Detalhes bibliográficos
| Resumo: | We use variation in the access to a government credit certification program in Portugal to estimate the sensitivity of SMEs´ investment and employment to the cost of debt financing. Targeted firms have access to a credit certification and loan guarantees. We use a multidimensional regression discontinuity design to estimate real effects. Eligible firms increase borrowing and obtain bank loans at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Eligible firms also exhibit increased return on assets and default less. Industry-level analysis shows reduced heterogeneity in access to credit in more exposed industries |
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| Autores principais: | Bonfim, Diana |
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| Outros Autores: | Raposo, Clara; Custódio, Cláudia |
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| Assunto: | SME Financing Credit Rating Credit Access Credit Certification |
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| Ano: | 2019 |
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| País: | Portugal |
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| Tipo de documento: | working paper |
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| Tipo de acesso: | acesso aberto |
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| Instituição associada: | Universidade de Lisboa |
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| Idioma: | inglês |
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| Origem: | Repositório da Universidade de Lisboa |
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