Articles producció científica> Gestió d'Empreses

Credit Crunch or Loan Demand Shortage: What Is the Problem with the SMEs' Financing?

  • Identification data

    Identifier: imarina:9189733
    Handle: http://hdl.handle.net/20.500.11797/imarina9189733
  • Authors:

    Guercio, M. Belen
    Martinez, Lisana B.
    Bariviera, Aurelio F.
    Scherger, Valeria
  • Others:

    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
    Keywords: Smes Loan application Loan access Innovation 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: 2023-02-19
    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: http://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
  • Keywords:

    Accounting,Business, Finance,Economics and Econometrics,Finance
    Smes
    Loan application
    Loan access
    Innovation
    Firms' demographic characteristics
    European countries
    Finance
    Economics and econometrics
    Ciencias sociales
    Business, finance
    Accounting
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