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Trade Credit, the Financial Crisis, and SME Access to Finance

CARBÓ-VALVERDE, SANTIAGO ; RODRÍGUEZ-FERNÁNDEZ, FRANCISCO ; UDELL, GREGORY F.

Journal of money, credit and banking, 2016-02, Vol.48 (1), p.113-143 [Periódico revisado por pares]

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Título:
Trade Credit, the Financial Crisis, and SME Access to Finance
Autor: CARBÓ-VALVERDE, SANTIAGO ; RODRÍGUEZ-FERNÁNDEZ, FRANCISCO ; UDELL, GREGORY F.
Assuntos: bank lending ; Bank loans ; Corporate debt ; Corporate finance ; D21 ; Economic crisis ; financing constraints ; G21 ; L26 ; predictability ; Small & medium sized enterprises-SME ; SMEs ; Studies ; trade credit
É parte de: Journal of money, credit and banking, 2016-02, Vol.48 (1), p.113-143
Notas: ark:/67375/WNG-8V6V8KDF-J
istex:6005AF3250C25FF4B46CF256DFE7180C76AC5771
ArticleID:JMCB12292
Financial support from the FUNCAS Foundation, MICINN‐FEDER ECO2011‐27954 and ECO2014‐59584,Junta de Andalucía P12.SEJ.2463 (Excellence Groups) is gratefully acknowledged.
ObjectType-Article-1
SourceType-Scholarly Journals-1
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Descrição: Mounting evidence indicates that firms, particularly SMEs, suffered from a significant credit crunch during this crisis. We analyze for the first time whether trade credit provided an alternative source of external finance to SMEs during the crisis. Using firm-level Spanish data we find that credit constrained SMEs depend on trade credit, but not bank loans, and that the intensity of this dependence increased during the financial crisis. Unconstrained firms, in contrast, are dependent on bank loans but not on trade credit.
Editor: Columbus: Blackwell Publishing Ltd
Idioma: Inglês

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