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The latent demand for bank debt: characterizing “discouraged borrowers”

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  • Mark Freel

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  • Sara Carter
  • Stephen Tagg
  • Colin Mason
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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11187-010-9283-6
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    Bibliographic Info

    Article provided by Springer in its journal Small Business Economics.

    Volume (Year): 38 (2012)
    Issue (Month): 4 (May)
    Pages: 399-418

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    Handle: RePEc:kap:sbusec:v:38:y:2012:i:4:p:399-418

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    Web page: http://www.springerlink.com/link.asp?id=100338

    Related research

    Keywords: Small firms; Funding gap; Banks; Loan finance; Loan denial; Discouragement; G21; M10; L26;

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    References

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    1. Cowling, Marc & Mitchell, Peter, 2003. " Is the Small Firms Loan Guarantee Scheme Hazardous for Banks or Helpful to Small Business?," Small Business Economics, Springer, vol. 21(1), pages 63-71, August.
    2. Kon, Y & Storey, D J, 2003. " A Theory of Discouraged Borrowers," Small Business Economics, Springer, vol. 21(1), pages 37-49, August.
    3. James Devlin, 2005. "A Detailed Study of Financial Exclusion in the UK," Journal of Consumer Policy, Springer, vol. 28(1), pages 75-108, December.
    4. Baldwin, John R. Gaudreault, Valerie Gellatly, Guy, 2002. "Financing Innovation in New Small Firms: New Evidence from Canada," Analytical Studies Branch Research Paper Series 2002190e, Statistics Canada, Analytical Studies Branch.
    5. Levenson, Alec R & Willard, Kristen L, 2000. " Do Firms Get the Financing They Want? Measuring Credit Rationing Experienced by Small Business in the U.S," Small Business Economics, Springer, vol. 14(2), pages 83-94, March.
    6. Judith Jordan & Julian Lowe & Peter Taylor, 1998. "Strategy and Financial Policy in UK Small Firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 25(1&2), pages 1-27.
    7. Mann, Ronald J., 1998. "Comment on Avery, Bostic and Samolyk," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 1062-1066, August.
    8. Petersen, Mitchell A & Rajan, Raghuram G, 1995. "The Effect of Credit Market Competition on Lending Relationships," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 407-43, May.
    9. William M. Gentry & R. Glenn Hubbard, 2000. "Entrepreneurship and Household Saving," NBER Working Papers 7894, National Bureau of Economic Research, Inc.
    10. Han, Liang & Fraser, Stuart & Storey, David J., 2009. "Are good or bad borrowers discouraged from applying for loans? Evidence from US small business credit markets," Journal of Banking & Finance, Elsevier, vol. 33(2), pages 415-424, February.
    11. Verheul, Ingrid & Thurik, Roy, 2001. " Start-Up Capital: "Does Gender Matter?"," Small Business Economics, Springer, vol. 16(4), pages 329-45, June.
    12. Vos, Ed & Yeh, Andy Jia-Yuh & Carter, Sara & Tagg, Stephen, 2007. "The happy story of small business financing," Journal of Banking & Finance, Elsevier, vol. 31(9), pages 2648-2672, September.
    13. A Leyshon & N Thrift, 1996. "Financial exclusion and the shifting boundaries of the financial system," Environment and Planning A, Pion Ltd, London, vol. 28(7), pages 1150-1156, July.
    14. Mark Freel, 2007. "Are Small Innovators Credit Rationed?," Small Business Economics, Springer, vol. 28(1), pages 23-35, January.
    15. Stam, F.C. & Audretsch, D.B. & Meijaard, J., 2006. "Renascent Entrepreneurship," Research Paper ERS-2006-017-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
    16. Avery, Robert B. & Bostic, Raphael W. & Samolyk, Katherine A., 1998. "The role of personal wealth in small business finance," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 1019-1061, August.
    17. Keasey, Kevin & Watson, Robert, 1994. " The Bank Financing of Small Firms in UK: Issues and Evidence," Small Business Economics, Springer, vol. 6(5), pages 349-62, October.
    18. Paul Westhead & David Storey, 1997. "Financial constraints on the growth of high technology small firms in the United Kingdom," Applied Financial Economics, Taylor and Francis Journals, vol. 7(2), pages 197-201.
    19. Riding, Allan L. & HainesJR., George, 2001. "Loan guarantees: Costs of default and benefits to small firms," Journal of Business Venturing, Elsevier, vol. 16(6), pages 595-612, November.
    20. Elyasiani, Elyas & Goldberg, Lawrence G., 2004. "Relationship lending: a survey of the literature," Journal of Economics and Business, Elsevier, vol. 56(4), pages 315-330.
    21. Ken Cavalluzzo & John Wolken, 2002. "Small business loan turndowns, personal wealth and discrimination," Finance and Economics Discussion Series 2002-35, Board of Governors of the Federal Reserve System (U.S.).
    22. Blumberg, Boris F. & Letterie, Wilko A., 2008. "Business starters and credit rationing," Open Access publications from Maastricht University urn:nbn:nl:ui:27-20487, Maastricht University.
    23. Binks, Martin R & Ennew, Christine T, 1997. " The Relationship between U.K. Banks and Their Small Business Customers," Small Business Economics, Springer, vol. 9(2), pages 167-78, April.
    24. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January.
    25. Cressy, Robert, 1996. "Are Business Startups Debt-Rationed?," Economic Journal, Royal Economic Society, vol. 106(438), pages 1253-70, September.
    26. Paul Westhead & Deniz Ucbasaran & Mike Wright & Martin Binks, 2005. "Novice, Serial and Portfolio Entrepreneur Behaviour and Contributions," Small Business Economics, Springer, vol. 25(2), pages 109-132, 09.
    27. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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