Ono, Arito; Sakai, Koji; Uesugi, Iichiro - Center for Intergenerational Studies, Institute of … - 2008
This paper examines how collateral and personal guarantees affect firms' ex-post performance employing the propensity score matching estimation approach. Based on a unique firm-level panel data set of more than 500 small-and-medium-sized borrower firms in Japan, we find the following. (1) The...