Credit Crunch or Loan Demand Shortage: What Is the Problem with the SMEs’ Financing?
Copyright policy )Credit Crunch or Loan Demand Shortage: What Is the Problem with the SMEs’ Financing?
The aim of this paper is to study the determinants of bank loan applications and financial access of small and medium enterprises from 2013 to 2015. We applied binary and ordered logit models to a sample of 27.811 firms from 37 countries from the Survey on the Access to Finance of Enterprises (SAFE). We provided evidence that larger firms and those belonging to the industry sector are more likely to apply for and obtain bank loans. A puzzling result was found regarding the matter of innovation. It is relevant for both application and access to bank loans, but in opposite ways: innovation boosts external finance applications but hampers actual financial access. Furthermore, the use of retained earnings enhances financial application and the effective financial access. This could indicate that internal funds are complementary, rather than substitutes in the firms’ financial structure. The results of the study are relevant to improve policies of SMEs access to finance in the European context.
Fil: Martinez, Lisana Belén. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
Fil: Guercio, María Belén. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
Fil: Scherger, Valeria. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
Fil: Fernández Bariviera, Aurelio. Universitat Rovira I Virgili; España
INNOVATION, https://purl.org/becyt/ford/5.2, FIRMS’ DEMOGRAPHIC CHARACTERISTICS, LOAN ACCESS, https://purl.org/becyt/ford/5, SMES, LOAN APPLICATION, EUROPEAN COUNTRIES
INNOVATION, https://purl.org/becyt/ford/5.2, FIRMS’ DEMOGRAPHIC CHARACTERISTICS, LOAN ACCESS, https://purl.org/becyt/ford/5, SMES, LOAN APPLICATION, EUROPEAN COUNTRIES
selected citations These citations are derived from selected sources.This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).3 popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.Top 10% influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).Average impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.Average
Citations provided by BIP!Popularity provided by BIP!