Authors: | Kallandranis, Christos Drakos, Konstantinos Anastasiou, Dimitrios |
Issue Date: | 1-Feb-2022 |
Journal: | Journal of Economic Behavior and Organization |
Volume: | 194 |
Keywords: | Discouraged bank borrowers, European SMEs, Heckman selection, Sentiment shock, Sentiment shock volatility, Uncertainty |
Abstract: | We investigate whether economic sentiment exerts an impact on firms’ decision to apply for a bank loan or not and hence its impact on discouragement prevalence. Using survey data for Eurozone firms and employing a Probit Heckman selection model, we document that a positive shock in economic sentiment lowers the percentage of discouraged bank borrowers in the economy. In contrast, higher economic sentiment shock volatility leads to an increase in discouragement. |
ISSN: | 01672681 |
DOI: | 10.1016/j.jebo.2021.12.022 |
URI: | https://uniwacris.uniwa.gr/handle/3000/1340 |
Type: | Article |
Department: | Department of Accounting and Finance |
School: | School of Administrative, Economics and Social Sciences |
Affiliation: | University of West Attica (UNIWA) |
Appears in Collections: | Articles / Άρθρα |
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