Cookies?
Library Header Image
LSE Research Online LSE Library Services

Can firms grow without credit?: evidence from the Euro Area, 2005-2011: a quantile panel analysis

Dimelis, Sophia, Giotopoulos, Ioannis and Louri, Helen (2015) Can firms grow without credit?: evidence from the Euro Area, 2005-2011: a quantile panel analysis. GreeSE papers (89). Hellenic Observatory, European Institute, London, UK.

[img]
Preview
PDF - Published Version
Download (799kB) | Preview

Abstract

This paper explores the effects of bank credit on firm growth before and after the recent financial crisis, taking into account different structural characteristics of banking sectors and domestic economies. Panel quantile analysis is used on a sample of 2075 euro area firms in 2005-2011. The post-2008 credit crunch is found to seriously affect only small, slow-growth firms and especially those operating in concentrated and domestic-dominated banking systems, and in riskier and less financially developed economies. Large, high-growth firms seem to be able to find alternative financial sources and, thus, may act as carriers and facilitators of a credit-less recovery.

Item Type: Monograph (Discussion Paper)
Official URL: http://www.lse.ac.uk/europeanInstitute/home.aspx
Additional Information: © 2015 The Authors
Divisions: Hellenic Observatory
Subjects: H Social Sciences > HG Finance
JEL classification: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E51 - Money Supply; Credit; Money Multipliers
L - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market Performance
L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L25 - Firm Performance: Size, Diversification and Scope, Age, Profit, and Sales
Sets: Collections > Economists Online
Research centres and groups > Hellenic Observatory
Collections > GreeSE: Hellenic Observatory papers on Greece and Southeast Europe
Date Deposited: 09 Mar 2015 16:24
Last Modified: 25 Mar 2019 00:03
URI: http://eprints.lse.ac.uk/id/eprint/61157

Actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics