Experience and Firms’ Financing Behavior: A Behavioral Perspective

IF 1.2 4区 经济学 Q3 ECONOMICS
J. Fidrmuc, Florian Horky
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引用次数: 0

Abstract

Abstract Using multinomial logit methodology for financing application decisions for bank loans, credit lines and trade credits, we show that firms’ financial behavior is driven by their lagged experience. Moreover, the optimism and pessimism of firms (animal spirit) is another important determinant. Our results stress the importance of the behavioral perspective to corporate finance. The policy of quantitative easing of the ECB had only weak effects on the access to banking loans, while it was significantly correlated with lower internal funding. Our results have possible implications to understand the behavioral dynamics of corporate financing structure the in the post pandemic period.
经验与企业融资行为:行为学视角
摘要利用多项逻辑方法对银行贷款、信贷额度和贸易信贷的融资申请决策进行了分析,结果表明企业的融资行为是由其滞后经验驱动的。此外,企业的乐观和悲观(动物精神)是另一个重要的决定因素。我们的研究结果强调了行为视角对公司融资的重要性。欧洲央行的量化宽松政策对银行贷款获取的影响较弱,而与内部资金减少显著相关。我们的研究结果可能对理解大流行后时期企业融资结构的行为动态具有启示意义。
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来源期刊
CiteScore
2.30
自引率
9.10%
发文量
17
期刊介绍: German Economic Review, the official publication of the German Economic Association (Verein für Socialpolitik), is an international journal publishing original and rigorous research of general interest in a broad range of economic disciplines, including: - macro- and microeconomics - economic policy - international economics - public economics - finance - business administration The scope of research approaches includes theoretical, empirical and experimental work. Innovative and thought-provoking contributions, in particular from younger authors, are especially welcome.
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