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Why discouraged borrowers exist? An empirical (re)examination from less developed countries

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  • Gama, Ana Paula Matias
  • Duarte, Fábio Dias
  • Esperança, José Paulo

Abstract

Using the fourth-round database of the Business Environment and Enterprise Performance Survey (2008/09 BEEPS), this study examines the determinants of discouragement in less developed countries in Eastern Europe and Central Asia. The results show that whereas firms' opaqueness, demographic factors, and distance between lenders and borrowers better explain the discouragement due to tough loan prices and/or loan application procedures, firm risk and banking concentration explain the incidence of discouraged borrowers due to the fear of rationing. Innovator status, the legal protection of creditors and lenders in the event of default, and the coverage of information sharing instruments help explain discouragement in a transversal way.

Suggested Citation

  • Gama, Ana Paula Matias & Duarte, Fábio Dias & Esperança, José Paulo, 2017. "Why discouraged borrowers exist? An empirical (re)examination from less developed countries," Emerging Markets Review, Elsevier, vol. 33(C), pages 19-41.
    • Handle: RePEc:eee:ememar:v:33:y:2017:i:c:p:19-41
    DOI: 10.1016/j.ememar.2017.08.003
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    Cited by:

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    5. Ross Brown & José M. Liñares-Zegarra & John O.S. Wilson, 2022. "Innovation and borrower discouragement in SMEs," Small Business Economics, Springer, vol. 59(4), pages 1489-1517, December.
    6. Bertrand, Jérémie & Mazza, Paolo, 2022. "Borrowers’ discouragement and creditor information," International Review of Law and Economics, Elsevier, vol. 72(C).
    7. Jean-Christophe Statnik & Thi-Le-Giang Vu & Laurent Weill, 2023. "Does Corruption Discourage More Female Entrepreneurs from Applying for Credit?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 65(1), pages 1-28, March.
    8. Hang Thu Nguyen & Hiep Manh Nguyen & Michael Troege & Anh T. H. Nguyen, 2021. "Debt aversion, education, and credit self-rationing in SMEs," Small Business Economics, Springer, vol. 57(3), pages 1125-1143, October.
    9. Bertrand, Jérémie & Weill, Laurent, 2023. "Too sunny to borrow: Sunshine and borrower discouragement," Research in International Business and Finance, Elsevier, vol. 65(C).
    10. Bertrand, Jérémie & Perrin, Caroline, 2022. "Girls Just Wanna Have Funds? The effect of women-friendly legislation on female-led firms’ access to credit," International Review of Law and Economics, Elsevier, vol. 72(C).
    11. Bertrand, Jérémie & Delanghe, Marieke & Klein, Paul-Olivier, 2023. "Does relationship lending help firms to ask for credit? European cross-country evidence," Economic Modelling, Elsevier, vol. 124(C).
    12. Xu, Nana & Yuan, Yan & Rong, Zhao, 2022. "Depressed access to formal finance and the use of credit card debt in Chinese SMEs," China Economic Review, Elsevier, vol. 72(C).
    13. Kallandranis, Christos & Anastasiou, Dimitrios & Drakos, Konstantinos, 2023. "Credit rationing prevalence for Eurozone firms," Journal of Business Research, Elsevier, vol. 158(C).
    14. Ana Mol-Gómez-Vázquez & Ginés Hernández-Cánovas & Johanna Koëter-Kant, 2022. "Banking stability and borrower discouragement: a multilevel analysis for SMEs in the EU-28," Small Business Economics, Springer, vol. 58(3), pages 1579-1593, March.
    15. Naegels, Vanessa & Mori, Neema & D'Espallier, Bert, 2022. "The process of female borrower discouragement," Emerging Markets Review, Elsevier, vol. 50(C).
    16. Reto Wernli & Andreas Dietrich, 2022. "Only the brave: improving self-rationing efficiency among discouraged Swiss SMEs," Small Business Economics, Springer, vol. 59(3), pages 977-1003, October.
    17. Naegels, Vanessa & D’Espallier, Bert & Mori, Neema, 2020. "Perceived problems with collateral: The value of informal networking," International Review of Economics & Finance, Elsevier, vol. 65(C), pages 32-45.

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    More about this item

    Keywords

    Discouraged borrowers; Less developed countries; Self-selection; SMEs;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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