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http://hdl.handle.net/10419/58257
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| Title: | | How do banks screen innovative firms? Evidence from start-up panel data  |
| Authors: | | Brown, Martin Degryse, Hans Höwer, Daniel Penas, María Fabiana |
| Issue Date: | | 2012 |
| Series/Report no.: | | ZEW Discussion Papers 12-032 |
| Abstract: | | Start-up firms often face difficulties in raising external funds. Employing a unique panel dataset covering 9,715 start-up firms over the period 2007-2009, we find that high-tech startups are less likely to use bank finance and face more difficulties in raising bank finance than low-tech start-ups. We find that external credit scores do affect the availability of credit for start-up firms, but that banks rely less on external rating information in their decision making for high-tech start-ups than low-tech start-ups. Start-ups that have their main relation with a small bank use more bank finance and report less difficulties in getting credit. By contrast, a greater expertise of the bank in the firm's industry is not associated with fewer difficulties to get bank loans. There are no differences between high-tech and low-tech start-ups regarding the impact of bank size. |
| Subjects: | | Innovation Start-up Credit information sharing Soft information |
| JEL: | | G2 G18 O16 P34 |
| Persistent Identifier of the first edition: | | urn:nbn:de:bsz:180-madoc-323065 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
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