Bank market power and discouraged SMEs: International evidence
This study investigates the relationship between bank market power and firms’ financing constraints, indicated by the likelihood of being discouraged from applying for bank loans. The full data sample covers more than 72,000 small and medium-size enterprises (SMEs) in 113 countries around the world....
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| Những tác giả chính: | , , |
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| Định dạng: | Journal article |
| Ngôn ngữ: | English |
| Được phát hành: |
Elsevier
2022
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| Những chủ đề: | |
| Truy cập trực tuyến: | http://scholar.dlu.edu.vn/handle/123456789/859 |
| Các nhãn: |
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| Thư viện lưu trữ: | Thư viện Trường Đại học Đà Lạt |
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| Tóm tắt: | This study investigates the relationship between bank market power and firms’ financing constraints, indicated by the likelihood of being discouraged from applying for bank loans. The full data sample covers more than 72,000 small and medium-size enterprises (SMEs) in 113 countries around the world. Our results from a probit selection model indicate that higher bank market power is associated with a lower likelihood of financial constraint. In addition, when we allow for a nonmonotonic effect, we document a U-shaped relationship between them. Our results are robust to various measures of bank market power and an alternative measure of financing constraints. Lastly, we show that the depth of the credit information-sharing mechanism plays a moderating role in the bank market power–discouragement nexus. |
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