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Firms’ Financing Constraints: Do Perceptions Match the Actual Situation?
The Economic and Social Review
View Archive Info| Field | Value | |
| Title |
Firms’ Financing Constraints: Do Perceptions Match the Actual Situation?
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| Creator |
Ferrando, Annalisa
Mulier, Klaas |
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| Subject |
finance; firms; Europe
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| Description |
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.
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| Publisher |
The Economic and Social Review
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| Contributor |
—
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| Date |
2015-03-26
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — |
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| Format |
application/pdf
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| Identifier |
http://www.esr.ie/article/view/292
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| Source |
The Economic and Social Review; Vol 46, No 1, Spring (2015): Incl. Policy Papers from the Financing SMEs in Recovery Conference (Dublin, 26 September 2014); 87-117
0012-9984 |
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| Language |
eng
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| Relation |
http://www.esr.ie/article/view/292/104
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| Rights |
Copyright (c) 2015 The Economic and Social Review
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