Robustesse financière des PME et disponibilité du crédit sur le marché local: une analyse empirique sur données italiennes

Mounir Amdaoud, Giuseppe Arcuri and Nadine Levratto

Revue d'économie financière, 2023, vol. N° 150, issue 2, 59-74

Abstract: The health and economic crisis of 2020 affected companies, especially SMEs, to different extents in different territories. This study aims to show whether and how local financial conditions impact the financial robustness of firms and whether all firms are equally subject to their effects. Based on a sample of more than 25,000 observations of Italian SMEs analyzed through a multilevel model, we show that the Altman Z-score, a classical indicator of the financial robustness of a firm, is sensitive to the presence of banks and, therefore, to the availability of credit in an area. However, this relationship does not hold in the same way for all companies. These results help to understand how the structure of the local credit market can be used to strengthen the resilience of SMEs in the event of a macroeconomic shock. JEL Classification: C26, C30, L26, R11.

JEL-codes: C26 C30 L26 R11 (search for similar items in EconPapers)
Date: 2023
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Working Paper: Robustesse financière des PME et disponibilité du crédit sur le marché local: une analyse empirique sur données italiennes (2023)
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