Razionamento del credito e dimensioni di impresa

Calcagnini, Giorgio and Iacobucci, Donato and Ticchi, Davide Razionamento del credito e dimensioni di impresa. Moneta e credito, 202 (51). pp. 197-214. ISSN 0026-9611 (1998)

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Abstract

This paper examines the likelihood of credit rationing faced by firms of dif­ferent size. Cantrary to common thought, several recent contributions on this topic argue that, when rationing credit, size alone is not a sufficient con­dition for discriminating between firms. We show that this result can be predicted using a framework based on the Stiglitz-Weiss model. In particular, in an environment of asymmetric information, we highlight how the likeli­hood of credit rationing depends upon the shape of the,distribution function of project returns, especially its asymmetry and Kurtosis. Our empirical re­sults do not support the hypothesis that small firms face more credit ration­ing than larger firms.

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