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Small Business Economics

Erschienen in:

01.10.2013

Bank loan terms and conditions for Eurozone SMEs

verfasst von: Konstantinos Drakos

Erschienen in: Small Business Economics | Ausgabe 3/2013

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Abstract

The evolution of bank loan price and non-price terms and conditions (T&Cs) for the 2009–2011 period are investigated using firm-level survey data for a sample of Eurozone small and medium-sized enterprises. The raw firm responses, which are of a discrete nature denoting tightening or easing of the T&Cs, or no change at all, are modeled by a bivariate ordered probit model. According to the results obtained, there are sizeable differences between countries, with the protagonists of the sovereign debt crisis (Greece, Ireland, Portugal, Spain) exhibiting predicted probabilities of tightening that are considerably above the Eurozone average. In addition, price T&Cs exhibit a substantial tightening over time. Finally, firms’ net interest expenses and profitability emerge as important determinants in explaining the cross-sectional variation in bank loan T&Cs that they face.

Vorheriger Artikel Perceived credit constraints in the European Union

Nächster Artikel The role of employees for post-entry firm growth

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Titel: Bank loan terms and conditions for Eurozone SMEs
verfasst von: Konstantinos Drakos
Publikationsdatum: 01.10.2013
Verlag: Springer US
Erschienen in: Small Business Economics / Ausgabe 3/2013
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-012-9454-8

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