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Econometric study on the impact of EU loan guarantee financial instruments on growth and jobs of SMEs


Campo Valor
Formato Monografia
N.º Sistema 000081673
Autor LinkBertoni, Fabio
Título LinkEconometric study on the impact of EU loan guarantee financial instruments on growth and jobs of SMEs / Fabion Bertoni ...[et.al.]
Texto Integral
Língua inglês
País União Europeia
Local LinkLuxembourg
Editor LinkEuropean Investment Fund
Ano 2018
Descrição 52 p. : gráficos
Colecção LinkWorking paper : EIF research & market analysis ; Nº 54 (2018)
Tipo de Documento LinkMonografia LinkDocumento eletrónico
Resumo "This working paper investigates the economic effects of guaranteed loans granted under the EU programmes MAP and CIP on SMEs’ growth in Italy, the Benelux and the Nordic countries (Denmark, Finland, Norway and Sweden) from 2002 to 2016. In these macro-regions, the facilities supported 174,107 loans to SMEs, for a total of EUR 15.58bn. Using a sample of these loans with corresponding firm-level data, this study estimates the average treatment effect on firms’ growth, profitability, assets intangibility and survival. The analysis compares beneficiary SMEs to similar firms that were not supported by the programmes, identified through coarsened exact matching (CEM) and propensity score matching (PSM). Overall, guaranteed loans are found to positively affect the growth in assets (+19.6 percentage points over the two years after the end of the signature year), sales (+14.8 percentage points), employment (+16.9 percentage points) and the share of intangible assets (+1 percentage point). No significant effect on profits is observed. Beneficiary SMEs also have lower bankruptcy rates compared to control firms. Consistent with the literature on financing constraints, positive effects are stronger for smaller, younger SMEs. Treatment effects are more pronounced in the Benelux and Nordic countries, mostly due to the sample composition of treated firms in each macro-region." [editor]
Índice Abstract
Executive Summary Table of Contents
List of Figures
1 Introduction
2 Data and methodology
2.1. The population of treated companies
2.2. Focus on limited liability companies
2.3. The initial control group: stratified random sampling
2.4. Performance measures and controls
2.5. Descriptive statistics
2.6. Empirical approach
3 Results
3.1. Overall results
3.1.1. Growth of assets
3.1.2. Growth of sales
3.1.3. Growth of employment
3.1.4. Profits
3.1.5. Assets intangibility
3.1.6. Survival
3.1.7. Focus on sole proprietorships: a loan default analysis
3.2. Results by geographical area
3.3. Moderating effects
4 Conclusions
Classif.Temática Link4011 tipos de empresa eurovoc
Assunto Linkpequenas e médias empresas
Linkinstrumento financeiro da UE
Linkfinanciamento da UE
LinkFundo Europeu de Investimento
Linkgarantia de crédito
Linkestudo de impacto
Ent.Adic. LinkBrault, Julien, Autor
LinkColombo, Massimo, Autor
LinkQuas, Anita, Autor
LinkSignore, Simone, Autor
Código QR Código QR referente ao registo nº000081673

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