Firms’ Financing Constraints: Do Perceptions Match the Actual Situation?

Annalisa Ferrando and Klaas Mulier
Additional contact information
Annalisa Ferrando: European Central Bank

The Economic and Social Review, 2015, vol. 46, issue 1, 87-117

Abstract: This paper draws on the SAFE survey on access to finance for a sample of 11,886 firms in the Euro Area which are matched with their nearest neighbour in a balance sheet dataset with 2.3 million firms. We investigate the role of firm characteristics with respect to firms’ perceived financing constraints and actual financing constraints in the period 2009-2011. Low-profit firms are more likely to face actual financing constraints. Low working capital and high leverage ratios explain actual financing constraints to a lesser extent. Further, firms are more likely to perceive access to finance problematic when they have more debt with short-term maturity. Finally, firm age, but not size, is important in explaining both the perceived and the actual financial constraints.

Keywords: finance; firms; Europe (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (26)

Downloads: (external link)
https://www.esr.ie/article/view/292/104 (application/pdf)

Related works:
Working Paper: Firms’ financing constraints: do perceptions match the actual situation? (2013)
Working Paper: Firms’ financing constraints: Do perceptions match the actual situation? (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eso:journl:v:46:y:2015:i:1:p:87-117

Access Statistics for this article

More articles in The Economic and Social Review from Economic and Social Studies
Bibliographic data for series maintained by Aedin Doris ().