The sensitivity of SME’s investment and employment to the cost of debt financing

Detalhes bibliográficos
Autor(a) principal: Bonfim, Diana
Data de Publicação: 2019
Outros Autores: Raposo, Clara, Custódio, Cláudia
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/23996
Resumo: We use variation in the access to a government credit certification program in Portugal to estimate the sensitivity of SMEs´ investment and employment to the cost of debt financing. Targeted firms have access to a credit certification and loan guarantees. We use a multidimensional regression discontinuity design to estimate real effects. Eligible firms increase borrowing and obtain bank loans at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Eligible firms also exhibit increased return on assets and default less. Industry-level analysis shows reduced heterogeneity in access to credit in more exposed industries
id RCAP_94450838d4bf050a003e41fd4a996237
oai_identifier_str oai:www.repository.utl.pt:10400.5/23996
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling The sensitivity of SME’s investment and employment to the cost of debt financingSME FinancingCredit RatingCredit AccessCredit CertificationWe use variation in the access to a government credit certification program in Portugal to estimate the sensitivity of SMEs´ investment and employment to the cost of debt financing. Targeted firms have access to a credit certification and loan guarantees. We use a multidimensional regression discontinuity design to estimate real effects. Eligible firms increase borrowing and obtain bank loans at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Eligible firms also exhibit increased return on assets and default less. Industry-level analysis shows reduced heterogeneity in access to credit in more exposed industriesBanco de PortugalRepositório da Universidade de LisboaBonfim, DianaRaposo, ClaraCustódio, Cláudia2022-04-04T10:47:13Z2019-102019-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/23996engBonfim, Diana . Clara Raposo e Cláudia Custódio .2019. “The sensitivity of SME’s investment and employment to the cost of debt financing” .Banco de Portugal. Economic and Research Department. Working Papers nº 15 | 2019.2182-0422info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:53:37Zoai:www.repository.utl.pt:10400.5/23996Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:08:08.218156Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The sensitivity of SME’s investment and employment to the cost of debt financing
title The sensitivity of SME’s investment and employment to the cost of debt financing
spellingShingle The sensitivity of SME’s investment and employment to the cost of debt financing
Bonfim, Diana
SME Financing
Credit Rating
Credit Access
Credit Certification
title_short The sensitivity of SME’s investment and employment to the cost of debt financing
title_full The sensitivity of SME’s investment and employment to the cost of debt financing
title_fullStr The sensitivity of SME’s investment and employment to the cost of debt financing
title_full_unstemmed The sensitivity of SME’s investment and employment to the cost of debt financing
title_sort The sensitivity of SME’s investment and employment to the cost of debt financing
author Bonfim, Diana
author_facet Bonfim, Diana
Raposo, Clara
Custódio, Cláudia
author_role author
author2 Raposo, Clara
Custódio, Cláudia
author2_role author
author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Bonfim, Diana
Raposo, Clara
Custódio, Cláudia
dc.subject.por.fl_str_mv SME Financing
Credit Rating
Credit Access
Credit Certification
topic SME Financing
Credit Rating
Credit Access
Credit Certification
description We use variation in the access to a government credit certification program in Portugal to estimate the sensitivity of SMEs´ investment and employment to the cost of debt financing. Targeted firms have access to a credit certification and loan guarantees. We use a multidimensional regression discontinuity design to estimate real effects. Eligible firms increase borrowing and obtain bank loans at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Eligible firms also exhibit increased return on assets and default less. Industry-level analysis shows reduced heterogeneity in access to credit in more exposed industries
publishDate 2019
dc.date.none.fl_str_mv 2019-10
2019-10-01T00:00:00Z
2022-04-04T10:47:13Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/23996
url http://hdl.handle.net/10400.5/23996
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Bonfim, Diana . Clara Raposo e Cláudia Custódio .2019. “The sensitivity of SME’s investment and employment to the cost of debt financing” .Banco de Portugal. Economic and Research Department. Working Papers nº 15 | 2019.
2182-0422
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Banco de Portugal
publisher.none.fl_str_mv Banco de Portugal
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799131175210450944

Registros relacionados