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Finanzierung von kleinen und mittleren Unternehmen in der Corona-Pandemie

Pahnke, André; Nielen, Sebastian; Dienes, Christian; … - 2023

Unternehmen (KMU). Zu Beginn der Corona-Pandemie ist die Anzahl der KMU mit Finanzierungsproblemen gestiegen, sowohl in … Deutschland als auch in weiteren Ländern des Euroraums. KMU in Deutschland waren jedoch etwas stärker betroffen. Ein wesentlicher … Möglichkeiten der Finanzierung über Eigenmittel. Zusätzlich ist für die betroffenen KMU auch der Zugang zu Fremdkapital schwieriger …

Persistent link: https://www.econbiz.de/10014340153

Availability of firms' information and their choice of external credit: Evidence from the data of small firms

Watanabe, Wako - 2004

The main purpose of this paper is to present the empirical findings derived from the data of small firms that the availability of private and public information on the borrowing firm leads to diverse borrowing patterns among firms. Exploring logit models to characterize the firm's choice of a...

Persistent link: https://www.econbiz.de/10010332416

Innovation, credit constraints, and trade credit: Evidence from a cross-country study

Bönte, Werner; Nielen, Sebastian - 2010

This paper studies the relationship between trade credit and innovation. While trade credit is well researched in the finance literature, its link to innovation has been neglected in prior research. We argue that innovative small and medium-sized enterprises (SMEs) are more likely to use trade...

Persistent link: https://www.econbiz.de/10010291119

Small business finance in Finland: A descriptive study

Hyytinen, Ari; Pajarinen, Mika - 2002

Using new data originating from a recently conducted survey, this paper examines the financing of small and medium-sized enterprises (SMEs) in private equity and debt markets in Finland. We find that the three most important sources of funds are the principal owner’s equity, trade credit...

Persistent link: https://www.econbiz.de/10010285020

Trade credit and the propagation of corporate failure: An empirical analysis

Jacobsen, Tor; von Schedvin, Erik - 2012

We quantify the importance of trade credit chains for the propagation of corporate bankruptcies. Our results show that trade creditors (suppliers) that issue more trade credit are more exposed to trade debtor (customer) failures, both in terms of the likelihood of experiencing a debtor failure...

Persistent link: https://www.econbiz.de/10010320754

Trade Credit and the Bank Lending Channel

Nilsen, Jeffrey H. - 1999

The bank lending channel theory posits that during monetary contractions banks restrict some firms' loans, thus reducing their desired investment independently of interest rates. Previous research finds small firms reduce, while large firms accelerate, loan growth. We find that small firms...

Persistent link: https://www.econbiz.de/10011430008

Credit chains and the propagation of financial distress

Boissay, Frédéric - 2006

The purpose of this paper is to analyze how shocks propagate through a network of firms that borrow from, and lend to, each other in a trade credit chain, and to quantify the effects of financial contagion across firms. I develop a theoretical model of financial contagion, in which the default...

Persistent link: https://www.econbiz.de/10011604619

Trade credit defaults and liquidity provision by firms

Boissay, Frédéric; Gropp, Reint E. - 2007

Using a unique data set on trade credit defaults among French firms, we investigate whether and how trade credit is used to relax financial constraints. We show that firms that face idiosyncratic liquidity shocks are more likely to default on trade credit, especially when the shocks are...

Persistent link: https://www.econbiz.de/10011604799

"By a silken thread": Regional banking integration and pathways to financial development in Japan's Great Recession

Hoffmann, Mathias; Okubo, Toshihiro - 2012

How do financial development and financial integration interact? We focus on Japan's Great Recession after 1990 to study this question. Regional differences in banking integration affected how the recession spread across the country: financing frictions for credit-dependent firms were more...

Persistent link: https://www.econbiz.de/10010316944

Supply chains and credit-market shocks: Some implications for emerging markets

Jinjarak, Yothin - 2013

Driven by the increasingly important role of supply chains in global production, this paper studies empirical association between global credit-market shocks and firm behavior towards liquidity needs across countries and industries. Focusing on the adjustment of working-capital financing, we...

Persistent link: https://www.econbiz.de/10010397309