PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2014 | nr 1(1) | 29--39
Tytuł artykułu

Access to Credit as a Growth Constraint

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
From a sample of 75,854 Slovenian firms in the period 1995-2011, we examine the effects of a firm's access to bank credit on its growth. The results suggest that as the external financing constraint relaxes and firm gets access to credit, the reliance on internal funds to finance growth decreases. By exploring the role of available collateral in gaining access to bank credit, we find that collateral only helps larger firms to obtain credit more easily. On the other hand, collateral does not reduce micro firms' dependence on internal funds to finance growth, which suggests that even if they have collateral, banks are still unprepared to finance them, possibly due to the level of risk. It could also be that in approving credit to micro firms, other factors such as liquidity or cash flow are more highly considered by banks than the value of collateral. (original abstract)
Rocznik
Numer
Strony
29--39
Opis fizyczny
Twórcy
autor
  • Bank of Slovenia
  • Bank of Slovenia
Bibliografia
  • Agca S., Mozumdar A. (2008) The impact of capital market imperfections on investment-cash flow sensitivity. Journal of Banking & Finance No. 32, pp. 207-216. DOI: 10.1016/j.jbankfin.2007.02.013
  • Almeida H., Campello M. (2010) Financing Frictions and the Substitution between Internal and External Funds. Journal of Financial and Quantitative Analysis Vol. 45, No. 3, pp. 589-622. DOI: 10.1017/S0022109010000177
  • Arellano M., Bond S. (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies No. 58, pp. 277-297. DOI: 10.2307/2297968
  • Arellano M., Bover O. (1995) Another Look at the Instrumental-Variable Estimation of Error-Components Models. Journal of Econometrics No. 68, pp. 29-52. DOI: 10.1016/0304-4076(94)01642-D
  • Bernanke B., Gertler M., Gilchrist S. (1996) The financial accelerator and the flight to quality. The Review of Economics and Statistics Vol. 78, No. 1, pp. 1-15. DOI: 10.2307/2109844
  • Blundell R., Bond S. (1998) Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics No. 87, pp. 115-143. DOI: 10.1016/S0304-4076(98)00009-8
  • Bond S. (2002) Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice. Portuguese Economic Journal Vol. 1, No. 2, pp. 141-162. DOI: 10.1007/s10258-002-0009-9.
  • Brown M., Ongena S., Popov A., Yesin P. (2011) Who needs credit and who gets credit in Eastern Europe. Economic Policy Vol. 26, No. 65, pp. 93-130. DOI: 10.1111/j.1468-0327.2010.00259.x
  • Campello M., Chen L. (2010) Are Financial Constrained Priced? Evidence from Firm Fundamentals and Stock Returns. Journal of Money, Credit and Banking Vol. 42, No. 6, pp. 1185-1198. DOI: 10.1111/j.1538-4616.2010.00326.x
  • Campello M., Graham J.R., Harvey C.R. (2010) The real effects of financial constraints: Evidence from financial crisis. Journal of Financial Economics No. 97, pp. 470-487. DOI: 10.1016/j.jfineco.2010.02.009
  • Chava S., Purnanandam A. (2011) The effects of banking crisis on bank-dependent borrowers. Journal of Financial Economics No. 99, pp. 116-135. DOI: 10.1016/j.jfineco.2010.08.006
  • Chen H., Chen S. (2012) Investment-cash flow sensitivity cannot be a good measure of financial constraints: Evidence from the time series. Journal of Financial Economics Vol. 103, No. 2, pp. 393-410. DOI: 10.1016/j.jfineco.2011.08.009
  • Erickson T., Whited T.M. (2000) Measurement Error and the Relationship between Investment and q. Journal of Political Economy, Vol. 108, No. 5, pp. 1027-1057. DOI: 10.1086/317670
  • Fazzari S.M., Hubbard R.G., Petersen B.C. (1988) Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity No. 1, pp. 141-206. DOI: 10.2307/2534426
  • Gertler M., Gilchrist S. (1993) The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence. The Scandinavian Journal of Economics, Vol. 95, No. 1, pp. 43-64. DOI: 10.2307/3440134.
  • Han L., Fraser S., Storey D.J. (2009) Are good or bad borrowers discouraged from applying for loans? Evidence from US small business credit markets. Journal of Banking & Finance No. 33, pp. 415-424. DOI: 10.1016/j.jbankfin.2008.08.014
  • Hovakimian G. (2011) Financial constraints and investment efficiency: Internal capital allocation across the business cycle. Journal of Financial Intermediation No. 20, pp. 264-283. DOI: 10.1016/j.jfi.2010.07.001
  • Modigliani F., Miller M.H. (1958) The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review Vol. 48, No. 3, pp. 261-297.
  • Rahaman M.M. (2011) Access to financing and firm growth. Journal of Banking & Finance No. 35, pp. 709-723. DOI: 10.1016/j.jbankfin.2010.09.005
  • Roodman D. (2006) How to do xtabond2: An introduction to »difference« and »system« GMM in Stata. Center for Global Development No. 103.
  • Sufi A. (2009) Bank Lines of Credit in Corporate Finance: An Empirical Analysis. Review of Financial Studies No. 22, pp. 1057-1088. DOI: 10.1093/rfs/hhm007
  • Windmeijer F. (2005) A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics No. 126, pp. 25-51. DOI: 10.1016/j.jeconom.2004.02.005
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171333643

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.