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Expectations of access to debt finance for SMEs in times of uncertainty

Expectations of access to debt finance for SMEs in times of uncertainty
Expectations of access to debt finance for SMEs in times of uncertainty
This articles examines small and medium enterprises’ (SMEs) expectations of access to debt finance in times of uncertainty. In particular, we studied whether relationship lending affects British SMEs’ concerns about future access to debt finance after the UK referendum on European Union membership (the so-called Brexit referendum). By using a unique survey, we found that relationship lending significantly reduces SMEs’ expectations of being financially constrained, although the same does not hold for firms engaging in product innovation. Our results are robust after controlling for accounting information disclosure and for the relationship between the expectation of access to debt finance, the prospect of growth, and changes in business strategies.
0447-2778
Calabrese, Raffaella
a93a931a-d97a-4300-ba5b-4b02981b5475
Degl'innocenti, Marta
e33b2a74-a534-44a2-ab66-819b156564c3
Zhou, Si
b0bf0e8f-23f8-4be7-ba9d-fb2d67150490
Calabrese, Raffaella
a93a931a-d97a-4300-ba5b-4b02981b5475
Degl'innocenti, Marta
e33b2a74-a534-44a2-ab66-819b156564c3
Zhou, Si
b0bf0e8f-23f8-4be7-ba9d-fb2d67150490

Calabrese, Raffaella, Degl'innocenti, Marta and Zhou, Si (2020) Expectations of access to debt finance for SMEs in times of uncertainty. Journal of Small Business Management. (doi:10.1080/00472778.2020.1756309).

Record type: Article

Abstract

This articles examines small and medium enterprises’ (SMEs) expectations of access to debt finance in times of uncertainty. In particular, we studied whether relationship lending affects British SMEs’ concerns about future access to debt finance after the UK referendum on European Union membership (the so-called Brexit referendum). By using a unique survey, we found that relationship lending significantly reduces SMEs’ expectations of being financially constrained, although the same does not hold for firms engaging in product innovation. Our results are robust after controlling for accounting information disclosure and for the relationship between the expectation of access to debt finance, the prospect of growth, and changes in business strategies.

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Accepted/In Press date: 13 April 2020
e-pub ahead of print date: 11 August 2020

Identifiers

Local EPrints ID: 439527
URI: http://eprints.soton.ac.uk/id/eprint/439527
ISSN: 0447-2778
PURE UUID: 52e51433-d5d5-4c60-9c4c-db54b4569885

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Date deposited: 24 Apr 2020 16:45
Last modified: 23 Jul 2022 04:52

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Contributors

Author: Raffaella Calabrese
Author: Marta Degl'innocenti
Author: Si Zhou

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