The 2008–2009 global financial crisis and the cost of debt capital among SMEs : Swedish evidence
Purpose: The main purpose of this study is to describe and analyse the relationship between the 2008–2009 global financial crisis and small and medium-sized enterprises' cost of debt capital. Design/methodology/approach: Statistical methods, including multiple OLS and dynamic panel data, were used to analyse a longitudinal cross-sectional panel dataset of 3865 Swedish SMEs operating in five industry sectors over the 2008–2015 period. Findings: The results suggest that the cost of debt was influenced by the financial crisis and another macroeconomic factor, i.e. the interbank interest rate, and by firm-specific factors such as firm size and lagged cost of debt. Originality/value: To the authors' best knowledge, this is one of few studies to examine the cost of debt among SMEs during the crisis and post-crisis periods using data from a large-scale, longitudinal, cross-sectional database.
Year of publication: |
2020
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Authors: | Yazdanfar, Darush ; Öhman, Peter |
Published in: |
Journal of Economic Studies. - Emerald, ISSN 0144-3585, ZDB-ID 1480042-1. - Vol. 48.2020, 6 (29.09.), p. 1097-1110
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Publisher: |
Emerald |
Saved in:
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