Bank Financing and Start-Up Survival in the Italian Economy

Angelo Castaldo, Rosanna Pittiglio, Filippo Reganati () and Domenico Sarno
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Angelo Castaldo: Dipartimento di Studi Giuridici, Filosofici ed Economici, Università degli Studi di Roma La Sapienza
Rosanna Pittiglio: Dipartimento di Scienze Politiche, Università degli Studi della Campania Luigi Vanvitelli
Filippo Reganati: Dipartimento di Studi Giuridici, Filosofici ed Economici, Università degli Studi di Roma La Sapienza
Domenico Sarno: Dipartimento di Scienze Politiche, Università degli Studi della Campania Luigi Vanvitelli

A chapter in Economic Policy Frameworks Revisited, 2023, pp 213-234 from Springer

Abstract: Abstract After the 2007/2008 economic and financial crisis, several countries worldwide have launched guarantee funds to facilitate access to bank credit for small and medium-sized enterprises (SMEs) and start-ups. In order to understand if these policies are targeting a crucial need for the business sector, this chapter investigates the effect of access to bank credit on start-ups’ default probability. We implement a discrete-time proportional hazard model relying on a firm-level longitudinal dataset (2004–2014) of Italian new capital companies born from 2004 to 2006. Controlling for firm, industry, and technological related characteristics, our findings provide evidence that access to bank credit significantly enhances start-ups’ resilience.

Keywords: Start-ups; Small and medium-sized firms; Bank credit; Survival analysis; Italy (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-031-36518-8_11

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DOI: 10.1007/978-3-031-36518-8_11

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