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| Tekijä: | Ortiz-Molina, H. Penas, M.F. |
| Otsikko: | Lending to small businesses: the role of loan maturity in addressing information problems |
| Lehti: | Small business economics
2008 : APR/MAY, VOL. 30:4, p. 361-383 |
| Asiasana: | small business loans credit banking |
| Kieli: | eng |
| Tiivistelmä: | This study explores what determines the maturity (here as: mat./mats.) of lines of credit to small businesses. The results provide strong support for the hypothesis that shorter loan mats. serve to mitigate the problems associated with borrower risk and asymmetric information typical of small business lending. It is found that mat. is shorter for firm owners having poor credit histories, are older, and less experienced, and for firms that are more informationally opaque. In addition, strong evidence is found that mat. increases with collateral (as: coll.) pledges, that personal coll. is associated with longer mats. than business coll., and that coll. types better mitigating agency problems reduce the sensitivity of loan mat. to informational asymmetries and risk. |
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