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    Why do small businesses have difficulty in accessing bank financing?

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    Publication date
    2022-11
    End of Embargo
    2024-02-21
    Author
    Harrison, R.
    Li, Y.
    Vigne, S.A.
    Wu, Yuliang
    Keyword
    Bank financing
    Financial crises
    SME finance
    Rights
    © 2022 Elsevier Inc. All rights reserved. Reproduced in accordance with the publisher's self-archiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license.
    Peer-Reviewed
    Yes
    Open Access status
    embargoedAccess
    
    Metadata
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    Abstract
    This study investigates bank financing to small and medium-size enterprises (SMEs) and evaluates whether the difficulties of SMEs in accessing bank financing during a period of financial crisis are due to a reduction in the supply of credit, or to a decrease in the demand for credit. The results show that the macroeconomic setting matters: demand effects are unlikely to drive the decline in the stock of bank loans, while the supply of credit causes SMEs difficulties in accessing bank credit. During a crisis period, in particular, an increase in the risk of lenders leads to the reduced supply of credit and credit rationing (i.e. the bank lending channel). In a post-crisis period, SMEs with increased risk and decreased profits have great difficulties in securing bank loans (i.e. the borrower balance sheet channel). Taken together, these results suggest that supply effects initially emerge through the bank-lending channel and then shift to the borrower balance sheet channel over a period of financial crisis.
    URI
    http://hdl.handle.net/10454/19124
    Version
    Accepted manuscript
    Citation
    Harrison R, Li Y, Vigne SA et al (2022) Why do small businesses have difficulty in accessing bank financing? International Review of Financial Analysis. 84: 102352.
    Link to publisher’s version
    https://doi.org/10.1016/j.irfa.2022.102352
    Type
    Article
    Notes
    The full-text of this article will be released for public view at the end of the publisher embargo on 21 Feb 2024.
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    Management and Law Publications

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