The effects of policy funds on the financing constraints of small- and medium-sized enterprises in South Korea

Sang B. Hahn, Sehoon Kwon and Jeongsun Yun

Applied Economics Letters, 2017, vol. 24, issue 10, 699-702

Abstract: This study investigates whether small- and medium-sized enterprises (SMEs) policy funds in South Korea are effective in reducing financing constraints faced by the SMEs. We find that investment-cash flow sensitivity decreases after public loans are granted, and furthermore that this decrease in the sensitivity is greater for younger and smaller firms. These results are consistent with the certification effects hypothesis.

Date: 2017
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DOI: 10.1080/13504851.2016.1223804

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