Publication detail

Access to credit of SMES in the Czech republic during the financial crisis and in the post-crisis period

KORÁB, P. POMĚNKOVÁ, J.

Original Title

Access to credit of SMES in the Czech republic during the financial crisis and in the post-crisis period

English Title

Access to credit of SMES in the Czech republic during the financial crisis and in the post-crisis period

Type

journal article in Scopus

Language

en

Original Abstract

We investigate the impact of the fi nancial crisis on the access of small and medium-sized enterprises in the Czech Republic to external fi nancing. We apply the non-parametric kernel density estimation on a fi rm-level measure of fi nancing constraints and evaluate its distribution on a balanced panel of SMEs. We focus on fi nancing constraints related to fi nancial health of companies since they determine the commercial banks’ lending behaviour. Our results reveal that fi rms were more constrained during the crisis and their fi nancing constraints did not largely improve a er the end of fi nancial crisis. We argue that enterprises were fi nancially constrained during the crisis because of reduced cash-fl ow and cash holdings.

English abstract

We investigate the impact of the fi nancial crisis on the access of small and medium-sized enterprises in the Czech Republic to external fi nancing. We apply the non-parametric kernel density estimation on a fi rm-level measure of fi nancing constraints and evaluate its distribution on a balanced panel of SMEs. We focus on fi nancing constraints related to fi nancial health of companies since they determine the commercial banks’ lending behaviour. Our results reveal that fi rms were more constrained during the crisis and their fi nancing constraints did not largely improve a er the end of fi nancial crisis. We argue that enterprises were fi nancially constrained during the crisis because of reduced cash-fl ow and cash holdings.

Keywords

fi nancing constraints, KZ index, credit crunch, fi nancial accelerator, nonparametric estimation, kernel density

RIV year

2015

Released

03.09.2015

Publisher

Mendelu

Location

Brno

Pages from

1297

Pages to

1302

Pages count

6

URL

BibTex


@article{BUT115866,
  author="Petr {Koráb} and Jitka {Poměnková}",
  title="Access to credit of SMES in the Czech republic during the financial crisis and in the post-crisis period",
  annote="We investigate the impact of the fi nancial crisis on the access of small and medium-sized enterprises
in the Czech Republic to external fi nancing. We apply the non-parametric kernel density estimation
on a fi rm-level measure of fi nancing constraints and evaluate its distribution on a balanced panel of
SMEs. We focus on fi nancing constraints related to fi nancial health of companies since they determine
the commercial banks’ lending behaviour. Our results reveal that fi rms were more constrained during
the crisis and their fi nancing constraints did not largely improve a er the end of fi nancial crisis. We
argue that enterprises were fi nancially constrained during the crisis because of reduced cash-fl ow
and cash holdings.",
  address="Mendelu",
  chapter="115866",
  doi="10.11118/actaun201563041297",
  howpublished="print",
  institution="Mendelu",
  number="4",
  volume="63",
  year="2015",
  month="september",
  pages="1297--1302",
  publisher="Mendelu",
  type="journal article in Scopus"
}