By Stefania Rossi
This ebook explores how the worldwide monetary and ecu sovereign debt crises have pressured small-and-medium-sized companies (SMEs) to think again and adapt their investment innovations. on the center of the problem is the worsening entry to financial institution credits for such companies. via this dialogue we find out how the most important an knowing of SME-financing is to coverage makers, in mild of the truth that SMEs dominate the company panorama in Europe and are the most drivers of employment, progress and innovation within the ecu financial system. Contributing chapters current specialist research and examine many themes together with the issues confronted via SMEs in having access to financial institution credits and the price of investment and its determinants. specific realization can be given to how credit-constrained firms may possibly reformulate their investment recommendations by means of using substitute, non-bank, monetary assets, and the way regulators may perhaps aid SMEs in broadening and enhancing their investment opportunities.
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Extra info for Access to Bank Credit and SME Financing
However, SMEs in particular can simply not afford the fixed costs of either bond issuance or going public with issuing stocks. This means that bank loans remain for them practically the only available financing source. However, many studies demonstrate that small firms have more difficulties to access credit if compared to large firms (Berger and Udell 2006). There is widespread evidence (European Central Bank 2014a, b) that bank-related financing conditions deteriorated most for euro area SMEs compared to larger firms.
This dataset includes economic data from 2003 to the present and is considered highly reliable. 2 Methodology Since the dependent variables in our regressions are binary (firm filing for a loan or not, and bank loan obtained or not), we approach the analysis using 36 A. Moro et al. traditional logit regression (Hosmer and Lemeshow 2000). As we rely on a panel dataset that is unmatched at firm level, we were unable to use fixed effect panel regression. Thus, our analysis relies on pooled logit regressions.
35 same precision for micro (1–9 employees), small (10–49 employees) and medium-sized firms (50–249 employees). A group of large firms (250 or more employees) is also included and it covers less than 10% of the total sample. The sample sizes for each economic activity are selected to ensure adequate representation across the four largest activities: industry, construction, trade and services. Agriculture, forestry, fishing, financial intermediation, public administration, activities of households, extra- territorial organizations, as well as bodies and holding companies are excluded.