This articles examines small and medium enterprises’ (SMEs) expectations of access to debt finance in times of uncertainty. In particular, we studied whether relationship lending affects British SMEs’ concerns about future access to debt finance after the UK referendum on European Union membership (the so-called Brexit referendum). By using a unique survey, we found that relationship lending significantly reduces SMEs’ expectations of being financially constrained, although the same does not hold for firms engaging in product innovation. Our results are robust after controlling for accounting information disclosure and for the relationship between the expectation of access to debt finance, the prospect of growth, and changes in business strategies.

Expectations of access to debt finance for SMEs in times of uncertainty / R. Calabrese, M. Degl’Innocenti, S. Zhou. - In: JOURNAL OF SMALL BUSINESS MANAGEMENT. - ISSN 0047-2778. - (2020). [Epub ahead of print] [10.1080/00472778.2020.1756309]

Expectations of access to debt finance for SMEs in times of uncertainty

M. Degl’Innocenti
Co-primo
;
2020

Abstract

This articles examines small and medium enterprises’ (SMEs) expectations of access to debt finance in times of uncertainty. In particular, we studied whether relationship lending affects British SMEs’ concerns about future access to debt finance after the UK referendum on European Union membership (the so-called Brexit referendum). By using a unique survey, we found that relationship lending significantly reduces SMEs’ expectations of being financially constrained, although the same does not hold for firms engaging in product innovation. Our results are robust after controlling for accounting information disclosure and for the relationship between the expectation of access to debt finance, the prospect of growth, and changes in business strategies.
Access to debt finance; small and medium enterprises (SMEs); Brexit referendum; uncertainty
Settore SECS-P/11 - Economia degli Intermediari Finanziari
Settore SECS-P/09 - Finanza Aziendale
2020
11-ago-2020
Article (author)
File in questo prodotto:
File Dimensione Formato  
Expectations of access to debt finance for SMEs in times of uncertainty.pdf

accesso riservato

Tipologia: Publisher's version/PDF
Dimensione 2.2 MB
Formato Adobe PDF
2.2 MB Adobe PDF   Visualizza/Apri   Richiedi una copia
JSBM_revision_final.pdf

accesso aperto

Tipologia: Pre-print (manoscritto inviato all'editore)
Dimensione 254.91 kB
Formato Adobe PDF
254.91 kB Adobe PDF Visualizza/Apri
Pubblicazioni consigliate

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/2434/794813
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 9
  • ???jsp.display-item.citation.isi??? 9
social impact