The sensitivity of SME’s investment and employment to the cost of debt financing
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Outros Autores: | , |
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 |
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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 |
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1799131175210450944 |