Can Stock Exchanges Support The Growth of Small and Medium-Sized Enterprises? Lessons from India, South Africa and Jamaica

Jul 13, 2017 | J. Irving, J. Schellhase, J. Woodsome | Milken Institute

Today, there are around 30 SME-dedicated market segments on stock exchanges in emerging-market and developing economies, the majority of which have been established in the past 15 years. Through a survey instrument that has been created jointly with the World Federation of Exchanges (WFE), the Milken Institute Center for Financial Markets carried out evidence-based research to compare how approaches to SME boards have varied across countries. A survey was therefore carried out for listed SMEs on the SME boards and main markets of three focus countries—India, Jamaica, and South Africa—to compare why these firms list, whether they have had better access to finance since going public, and whether their post-listing experience has met their expectations.