El desánimo del prestatario en una economía dominada por los bancos: evidencia empírica para PYME españolas

  1. Ana Mol Gómez-Vázquez 1
  2. Ginés Hernández Cánovas 2
  3. Mª Camino Ramón Llorens 2
  1. 1 Universidad de Almería

    Universidad de Almería

    Almería, España

    ROR https://ror.org/003d3xx08

  2. 2 Universidad Politécnica de Cartagena

    Universidad Politécnica de Cartagena

    Cartagena, España

    ROR https://ror.org/02k5kx966

Universia Business Review

ISSN: 1698-5117

Year of publication: 2018

Issue: 57

Pages: 144-162

Type: Article

More publications in: Universia Business Review


SCImago Journal Rank

  • Year 2018
  • SJR Journal Impact: 0.184
  • Best Quartile: Q3
  • Area: Business, Management and Accounting (miscellaneous) Quartile: Q3 Rank in area: 228/397
  • Area: Finance Quartile: Q4 Rank in area: 204/298
  • Area: Economics and Econometrics Quartile: Q4 Rank in area: 496/702

Índice Dialnet de Revistas

  • Year 2018
  • Journal Impact: 0.540
  • Field: ECONOMÍA Quartile: C1 Rank in field: 24/171


  • Social Sciences: B


This paper analyzes the factors explaining borrower discouragement for a sample of SMEs operating in a bank-based economy. We find that higher informational asymmetries and loan application costs increase the likelihood of borrower discouragement for smaller firms and for firms working with less banks. We also show that firms whose managers show an attitude towards growth and business improvement are less likely to be discouraged from applying for a loan

Bibliographic References

  • Brown, M., Ongena, S., Popov, A., Yeşin, P. (2011). “Who needs credit and who gets credit in Eastern Europe?”. Economic Policy, 26(65), 93-130.
  • Brown, M., Ongena, S., Yesin, P. (2014). “Information asymmetry and foreign currency borrowing by small firms”. Comparative Economics Studies, 56(1), 110 131.
  • Cavalluzzo, K. S., Wolken, J. D., Cavalluzzo, L. C. (2002). “Competition, small business financing, and discrimination: Evidence from a new survey”. Journal of Business, 75(4), 641-679.
  • Chakravarty, S., Xiang, M. (2013). “The international evidence on discouraged small businesses”. Journal of Empirical Finance, 20, 63 82. Available at: http://www.sciencedirect.com/science/article/pii/S0927539812000655
  • Cole, R. A. (2013). “What do we know about the capital structure of privately held US firms? Evidence from the surveys of small business finance”. Financial Management, 42(4), 777 813. Available at: http://onlinelibrary.wiley.com/doi/10.1111/fima.12015/pdf
  • Cole, R., Sokolyk, T. (2016). “Who needs credit and who gets credit? Evidence from the surveys of small business finances”. Journal of Financial Stability, 24, 40 60. Available at: http://www.sciencedirect.com/science/article/pii/S1572308916300146
  • De Lema, D. G. P., Pérez, A. A., Segura, A. C. F. (1995). “Un modelo discriminante para evaluar el riesgo bancario en los créditos a empresas”. Revista Española de Financiación y Contabilidad, 175 200.
  • Diagne, A. (1999). “Determinants of household access to and participation in formal and informal credit markets in Malawi”. Working paper 67, International Food Policy Research Institute, Washington, D.C. Available at: https://pdfs.semanticscholar.org/3713/ca551553ec05354bb4f558195f9db6af6f74.pdf
  • Freel, M., Carter, S., Tagg, S., Mason, C. (2012). “The latent demand for bank debt: characterizing discouraged borrowers”. Small Business Economic, 38(4), 399 418. Available at: http://link.springer.com/article/10.1007/s11187-010-9283-6
  • Hakim, C. (1989). “Identifying fast growth small firms”. Employment Gazette, 97, 29 41.
  • Han, L., Fraser, S., Storey, D. J. (2009). “Are good or bad borrowers discouraged from applying for loans? Evidence from US small business credit markets”. Journal of Banking & Finance, 33(2), 415 424. Available at: http://www.sciencedirect.com/science/article/pii/S0378426608001970
  • Hernandez-Canovas, G., Martínez-Solano, P. (2007). “Effect of the number of banking relationships on credit availability: Evidence from panel data of Spanish small firms”. Small Business Economics, 28(1), 37-53.
  • Hernández-Cánovas, G., Martínez-Solano, P. (2010). “Relationship lending and SME financing in the continental European bank-based system”. Small Business Economics, 34(4), 465-482. Available at: http://link.springer.com/article/10.1007%2Fs11187-005-6704-z?LI=true
  • Kon, Y., Storey, D. J. (2003). “A theory of discouraged borrowers”. Small Business Economics, 21(1), 37 49. Available at: http://link.springer.com/article/10.1023%2FA%3A1024447603600?LI=true
  • Leon, F. (2015). Does bank competition alleviate credit constraints in developing countries?. Journal of Banking & Finance, 57, 130-142. Available at: http://www.sciencedirect.com/science/article/pii/S0378426615000813
  • Levenson, A. R., Willard, K. L. (2000). “Do firms get the financing they want? Measuring credit rationing experienced by small businesses in the U.S.”. Small Business Economics, 14(2), 83 94. Available at: http://link.springer.com/article/10.1023/A:1008196002780
  • Mac an Bhaird, C., Vidal, J. S., Lucey, B. (2016). “Discouraged borrowers: Evidence for Eurozone SMEs”. Journal of International Financial Markets, Institutions and Money, 44, 46-55. Available at: http://www.sciencedirect.com/science/article/pii/S1042443116300361
  • Popov, A. A. (2013). “Monetary policy, bank capital and credit supply: A role for discouraged and informally rejected firms”. Working paper 1593, European Central Bank. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2327702
  • Storey, D. J. (1994). “Understanding the small business sector”. Working paper, University of Illinois at Urbana-Champaign's, Illinois.
  • Vos, E., Yeh, A., Tagg, S. (2007). “The happy story of small business financing”. Journal of Banking & Finance, 31(9) 2648 2672. Available at: http://www.sciencedirect.com/science/article/pii/S0378426607000556
  • Xiang, D., Worthington, A. C., Higgs, H. (2015). “Discouraged finance seekers: An analysis of Australian small and medium-sized enterprises”. International Small Business Journal, 33(7), 689 707. Available at: http://journals.sagepub.com/doi/abs/10.1177/0266242613516138