A micro data approach to the identification of credit crunches

Rottmann, Horst; Wollmershäuser, Timo

doi:10.1080/00036846.2012.665604

Cited by 21 publications

(21 citation statements)

References 30 publications

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“…Even though this analysis does not allow to unequivocally identify the relative contribution of credit demand and credit supply to explain the evolution of credit, the results suggest that the access to credit by Portuguese firms became more difficult after 2009 and that credit restrictions were particularly relevant for firms seeking credit for the first time. Farinha and Félix (2014) considered an econometric methodology similar to that in Rottmann and Wollmershäuser (2013) and estimated a two-step model to evaluate the importance of credit demand and credit supply factors in explaining the evolution of credit in the period between the first quarter of 1997 and the second quarter of 2013. The results suggest that after controlling for firm idiosyncratic characteristics, the evolution of credit is largely explained by banks liquidity and solvency conditions.…”

Section: Introductionmentioning

confidence: 99%

Credit rationing for Portuguese SMEs

Farinha

Félix

2015

Finance Research Letters

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Available online xxxx JEL classification: C31 E44 E51 G21 a b s t r a c tThis study examines the importance of credit demand and credit supply-related factors in explaining the evolution of credit granted to Portuguese SMEs. The results suggest that the interest rate is a strong driver of SMEs' demand for bank loans, as well as their internal financing capacity. On the other hand, credit supply mostly depends on the firms' ability to generate cash-flows and reimburse their debt, and on the amount of collateral. The model was estimated for the period between 2010 and 2012. The results suggest that a considerable fraction of Portuguese SMEs were affected by credit rationing in this period.

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Section: Introductionmentioning

confidence: 99%

Credit rationing for Portuguese SMEs

Farinha

Félix

2015

Finance Research Letters

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“…In 2008, the Ifo Institute and the Ludwig-Maximilians-University of Munich founded the LMU-ifo Economics & Business Data Center to offer easier access to Ifo's micro data sets for researchers. Since then, micro data analyses have increased, for example Bachmann et al (2013), Pesaran and Timmermann (2009) and Rottmann and Wollmershäuser (2013).…”

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confidence: 98%

The determinants of unit non-response in the Ifo Business Survey

Seiler

2014

AStA Wirtsch Sozialstat Arch

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It is well-known that non-response affects the results of surveys and can even cause biases due to selectivities if it cannot be regarded as missing at random. In contrast to household surveys, response behaviour in business surveys is rarely examined in literature. This paper analyses a large business survey at a microdata level for unit non-response. The data base is the Ifo Business Survey, which was established in 1949 and is completed by more than 5000 firms every month. The panel structure makes it possible to use statistical modelling with the inclusion of different types of time dimensions, as well as firm-specific effects. The results show that there are strong time-dependent effects on the response rate and that non-response is more frequent in economic good times.

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“…This explanation seems especially plausible as the tax reform was implemented during the financial crisis when firms may have had problems obtaining additional debt finance. On the other hand, there is some evidence that no credit crunch occurred in Germany (Schmidt and Zwick, 2012) or that only those large firms mainly negotiating credits with state-owned landesbanks experienced a reduced willingness of banks to grant credit (Rottmann and Wollmershäuser, 2013), but our sample consists of small and medium-sized partnership businesses. Furthermore, it is possible that the long-term effects will be larger, as firms may not adjust their capital structure immediately.…”

Section: Discussion Of the Effect Sizementioning

confidence: 99%

Personal taxation of capital income and the financial leverage of firms

Fossen

Simmler

2015

Int Tax Public Finance

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract: Terms of use: Documents in EconStor mayTax competition for capital has led to a trend where many countries levy lower taxes on interest income, often introducing differential taxation between interest and business income. This study analyzes the effect on firm debt usage. We exploit Germany's 2009 tax reform, which introduced a final withholding tax on interest income with a flat rate 18 percentage points below the unchanged tax rate on income from unincorporated businesses, as a quasi-experiment. The results, based on firm level panel data, indicate that firms increase their leverage when the tax rate on interest income decreases, albeit to a small degree.

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A micro data approach to the identification of credit crunches

Cited by 21 publications

References 30 publications

Credit rationing for Portuguese SMEs

Credit rationing for Portuguese SMEs

The determinants of unit non-response in the Ifo Business Survey

Personal taxation of capital income and the financial leverage of firms

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