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Collateral requirements of SMEs: The evidence from less-developed countries |
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| Affiliation: | 1. Department of Economics and Management, University of Trento, Trento, Italy;2. Cefin (Centro Studi Banca e Finanza), Modena, Italy;1. Bangor University, UK;2. Southern Illinois University, Carbondale, IL, USA;1. School of Accounting, Economics and Finance, University of Wollongong, Northfields Ave, Wollongong, NSW 2522, Australia;2. Department of Finance, Deakin University, 221 Burwood Highway, Burwood, Victoria 3125, Australia;1. Mizuho Research Institute, Research Department, 1-2-1 Uchisaiwaicho, Chiyoda, Tokyo 100-0011, Japan;2. Japan Center for Economic Research, Economic Research Department, 1-3-7 Otemachi, Chiyoda, Tokyo 100-8066, Japan;3. Harvard University, Reischauer Institute, 1730 Cambridge Street, Cambridge, MA 02138, USA;4. Hosei University, Faculty of Business Administration, 2-17-1 Fujimi, Chiyoda, Tokyo 102-8160, Japan |
| Abstract: | This paper aims to investigate the determinants of collateral requirements for loans that are extended to small and medium-sized enterprises in less-developed countries. Our primary data source consists of the results from firms in Eastern Europe and Central Asia from the Business Environment and Enterprise Performance Survey, which is compiled by the World Bank and the European Bank for Reconstruction and Development. The results show that borrower-specific variables are more important than country-specific variables in determining collateral requirements on loan contracts. The strongest evidence in our paper emphasises the importance of borrower risk and loan cost in collateral determinants. |
| Keywords: | Collateral SMEs Loan conditions Two-part models |
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