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Financing constraints and firm characteristics evidence from Greek SMEs

Author

Listed:
  • Evangelia Georgiou

    (Bank of Greece)

Abstract

The paper analyses financing constraints faced by Greek SMEs in 2014-2017, exploiting the micro dataset of Greek SMEs provided by the Survey on the Access to Finance of Enterprises in the euro area (SAFE). More specifically, at the firm level, we examine whether certain characteristics of Greek firms such as firm size, age, exporting activity or performance were related to their access to bank credit and trade credit, while also examining complementarily the impact of the overall conditions in the economy and the banking sector. Overall, we find that firm size and performance were important limiting factors in firms’ access to credit, while exporting companies have been more active in requesting financing. In addition, when borrowers’ discouragement is taken into account, highly exporting firms and, in the case of bank financing, relatively younger firms too seem to be overall less likely to report constraints. Our evidence also corroborates the importance of domestic macroeconomic conditions and bank balance sheet strength for the severity of constraints encountered by SMEs.

Suggested Citation

  • Evangelia Georgiou, 2018. "Financing constraints and firm characteristics evidence from Greek SMEs," Economic Bulletin, Bank of Greece, issue 48, pages 7-27, December.
  • Handle: RePEc:bog:econbl:y:2018:i:48:p:7
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    File URL: https://www.bankofgreece.gr/BogEkdoseis/econbull201812.pdf
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    Citations

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    Cited by:

    1. Sofia Anyfantaki & Yannis Caloghirou & Konstantinos Dellis & Aikaterini Karadimitropoulou & Filippos Petroulakis, 2022. "Skills, management practices and technology adoption in Greek manufacturing firms," Economic Bulletin, Bank of Greece, issue 55, pages 7-42, July.
    2. Theodora Kosma & Pavlos Petroulas & Evangelia Vourvachaki, 2020. "What drives wage differentials in Greece: workplaces or workers?," Economic Bulletin, Bank of Greece, issue 52, pages 69-72, December.
    3. Nikos Ventouris & Georgios Palaiodimos, 2022. "Proposals for the reform of EU fiscal rules," Economic Bulletin, Bank of Greece, issue 55, pages 67-81, July.
    4. Nikos Vettas & Konstantinos Peppas & Sophia Stavraki & Michail Vasileiadis, 2020. "The contribution of Industry to the Greek economy: facts and prospects," Economic Bulletin, Bank of Greece, issue 52, pages 29-67, December.
    5. Ioannis Asimakopoulos & Athanasios P. Fassas & Dimitris Malliaropulos, 2020. "Does earnings quality matter? Evidence from the Athens Exchange," Economic Bulletin, Bank of Greece, issue 52, pages 93-112, December.
    6. Constantina Backinezos & Stelios Panagiotou & Evangelia Vourvachaki, 2020. "Multiplier effects by sector: an input-output analysis of the Greek economy," Economic Bulletin, Bank of Greece, issue 52, pages 7-28, December.
    7. Christos Catiforis, 2022. "Post-pandemic inflation: Phillips Curve, trends, drivers and lessons," Economic Bulletin, Bank of Greece, issue 55, pages 43-65, July.
    8. Nikolaos Vettas & Alexandros Louka & Konstantinos Peppas & Yakinthi Pountouraki & Michael Vasileiadis, 2022. "Trends in total factor productivity in Greece and its determinants during the period 2005-2019," Economic Bulletin, Bank of Greece, issue 56, pages 7-43, December.
    9. Sofia Anyfantaki & Petros Migiakis & Katerina Paisiou, 2022. "Green finance in Europe: actors and challenges," Economic Bulletin, Bank of Greece, issue 55, pages 83-105, July.

    More about this item

    Keywords

    Financing constraints; bank credit; trade credit; small and medium-sized enterprises;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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