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Firms' financing constraints: do perceptions match the actual situation?

(2015) ECONOMIC AND SOCIAL REVIEW. 46(1). p.87-117
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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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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},
}

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