Innovative firms and access to credit. Some empirical evidence
Journal title ARGOMENTI
Author/s Andrea Bellucci, Ilario Favaretto, Germana Giombini
Publishing Year 2013 Issue 2012/36 Language Italian
Pages 23 P. 5-27 File size 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 codes: D82, E43, D40, G21.
Andrea Bellucci, Ilario Favaretto, Germana Giombini, Imprese innovative ed accesso al credito. Un’indagine empirica in "ARGOMENTI" 36/2012, pp 5-27, DOI: 10.3280/ARG2012-036001