives to promote cooperation networks for innovation and set up associations representing small and medium-sized enterprises to facilitate social interactions. Applied policies should better address business needs and provide realistic incentives (e.g. tax relief) to small and medium-sized enterprises with high innovation potential and encourage cooperation between universities and public and/or private research centers by introducing effective institutional and market-oriented arrangements.
Keywords: Business Sustainability, Altman Score, ERPs, Collaborations with Universities, Economic Crisis, accounting , Small and Medium Enterprises (SMEs)