Long-term debt maturity and financing constraints of SMEs during the Global Financial Crisis

被引:0
|
作者
Veronique Vermoesen
Marc Deloof
Eddy Laveren
机构
[1] University of Antwerp,
[2] University of Antwerp and Antwerp Management School,undefined
来源
Small Business Economics | 2013年 / 41卷
关键词
Privately held SMEs; Financing constraints; Long-term debt maturity; Global Financial Crisis; Belgium; G01; G31; G32;
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摘要
We use the recent financial crisis to investigate financing constraints of private small and medium-sized enterprises (SMEs) in Belgium. We hypothesize that SMEs with a large proportion of long-term debt maturing at the start of the crisis had difficulties to renew their loans due to the negative credit supply shock, and hence could invest less. We find a substantial variation in the maturity structure of long-term debt. Firms which at the start of the crisis had a larger part of their long-term debt maturing within the next year experienced a significantly larger drop in investments in 2009. This effect is driven by firms which are ex ante more likely to be financially constrained. Consistent with a causal effect of a credit supply shock to corporate investments, we find no effect in “placebo” periods without a negative credit supply shock.
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页码:433 / 448
页数:15
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