| Abstract: |
This paper uses a non parametric matching procedure to match survey replies to
balance sheet information. It draws on the SAFE survey on access to finance
for a sample of 11886 firms in the euro area which are matched with their
nearest neighbour in an extended dataset with balance sheet information on 2.3
million firms. We investigate the role of firm characteristics with respect to
the experience of facing financing obstacles in the period 2009-2011. We
distinguish between firms' perceived financing constraints and actual
financing constraints. We find that more profitable firms are less likely to
face actual financing constraints. Also firms with more working capital and
lower leverage ratios are less likely to be actually financially constrained,
however profitability measures seem to be more robust. Firms are more likely
to perceive access to finance problematic when they have more debt with short
term maturity. Finally, firm age, but not size, is important in explaining
both the perceived and the actual financial constraints. |