Substitution effects in SME finance

Detalhes bibliográficos
Autor(a) principal: Norden, Lars
Data de Publicação: 2018
Outros Autores: Kampen, Stefan van, Illueca, Manuel
Tipo de documento: Artigo de conferência
Idioma: por
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: https://hdl.handle.net/10438/29170
Resumo: We investigate whether SMEs with demand for credit increase their trade credit usage after they experience a negative shock to bank credit. We base our analysis on a large sample of SMEs from the five biggest European countries. First, SMEs’ ability to substitute largely depends on their credit quality. Second, substitution decreases during the financial crisis of 2007-09. Third, high credit quality firms with moderate financial constraints are the most likely to substitute. We confirm these results on a subsample with matched bank-firm data. The evidence highlights the limits of substitution in SME finance.
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spelling Norden, LarsKampen, Stefan vanIllueca, ManuelEscolas::EBAPE2020-05-27T13:27:59Z2020-05-27T13:27:59Z2018-03-20https://hdl.handle.net/10438/29170We investigate whether SMEs with demand for credit increase their trade credit usage after they experience a negative shock to bank credit. We base our analysis on a large sample of SMEs from the five biggest European countries. First, SMEs’ ability to substitute largely depends on their credit quality. Second, substitution decreases during the financial crisis of 2007-09. Third, high credit quality firms with moderate financial constraints are the most likely to substitute. We confirm these results on a subsample with matched bank-firm data. The evidence highlights the limits of substitution in SME finance.porBank loansTrade creditAsymmetric informationFinancial constraintsExternal finance dependenceEconomiaInstituições financeirasSociedades comerciais - FinançasEmpréstimo bancárioCréditosSubstitution effects in SME financeinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/conferenceObjectreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessCBFR - Center for Banking and Finance Research in Rio (FGV EBAPE)Banking e desenvolvimento econômicoRede de Pesquisa e Conhecimento AplicadoTEXTNvKI_March20_2018.pdf.txtNvKI_March20_2018.pdf.txtExtracted texttext/plain101445https://repositorio.fgv.br/bitstreams/b698e392-c948-4d76-8385-4575856e5b98/downloade30f39735652d0620b0d3d720be8637dMD55THUMBNAILNvKI_March20_2018.pdf.jpgNvKI_March20_2018.pdf.jpgGenerated 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dc.title.eng.fl_str_mv Substitution effects in SME finance
title Substitution effects in SME finance
spellingShingle Substitution effects in SME finance
Norden, Lars
Bank loans
Trade credit
Asymmetric information
Financial constraints
External finance dependence
Economia
Instituições financeiras
Sociedades comerciais - Finanças
Empréstimo bancário
Créditos
title_short Substitution effects in SME finance
title_full Substitution effects in SME finance
title_fullStr Substitution effects in SME finance
title_full_unstemmed Substitution effects in SME finance
title_sort Substitution effects in SME finance
author Norden, Lars
author_facet Norden, Lars
Kampen, Stefan van
Illueca, Manuel
author_role author
author2 Kampen, Stefan van
Illueca, Manuel
author2_role author
author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EBAPE
dc.contributor.author.fl_str_mv Norden, Lars
Kampen, Stefan van
Illueca, Manuel
dc.subject.eng.fl_str_mv Bank loans
Trade credit
Asymmetric information
Financial constraints
External finance dependence
topic Bank loans
Trade credit
Asymmetric information
Financial constraints
External finance dependence
Economia
Instituições financeiras
Sociedades comerciais - Finanças
Empréstimo bancário
Créditos
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Instituições financeiras
Sociedades comerciais - Finanças
Empréstimo bancário
Créditos
description We investigate whether SMEs with demand for credit increase their trade credit usage after they experience a negative shock to bank credit. We base our analysis on a large sample of SMEs from the five biggest European countries. First, SMEs’ ability to substitute largely depends on their credit quality. Second, substitution decreases during the financial crisis of 2007-09. Third, high credit quality firms with moderate financial constraints are the most likely to substitute. We confirm these results on a subsample with matched bank-firm data. The evidence highlights the limits of substitution in SME finance.
publishDate 2018
dc.date.issued.fl_str_mv 2018-03-20
dc.date.accessioned.fl_str_mv 2020-05-27T13:27:59Z
dc.date.available.fl_str_mv 2020-05-27T13:27:59Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
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