How Local Finance and Enforcement Shaped SME Credit Choices before and during the COVID Crisis
Abstract
:1. Introduction
2. Literature Review and Research Hypotheses
2.1. The Effect of Local Financial Development on Trade Credit
2.2. The Role of Enforcement in Affecting the Link between Local Financial Development and Trade Credit
2.3. The Role of Enforcement on the Relationship between Local Financial Development and Trade Credit during the COVID Period
3. The Italian Context
3.1. Banking System
3.2. Enforcement System
3.3. North vs. South Differences
4. Sample, Model and Variables
5. Empirical Results
5.1. Descriptives and Correlations
5.2. Findings
5.3. Robustness Test
6. Conclusions and Implications
Author Contributions
Funding
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
1 | Cheng and Degryse (2006) explore the impact of the development of bank versus non-bank financial institutions on the growth rate of Chinese provinces over the period 1995–2003 and conclude that only bank loans have a significant impact on local economic growth. |
2 | A selective review of the research on the role of legal institutions in shaping the functioning of financial systems is provided by Beck and Levine (2004). |
3 | In 2000, only 297 companies traded on the Milan Stock Exchange (266 in 1990 and 168 in 1980), and the total capitalized value of companies was EUR 818,384 million, approximately 70% of the national GDP. |
4 | More efficient banks have taken over less efficient ones (Focarelli et al. 2002). |
5 | Competition in the Italian banking system brought a strong reduction in banking margins on deposits and loans. |
6 | In Italy, the number of bank branches increased since the beginning of the twenty-first century, as evidenced by a report from the international company KPMG entitled “Sportelli bancari e nuovi modelli distributivi. Contesto di riferimento e scenari evolutivi, 2013”. |
7 | Available at https://assets.kpmg/content/dam/kpmg/it/pdf/2017/02/KPMGSportellibancarinuovimodellidistributivi.pdf (accessed on 1 November 2023). The average number of banks in each Italian province was 21 in 1980 and rose to 29 in 1996 and to 32 in 2002. About 70% of Italian banking groups in 2002 had branches in more than 50 provinces. |
8 | Beck and Demirgüç-Kunt (2009) at the country level propose this indicator to measure the size of the financial system. It looks at the asset side of the bank and captures the important activities of a bank: its credit allocation. It is a typical indicator in the finance and law literature. Countries that have a high level of this indicator grow faster. |
9 | Beck and Demirgüç-Kunt (2009) at the country level propose this indicator as a measure of bank efficiency. If the loan-to-deposit ratio is high, it could signal better efficiency. However, if this indicator is higher than 1, this means that loans are financed with other resources rather than with local deposits. |
10 | Beck and Demirgüç-Kunt (2009) at the country level propose this indicator to measure the size of the financial system and to measure the resources of the financial sector available for its lending activities. It measures the liabilities’ side of the banks. In general, the value of the deposit varies positively with the growth of the GDP. |
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Mean | Median | St. Dev. | Min. | Max | |
---|---|---|---|---|---|
Receivables | 0.352 | 0.338 | 0.201 | 0.000 | 0.966 |
Findevelop | 1.987 | 1.220 | 1.410 | 0.021 | 5.221 |
Jureff | 0.157 | 0.156 | 0.031 | 0.005 | 0.345 |
Firm age | 19 | 20 | 14 | 1 | 131 |
Firm size | 2.094 | 1.833 | 2.286 | 0.916 | 4.130 |
ROA | 0.059 | 0.044 | 0.077 | −0.116 | 0.339 |
Sales growth | 0.097 | 0.054 | 0.351 | −0.969 | 2.428 |
Turnover | 1.368 | 1.211 | 0.728 | 0.000 | 4.352 |
Deficit_GDP | −4.82 | −2.4 | 4.44 | −11.8 | −1.6 |
EPU | 4.775 | 4.741 | 0.224 | 4.359 | 5.154 |
TA_ECB | 6.096 | 6.103 | 0.281 | 5.548 | 6.522 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|
(1) | Receivables | 1.000 | ||||||||||
(2) | Findevelop | 0.098 | 1.000 | |||||||||
(3) | Jureff | 0.102 | −0.164 | 1.000 | ||||||||
(4) | Firm age | 0.004 | 0.004 | −0.045 | 1.000 | |||||||
(5) | Firm size | 0.018 | 0.011 | −0.031 | 0.136 | 1.000 | ||||||
(6) | ROA | 0.041 | 0.037 | 0.072 | −0.082 | −0.078 | 1.000 | |||||
(7) | Sales growth | 0.001 | 0.011 | 0.015 | −0.170 | −0.015 | 0.124 | 1.000 | ||||
(8) | Turnover | 0.029 | 0.029 | 0.162 | −0.162 | −0.348 | 0.179 | 0.098 | 1.000 | |||
(9) | Deficit_GDP | 0.001 | 0.008 | −0.003 | 0.003 | 0.012 | 0.009 | 0.001 | 0.001 | 1.000 | ||
(10) | EPU | 0.006 | 0.019 | −0.005 | 0.006 | 0.002 | 0.018 | 0.031 | 0.081 | 0.001 | 1.000 | |
(11) | TA_ECB | −0.002 | −0.042 | 0.003 | −0.005 | −0.003 | −0.016 | −0.002 | −0.001 | −0.006 | −0.004 | 1.000 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
Variables | Receivables | Receivables | Receivables | Receivables |
Findevelop | 0.021 *** | 0.024 *** | 0.025 *** | 0.029 *** |
(0.001) | (0.000) | (0.000) | (0.000) | |
Jureff | −0.061 | −0.063 | −0.064 | |
(0.417) | (0.399) | (0.389) | ||
Findevelop × Jureff | 0.010 *** | 0.005 *** | ||
(0.000) | (0.000) | |||
Findevelop × Jureff × D_covid | −0.013 *** | |||
(0.000) | ||||
Firm age | 0.002 | 0.002 | 0.002 | 0.004 |
(0.488) | (0.440) | (0.537) | (0.515) | |
Firm size | −0.069 | −0.074 | 0.081 ** | 0.090 *** |
(0.618) | (0.691) | (0.037) | (0.017) | |
ROA | 0.137 *** | 0.129 *** | 0.141 *** | −0.145 *** |
(0.000) | (0.000) | (0.000) | (0.000) | |
Sales growth | −0.003 | −0.004 | −0.004 * | −0.004 * |
(0.100) | (0.102) | (0.076) | (0.088) | |
Turnover | 0.046 *** | 0.046 *** | 0.046 *** | 0.049 *** |
(0.000) | (0.000) | (0.000) | (0.000) | |
Deficit_GDP | −0.040 ** | −0.031 ** | −0.030 ** | −0.036 ** |
(0.017) | (0.012) | (0.012) | (0.013) | |
EPU | 0.147 | 0.211 ** | 0.223 * | 0.198 |
(0.049) | (0.037) | (0.046) | (0.048) | |
TA_ECB | 0.374 | 0.368 | 0.371 | 0.365 |
(0.547) | (0.525) | (0.609) | (0.589) | |
North | 0.004 | 0.004 | 0.004 | 0.039 |
(0.549) | (0.518) | (0.544) | (0.528) | |
Observations | 90,763 | 90,763 | 90,763 | 90,763 |
R-squared adjusted | 0.081 | 0.084 | 0.101 | 0.121 |
(1) | (2) | (3) | |
---|---|---|---|
Variables | Receivables | Receivables | Receivables |
Loans/GDP | 0.032 *** | ||
(0.001) | |||
Loans/deposits | 0.048 *** | ||
(0.000) | |||
Deposits/GDP | 0.054 *** | ||
(0.000) | |||
Jureff | −0.009 | −0.036 | −0.041 |
(0.242) | (0.310) | (0.320) | |
Findevelop × Jureff | 0.005 *** | 0.006 *** | 0.005 *** |
(0.000) | (0.000) | (0.000) | |
Findevelop × Jureff × D_covid | −0.081 *** | −0.077 *** | −0.023 *** |
(0.000) | (0.000) | (0.000) | |
Firm age | 0.004 | 0.004 | 0.004 |
(0.500) | (0.500) | (0.500) | |
Firm size | −0.066 | 0.076 ** | 0.087 *** |
(0.537) | (0.033) | (0.015) | |
ROA | −0.198 *** | −0.203 *** | −0.231 *** |
(0.000) | (0.000) | (0.000) | |
Sales growth | −0.002 * | −0.002 * | −0.002 * |
(0.088) | (0.088) | (0.088) | |
Turnover | 0.117 *** | 0.063 *** | 0.102 *** |
(0.000) | (0.000) | (0.000) | |
Deficit_GDP | −0.043 ** | −0.058 ** | −0.062 ** |
(0.011) | (0.011) | (0.011) | |
EPU | 0.146 | 0.199 ** | 0.237 * |
(0.046) | (0.036) | (0.039) | |
TA_ECB | 0.374 | 0.368 | 0.371 |
(0.547) | (0.525) | (0.609) | |
North | 0.178 | 0.190 | 0.147 |
(0.491) | (0.498) | (0.486) | |
Observations | 90,763 | 90,763 | 90,763 |
R-squared | 0.121 | 0.120 | 0.119 |
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Fasano, F.; La Rocca, M.; Sánchez-Vidal, F.J.; Lio, M.J.; Cariola, A. How Local Finance and Enforcement Shaped SME Credit Choices before and during the COVID Crisis. Int. J. Financial Stud. 2024, 12, 10. https://doi.org/10.3390/ijfs12010010
Fasano F, La Rocca M, Sánchez-Vidal FJ, Lio MJ, Cariola A. How Local Finance and Enforcement Shaped SME Credit Choices before and during the COVID Crisis. International Journal of Financial Studies. 2024; 12(1):10. https://doi.org/10.3390/ijfs12010010
Chicago/Turabian StyleFasano, Francesco, Maurizio La Rocca, F. Javier Sánchez-Vidal, Maria Josephin Lio, and Alfio Cariola. 2024. "How Local Finance and Enforcement Shaped SME Credit Choices before and during the COVID Crisis" International Journal of Financial Studies 12, no. 1: 10. https://doi.org/10.3390/ijfs12010010