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Innovative firms and access to credit. Some empirical evidence
Journal Title: ARGOMENTI 
Author/s: Andrea Bellucci, Ilario Favaretto, Germana Giombini 
Year:  2012 Issue: 36 Language: Italian 
Pages:  23 Pg. 5-27 FullText PDF:  675 KB
DOI:  10.3280/ARG2012-036001
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This paper aims at analyzing the access to credit of innovative firms by means of two empirical models that estimate the impact of innovative nature of firms on: (a) the loan interest rate; (b) the probability of overdraw. We use information gained by two dataset. The first one contains data on more than 15,000 lines of credit of a bank to firms that operate in 23 different industrial sectors. The second dataset indentifies the firms that can be defined innovative according to a narrow set of activities carried out. The findings show that innovative firms have a lower probability of being credit rationed than supplier dominated firms.
Keywords: Innovative firms, interest rate, firm’s financing, relationship lending.
Jel Code: D82, E43, D40, G21.

Andrea Bellucci, Ilario Favaretto, Germana Giombini, Innovative firms and access to credit. Some empirical evidence in "ARGOMENTI" 36/2012, pp. 5-27, DOI:10.3280/ARG2012-036001


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