Presbitero, Andrea Filippo; Zazzaro, Alberto; Pigini, … - Money and Finance Research group (Mo.Fi.R.) - 2014
We present a simple theory and an empirical test for state dependence in firm access to credit. We estimate a first …-order Markov model of credit restriction with sample selection that makes it possible to estimate state dependence in the presence … firms, show that state dependence in access to credit is a statistical and economically significant: experiencing a credit …