Firms' financing constraints: do perceptions match the actual situation?
- Author
- Annalisa Ferrando and Klaas Mulier (UGent)
- Organization
- Abstract
- This paper draws on the SAFE survey on access to finance for a sample of 11,886 firms in the Euro Area which are matched with their nearest neighbour in a balance sheet dataset with 2.3 million firms. We investigate the role of firm characteristics with respect to firms' perceived financing constraints and actual financing constraints in the period 2009-2011. Low-profit firms are more likely to face actual financing constraints. Low working capital and high leverage ratios explain actual financing constraints to a lesser extent. Further, firms are more likely to perceive access to finance problematic when they have more debt with short-term maturity. Finally, firm age, but not size, is important in explaining both the perceived and the actual financial constraints.
- Keywords
- INVESTMENT, TRADE CREDIT, CASH, DETERMINANTS, CHANNEL, POLICY, PANEL
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Citation
Please use this url to cite or link to this publication: http://hdl.handle.net/1854/LU-6848601
- MLA
- Ferrando, Annalisa, and Klaas Mulier. “Firms’ Financing Constraints: Do Perceptions Match the Actual Situation?” ECONOMIC AND SOCIAL REVIEW 46.1 (2015): 87–117. Print.
- APA
- Ferrando, A., & Mulier, K. (2015). Firms’ financing constraints: do perceptions match the actual situation? ECONOMIC AND SOCIAL REVIEW, 46(1), 87–117. Presented at the Conference on Financing SMEs in Economic Recovery.
- Chicago author-date
- Ferrando, Annalisa, and Klaas Mulier. 2015. “Firms’ Financing Constraints: Do Perceptions Match the Actual Situation?” Economic and Social Review 46 (1): 87–117.
- Chicago author-date (all authors)
- Ferrando, Annalisa, and Klaas Mulier. 2015. “Firms’ Financing Constraints: Do Perceptions Match the Actual Situation?” Economic and Social Review 46 (1): 87–117.
- Vancouver
- 1.Ferrando A, Mulier K. Firms’ financing constraints: do perceptions match the actual situation? ECONOMIC AND SOCIAL REVIEW. 2015;46(1):87–117.
- IEEE
- [1]A. Ferrando and K. Mulier, “Firms’ financing constraints: do perceptions match the actual situation?,” ECONOMIC AND SOCIAL REVIEW, vol. 46, no. 1, pp. 87–117, 2015.
@article{6848601,
abstract = {This paper draws on the SAFE survey on access to finance for a sample of 11,886 firms in the Euro Area which are matched with their nearest neighbour in a balance sheet dataset with 2.3 million firms. We investigate the role of firm characteristics with respect to firms' perceived financing constraints and actual financing constraints in the period 2009-2011. Low-profit firms are more likely to face actual financing constraints. Low working capital and high leverage ratios explain actual financing constraints to a lesser extent. Further, firms are more likely to perceive access to finance problematic when they have more debt with short-term maturity. Finally, firm age, but not size, is important in explaining both the perceived and the actual financial constraints.},
author = {Ferrando, Annalisa and Mulier, Klaas},
issn = {0012-9984},
journal = {ECONOMIC AND SOCIAL REVIEW},
keywords = {INVESTMENT,TRADE CREDIT,CASH,DETERMINANTS,CHANNEL,POLICY,PANEL},
language = {eng},
location = {Dublin, Ireland},
number = {1},
pages = {87--117},
title = {Firms' financing constraints: do perceptions match the actual situation?},
volume = {46},
year = {2015},
}