Estimating the financing gap of SMEs

Joseph Mc Cahery; Florencio  Lopez de Silanes; Dirk  Schoenmaker; Dragana Stanisic

doi:10.17323/j.jcfr.2073-0438.12.2.2018.20-100

Estimating the financing gap of SMEs

Joseph Mc Cahery, Florencio Lopez de Silanes, Dirk Schoenmaker, Dragana Stanisic

Tilburg Law and Economic Center (TILEC)

Research output: Contribution to journal › Article › Scientific › peer-review

315 Downloads (Pure)

Abstract

Using a novel methodology, we estimate the gap between supply and demand financing of small and medium-sized enterprise (SME) financing in several European countries. We find the largest loan gap spreads are in Poland and the Netherlands. Specifically, our results show the upper boundary of the loan gap is the lowest in Romania and the highest in the Netherlands. Moreover, the lowest lower boundary of the equity gap is in the Netherlands, while the highest lower boundary is in Romania. Overall, our results suggest that there is a significant difference between the estimated demand and supply of equity, which is on average 3% of GDP.

Original language	English
Pages (from-to)	1-54
Number of pages	54
Journal	Journal of Corporate Finance Research
Volume	12
Issue number	2
DOIs	https://doi.org/10.17323/j.jcfr.2073-0438.12.2.2018.20-100
Publication status	Published - 1 Dec 2018

Keywords

Small and Medium Enterprises, Bank Finance, Equity Gap, Financial Constraints, Access to Finance

Access to Document

10.17323/j.jcfr.2073-0438.12.2.2018.20-100

10769-Текст рукописи-21004-1-10-20200424

Cite this

@article{5cc425b338254f56bb9ae11e92184246,

title = "Estimating the financing gap of SMEs",

abstract = "Using a novel methodology, we estimate the gap between supply and demand financing of small and medium-sized enterprise (SME) financing in several European countries. We find the largest loan gap spreads are in Poland and the Netherlands. Specifically, our results show the upper boundary of the loan gap is the lowest in Romania and the highest in the Netherlands. Moreover, the lowest lower boundary of the equity gap is in the Netherlands, while the highest lower boundary is in Romania. Overall, our results suggest that there is a significant difference between the estimated demand and supply of equity, which is on average 3% of GDP.",

keywords = "Small and Medium Enterprises, Bank Finance, Equity Gap, Financial Constraints, Access to Finance",

author = "{Mc Cahery}, Joseph and {Lopez de Silanes}, Florencio and Dirk Schoenmaker and Dragana Stanisic",

year = "2018",

month = dec,

day = "1",

doi = "10.17323/j.jcfr.2073-0438.12.2.2018.20-100",

language = "English",

volume = "12",

pages = "1--54",

journal = "Journal of Corporate Finance Research",

publisher = "National Research University Higher School of Economics",

number = "2",

}

TY - JOUR

T1 - Estimating the financing gap of SMEs

AU - Mc Cahery, Joseph

AU - Lopez de Silanes, Florencio

AU - Schoenmaker, Dirk

AU - Stanisic, Dragana

PY - 2018/12/1

Y1 - 2018/12/1

N2 - Using a novel methodology, we estimate the gap between supply and demand financing of small and medium-sized enterprise (SME) financing in several European countries. We find the largest loan gap spreads are in Poland and the Netherlands. Specifically, our results show the upper boundary of the loan gap is the lowest in Romania and the highest in the Netherlands. Moreover, the lowest lower boundary of the equity gap is in the Netherlands, while the highest lower boundary is in Romania. Overall, our results suggest that there is a significant difference between the estimated demand and supply of equity, which is on average 3% of GDP.

AB - Using a novel methodology, we estimate the gap between supply and demand financing of small and medium-sized enterprise (SME) financing in several European countries. We find the largest loan gap spreads are in Poland and the Netherlands. Specifically, our results show the upper boundary of the loan gap is the lowest in Romania and the highest in the Netherlands. Moreover, the lowest lower boundary of the equity gap is in the Netherlands, while the highest lower boundary is in Romania. Overall, our results suggest that there is a significant difference between the estimated demand and supply of equity, which is on average 3% of GDP.

KW - Small and Medium Enterprises, Bank Finance, Equity Gap, Financial Constraints, Access to Finance

U2 - 10.17323/j.jcfr.2073-0438.12.2.2018.20-100

DO - 10.17323/j.jcfr.2073-0438.12.2.2018.20-100

M3 - Article

VL - 12

SP - 1

EP - 54

JO - Journal of Corporate Finance Research

JF - Journal of Corporate Finance Research

IS - 2

ER -

Estimating the financing gap of SMEs

Abstract

Keywords

Access to Document

Fingerprint

Cite this