Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/323679 
Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] Small Business Economics [ISSN:] 1573-0913 [Volume:] 65 [Issue:] 1 [Publisher:] Springer US [Place:] New York, NY [Year:] 2025 [Pages:] 451-473
Verlag: 
Springer US, New York, NY
Zusammenfassung: 
This study analyzes the dynamics of financing constraints under changing economic conditions and the role of firm size in this context. Using administrative data from Germany, we quantify financing constraints expressed as the probability that a firm encounters excess demand or excess supply. On average, small- and medium-sized enterprises (SMEs) are indeed more likely than larger firms to face excess demand for loans. Using the Great Financial Crisis as an empirical setting, we show that tightening financing conditions do not affect smaller firms disproportionally, but generally risky borrowers. Importantly, post-crisis trends in debt-ratios, profitability, investments, and employment are similar irrespective of firm size, while smaller firms respond to the economic slowdown by persistently building up cash buffers. Our results urge policymakers to consider specific characteristics of bank-dependent firms to assess their exposure to economic crises—instead of focusing on size as vulnerability criteria per se.
Schlagwörter: 
Financial constraints
SME financing
Firm-level data
Bank financing
Small business resilience
JEL: 
D22
D53
G01
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Dokumentart: 
Article
Dokumentversion: 
Published Version

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