Author, as appears in the article.: Guercio, M. Belen; Martinez, Lisana B.; Bariviera, Aurelio F.; Scherger, Valeria;
Department: Gestió d'Empreses
URV's Author/s: Fernández Bariviera, Aurelio / MARTÍNEZ, LISANA BELÉN
Keywords: Smes Loan application Loan access Innovation Firms’ demographic characteristics Firms' demographic characteristics European countries
Abstract: 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.
Thematic Areas: Finance Economics and econometrics Ciencias sociales Business, finance Accounting
licence for use: https://creativecommons.org/licenses/by/3.0/es/
Author's mail: aurelio.fernandez@urv.cat
Author identifier: 0000-0003-1014-1010
Record's date: 2024-10-05
Papper version: info:eu-repo/semantics/publishedVersion
Link to the original source: https://journal.fsv.cuni.cz/mag/article/show/id/1475
Licence document URL: https://repositori.urv.cat/ca/proteccio-de-dades/
Papper original source: Finance A Uver-Czech Journal Of Economics And Finance. 70 (6): 521-540
APA: Guercio, M. Belen; Martinez, Lisana B.; Bariviera, Aurelio F.; Scherger, Valeria; (2020). Credit Crunch or Loan Demand Shortage: What Is the Problem with the SMEs' Financing?. Finance A Uver-Czech Journal Of Economics And Finance, 70(6), 521-540. DOI: 10.32065/CJEF.2020.06.02
Article's DOI: 10.32065/CJEF.2020.06.02
Entity: Universitat Rovira i Virgili
Journal publication year: 2020
Publication Type: Journal Publications
Repositori URV