Credit Quality and Substitution in SME Finance
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Mostrar el registro completo del ítemcomunitat-uji-handle:10234/9
comunitat-uji-handle2:10234/8648
comunitat-uji-handle3:10234/8649
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Título
Credit Quality and Substitution in SME FinanceFecha de publicación
2021-09-02Editor
World Scientific PublishingISSN
2282-717XCita bibliográfica
Norden, L., Van Kampen, S., & Illueca, M. (2021). Credit Quality And Substitution In Sme Finance. Journal of Financial Management, Markets and Institutions, 9(01), 2150005.Tipo de documento
info:eu-repo/semantics/articleVersión
info:eu-repo/semantics/publishedVersionPalabras clave / Materias
Resumen
We 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 ... [+]
We 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. [-]
Publicado en
Journal of Financial Management, Markets and InstitutionsVol. 09, No. 01, 2150005 (2021)Derechos de acceso
©The Author(s)
info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess
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