Defaults in bank loans to SMEs during the financial crisis

被引：31

作者：

Duarte, Fabio Dias ^{[1
,2
]}

Matias Gama, Ana Paula ^{[3
,4
]}

Gulamhussen, Mohamed Azzim ^{[5
,6
]}

机构：

[1] IPP ESTG, Rua Curral Casa Curral, P-4610156 Margaride, Felgueira, Portugal

[2] NECE, Rua Curral Casa Curral, P-4610156 Margaride, Felgueira, Portugal

[3] UBI, Est Sineiro Polo 4, P-6200209 Covilha, Portugal

[4] NECE, Est Sineiro Polo 4, P-6200209 Covilha, Portugal

[5] ISCTE IUL Business Sch, Lisbon, Portugal

[6] Vlerick Business Sch, Manhattan Ctr Bolwerklaan 21-32 1210, Brussels, Belgium

来源：

SMALL BUSINESS ECONOMICS | 2018年 / 51卷 / 03期

关键词：

Corporate financing decisions; Financial crisis; Government policy and regulation; Banks; PERSONAL GUARANTEES; CREDIT; INSTITUTIONS; MARKETS;

D O I：

10.1007/s11187-017-9944-9

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate the role of (business) collateral and (personal) guarantees alongside small and medium enterprise (SME), lending bank and loan characteristics, macroeconomic conditions, sectors, and geographic locations while controlling for unobserved time effects in predicting default at the peak of the financial crisis. First, we find a positive relation between collateral and default, and a negative relation between guarantees and default. Second, we find a negative relation between the joint influence of collateral and high credit score, and a positive relation between the joint influence of collateral and low credit score and default. We also find a negative relation between the joint influence of guarantees and high credit score. These findings are relevant for SME policies aimed at facilitating access to credit, reducing the cost of borrowing, and decreasing default; risk management of banks; and the application of theories of financial economics in the context of a financial crisis.

引用

页码：591 / 608

页数：18

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