Bank debt and trade credit for SMEs in Europe: firm-, industry-, and country-level determinants
Abstract This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Andrieu, Guillaume [verfasserIn] |
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| Format: |
Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2017 |
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| Schlagwörter: |
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| Anmerkung: |
© Springer Science+Business Media, LLC 2017 |
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| Übergeordnetes Werk: |
Enthalten in: Small business economics - Springer US, 1989, 51(2017), 1 vom: 19. Sept., Seite 245-264 |
|---|---|
| Übergeordnetes Werk: |
volume:51 ; year:2017 ; number:1 ; day:19 ; month:09 ; pages:245-264 |
| Links: |
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| DOI / URN: |
10.1007/s11187-017-9926-y |
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| 520 | |a Abstract This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked to SMEs’ access to bank loans, but only firm size is positively related to the provision of trade credit. The results also provide empirical support for a complementary rather than a substitutive effect between bank loans and trade credit. Manufacturing SMEs have a significantly higher likelihood of receiving bank loans and trade credit than non-manufacturing SMEs. We find differences across countries in terms of the relevance of firm age and firm size for obtaining capital. In addition, we point at specific country-level variables that explain why obtaining credit is easier in some countries. We perform additional analyses to confirm our baseline results and provide directions for future research. | ||
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10.1007/s11187-017-9926-y doi (DE-627)OLC2033131041 (DE-He213)s11187-017-9926-y-p DE-627 ger DE-627 rakwb eng 330 VZ 3,2 ssgn Andrieu, Guillaume verfasserin aut Bank debt and trade credit for SMEs in Europe: firm-, industry-, and country-level determinants 2017 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science+Business Media, LLC 2017 Abstract This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked to SMEs’ access to bank loans, but only firm size is positively related to the provision of trade credit. The results also provide empirical support for a complementary rather than a substitutive effect between bank loans and trade credit. Manufacturing SMEs have a significantly higher likelihood of receiving bank loans and trade credit than non-manufacturing SMEs. We find differences across countries in terms of the relevance of firm age and firm size for obtaining capital. In addition, we point at specific country-level variables that explain why obtaining credit is easier in some countries. We perform additional analyses to confirm our baseline results and provide directions for future research. Bank loans Trade credit Information asymmetry SMEs Staglianò, Raffaele aut van der Zwan, Peter aut Enthalten in Small business economics Springer US, 1989 51(2017), 1 vom: 19. Sept., Seite 245-264 (DE-627)170201392 (DE-600)1024560-1 (DE-576)025084968 0921-898X nnns volume:51 year:2017 number:1 day:19 month:09 pages:245-264 https://doi.org/10.1007/s11187-017-9926-y lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_110 GBV_ILN_4012 AR 51 2017 1 19 09 245-264 |
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10.1007/s11187-017-9926-y doi (DE-627)OLC2033131041 (DE-He213)s11187-017-9926-y-p DE-627 ger DE-627 rakwb eng 330 VZ 3,2 ssgn Andrieu, Guillaume verfasserin aut Bank debt and trade credit for SMEs in Europe: firm-, industry-, and country-level determinants 2017 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science+Business Media, LLC 2017 Abstract This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked to SMEs’ access to bank loans, but only firm size is positively related to the provision of trade credit. The results also provide empirical support for a complementary rather than a substitutive effect between bank loans and trade credit. Manufacturing SMEs have a significantly higher likelihood of receiving bank loans and trade credit than non-manufacturing SMEs. We find differences across countries in terms of the relevance of firm age and firm size for obtaining capital. In addition, we point at specific country-level variables that explain why obtaining credit is easier in some countries. We perform additional analyses to confirm our baseline results and provide directions for future research. Bank loans Trade credit Information asymmetry SMEs Staglianò, Raffaele aut van der Zwan, Peter aut Enthalten in Small business economics Springer US, 1989 51(2017), 1 vom: 19. Sept., Seite 245-264 (DE-627)170201392 (DE-600)1024560-1 (DE-576)025084968 0921-898X nnns volume:51 year:2017 number:1 day:19 month:09 pages:245-264 https://doi.org/10.1007/s11187-017-9926-y lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_110 GBV_ILN_4012 AR 51 2017 1 19 09 245-264 |
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10.1007/s11187-017-9926-y doi (DE-627)OLC2033131041 (DE-He213)s11187-017-9926-y-p DE-627 ger DE-627 rakwb eng 330 VZ 3,2 ssgn Andrieu, Guillaume verfasserin aut Bank debt and trade credit for SMEs in Europe: firm-, industry-, and country-level determinants 2017 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science+Business Media, LLC 2017 Abstract This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked to SMEs’ access to bank loans, but only firm size is positively related to the provision of trade credit. The results also provide empirical support for a complementary rather than a substitutive effect between bank loans and trade credit. Manufacturing SMEs have a significantly higher likelihood of receiving bank loans and trade credit than non-manufacturing SMEs. We find differences across countries in terms of the relevance of firm age and firm size for obtaining capital. In addition, we point at specific country-level variables that explain why obtaining credit is easier in some countries. We perform additional analyses to confirm our baseline results and provide directions for future research. Bank loans Trade credit Information asymmetry SMEs Staglianò, Raffaele aut van der Zwan, Peter aut Enthalten in Small business economics Springer US, 1989 51(2017), 1 vom: 19. Sept., Seite 245-264 (DE-627)170201392 (DE-600)1024560-1 (DE-576)025084968 0921-898X nnns volume:51 year:2017 number:1 day:19 month:09 pages:245-264 https://doi.org/10.1007/s11187-017-9926-y lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_110 GBV_ILN_4012 AR 51 2017 1 19 09 245-264 |
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10.1007/s11187-017-9926-y doi (DE-627)OLC2033131041 (DE-He213)s11187-017-9926-y-p DE-627 ger DE-627 rakwb eng 330 VZ 3,2 ssgn Andrieu, Guillaume verfasserin aut Bank debt and trade credit for SMEs in Europe: firm-, industry-, and country-level determinants 2017 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science+Business Media, LLC 2017 Abstract This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked to SMEs’ access to bank loans, but only firm size is positively related to the provision of trade credit. The results also provide empirical support for a complementary rather than a substitutive effect between bank loans and trade credit. Manufacturing SMEs have a significantly higher likelihood of receiving bank loans and trade credit than non-manufacturing SMEs. We find differences across countries in terms of the relevance of firm age and firm size for obtaining capital. In addition, we point at specific country-level variables that explain why obtaining credit is easier in some countries. We perform additional analyses to confirm our baseline results and provide directions for future research. Bank loans Trade credit Information asymmetry SMEs Staglianò, Raffaele aut van der Zwan, Peter aut Enthalten in Small business economics Springer US, 1989 51(2017), 1 vom: 19. Sept., Seite 245-264 (DE-627)170201392 (DE-600)1024560-1 (DE-576)025084968 0921-898X nnns volume:51 year:2017 number:1 day:19 month:09 pages:245-264 https://doi.org/10.1007/s11187-017-9926-y lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_110 GBV_ILN_4012 AR 51 2017 1 19 09 245-264 |
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Abstract This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked to SMEs’ access to bank loans, but only firm size is positively related to the provision of trade credit. The results also provide empirical support for a complementary rather than a substitutive effect between bank loans and trade credit. Manufacturing SMEs have a significantly higher likelihood of receiving bank loans and trade credit than non-manufacturing SMEs. We find differences across countries in terms of the relevance of firm age and firm size for obtaining capital. In addition, we point at specific country-level variables that explain why obtaining credit is easier in some countries. We perform additional analyses to confirm our baseline results and provide directions for future research. © Springer Science+Business Media, LLC 2017 |
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Abstract This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked to SMEs’ access to bank loans, but only firm size is positively related to the provision of trade credit. The results also provide empirical support for a complementary rather than a substitutive effect between bank loans and trade credit. Manufacturing SMEs have a significantly higher likelihood of receiving bank loans and trade credit than non-manufacturing SMEs. We find differences across countries in terms of the relevance of firm age and firm size for obtaining capital. In addition, we point at specific country-level variables that explain why obtaining credit is easier in some countries. We perform additional analyses to confirm our baseline results and provide directions for future research. © Springer Science+Business Media, LLC 2017 |
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Abstract This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked to SMEs’ access to bank loans, but only firm size is positively related to the provision of trade credit. The results also provide empirical support for a complementary rather than a substitutive effect between bank loans and trade credit. Manufacturing SMEs have a significantly higher likelihood of receiving bank loans and trade credit than non-manufacturing SMEs. We find differences across countries in terms of the relevance of firm age and firm size for obtaining capital. In addition, we point at specific country-level variables that explain why obtaining credit is easier in some countries. We perform additional analyses to confirm our baseline results and provide directions for future research. © Springer Science+Business Media, LLC 2017 |
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Staglianò, Raffaele van der Zwan, Peter |
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170201392 |
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n |
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| doi_str |
10.1007/s11187-017-9926-y |
| up_date |
2024-07-03T15:49:22.051Z |
| _version_ |
1803573539167535104 |
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