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dc.contributor.authorNorden, Lars
dc.contributor.authorVan Kampen, Stefan
dc.contributor.authorIllueca, Manuel
dc.date.accessioned2022-07-14T11:50:11Z
dc.date.available2022-07-14T11:50:11Z
dc.date.issued2021-09-02
dc.identifier.citationNorden, L., Van Kampen, S., & Illueca, M. (2021). Credit Quality And Substitution In Sme Finance. Journal of Financial Management, Markets and Institutions, 9(01), 2150005.ca_CA
dc.identifier.issn2282-717X
dc.identifier.urihttp://hdl.handle.net/10234/198381
dc.description.abstractWe investigate whether and how SMEs’ credit quality influences their substitution of bank credit for trade credit. Using data from the five largest European countries, we find that substitution of bank credit for trade credit decreases during the financial crisis, but it decreases significantly less for ex ante low credit quality firms. We control for pre-crisis or lagged firm characteristics including size and external finance dependence, industry effects, sample selection effects and cross-country heterogeneity. We also find that low credit quality firms increase their absolute and relative trade credit usage significantly more than high credit quality firms during the financial crisis. The effects are consistent across countries and stronger for net trade credit borrowers and financially constrained firms. The evidence highlights how credit quality influences demand-side driven substitution in SME finance.ca_CA
dc.format.extent26 p.ca_CA
dc.format.mimetypeapplication/pdfca_CA
dc.language.isoengca_CA
dc.publisherWorld Scientific Publishingca_CA
dc.relation.isPartOfJournal of Financial Management, Markets and InstitutionsVol. 09, No. 01, 2150005 (2021)ca_CA
dc.rights©The Author(s)ca_CA
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/ca_CA
dc.subjecttrade creditca_CA
dc.subjectbank creditca_CA
dc.subjectcredit riskca_CA
dc.subjectsubstitutionca_CA
dc.subjectfinancial crisisca_CA
dc.titleCredit Quality and Substitution in SME Financeca_CA
dc.typeinfo:eu-repo/semantics/articleca_CA
dc.subject.jelG20ca_CA
dc.subject.jelG30ca_CA
dc.subject.jelG32ca_CA
dc.identifier.doihttps://doi.org/10.1142/S2282717X21500055
dc.rights.accessRightsinfo:eu-repo/semantics/openAccessca_CA
dc.type.versioninfo:eu-repo/semantics/publishedVersionca_CA


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