Browsing by Subject "pkt"

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  • Hasan, Iftekhar; Kobeissi, Nada; Wang, Haizhi; Zhou, Mingming (2017)
    International Review of Economics & Finance November
    We investigate the effects of bank financing on regional entrepreneurial activities in China. We present contrasting findings on the role of quantity vs. quality of bank financing on small business formation in China: while we document a consistent, significantly positive relationship between the quality of bank financing and new venture formation, we find that the quantity of supplied credit is insignificant. We report that formal institutions are positively correlated to regional entrepreneurial activities, and informal institutions substitute formal institutions. Our findings also reveal that the institutional environment tends to supplement bank financing in promoting regional entrepreneurial activities.
  • Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; Kozłowski, Łukasz (2014)
    Bank of Finland Research Discussion Papers 22/2014
    Published as "Do local banking market structures matter for SME financing and performance? New evidence from an emerging economy" in Journal of Banking and Finance, 79, June 2017: 142-158
    In this paper, by employing a novel approach, we study the relationship between bank type and small-business lending in a post-transition country. Using a unique dataset on bank branches and firm-level data, we find that local cooperative banks lend more to small businesses than do large domestic banks and foreign-owned banks, even when controlling for the financial situation of the cooperative banks. Additionally, our results suggest that cooperative banks provide loans to small businesses at lower costs than foreign-owned banks or large domestic banks. Finally, we show that small and medium-sized firms perform better in counties with a large number of cooperative banks than in counties dominated by foreign-owned banks or large domestic banks. Our results are important from a policy perspective, as they show that foreign bank entry and industry consolidation may raise valid concerns for small firms in developing countries. Keywords: small-business lending, cooperative banks, foreign banks, post-transition countries
  • Castelli, Annalisa; Dwyer, Gerald P.; Hasan, Iftekhar (2009)
    Bank of Finland Research Discussion Papers 36/2009
    Published in European Financial Management, Volume 18, Issue 1, January 2012: 28–67
    We examine the connection between the number of bank relationships and firms performance using a unique data set on Italian small firms for which banks are a major source of financing. Our evidence indicates that return on equity and return on assets decrease as the number of bank relationships increases, the effects being stronger for small firms than for large firms. We also find that the ratio of interest expense to assets increases as the number of relationships increases. Particularly for small firms, these results are consistent with finding that suggest that having fewer bank relationships reduces the information asymmetries and agency problems and outweighs the hold-up problems.
  • Kinnunen, Helvi; Vihriälä, Vesa (1999)
    Suomen Pankin keskustelualoitteita; Bank of Finland. Discussion papers 13/1999
    The paper examines the role of bank relationships in business closures during the Finnish economic crisis of the early 1990s.We utilise a unique panel data set of 474 small and medium-sized firms, for which we have standard accounting information and for which we can in addition identify whether the firm had a lending relationship with the most troubled part of the banking system, namely the Savings Bank of Finland and Skopbank.By estimating a logit model we find that, even accounting for the effects of liquidity, profitability, indebtedness, age and size, firms that had a lending relationship with the savings banks concerned were more likely to close in 1992 than other firms that year or the same firms in other years.Thus being a loan customer of these banks entailed greater risk for firms than having a lending relationship with other intermediaries only in 1992, which was the year the banking sector came to a head.The result lends support to the hypothesis that financial factors affect real outcomes not only through firm and household balance sheets but also through bank behaviour.
  • Pylkkönen, Pertti (2015)
    Bank of Finland. Bulletin 2/2015
    The financial difficulties of small and medium-sized enterprises in the euro area are gradually easing. Finance surveys indicate that access to finance has continued to be unconstrained in Finland, but the terms and conditions of loans are tightening. Collateral requirements are increasing, as is the use of various loan covenants in corporate finance.
  • Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; Kozłowski, Łukasz (2017)
    Journal of Banking and Finance June
    Published in BoF 22/2014.
    This paper investigates the relationship between local banking structures and SMEs’ access to debt and performance. Using a unique dataset on bank branch locations in Poland and firm-, county-, and bank-level data, we conclude that a strong position for local cooperative banks facilitates access to bank financing, lowers financial costs, boosts investments, and favours growth for SMEs. Moreover, counties in which cooperative banks hold a strong position are characterized by a more rapid pace of new firm creation. The opposite effects appear in the majority of cases for local banking markets dominated by foreign-owned banks. Consequently, our findings are important from a policy perspective because they show that foreign bank entry and industry consolidation may raise valid concerns for SME prospects in emerging economies.
  • Taipalus, Katja; Toivanen, Mervi (2012)
    Bank of Finland. Financial market report 1
    The debt crisis has raised concerns about a contraction of bank lending. Lending to SMEs has indeed decreased, but there are cross-country differences. Surveys on the demand for and supply of credit provide a similar picture.
  • Taipalus, Katja; Toivanen, Mervi (2012)
    Suomen Pankki. Rahoitusmarkkinaraportti 1
    Velkakriisi on herättänyt huolen pankkien luotonannon supistumisesta. Pienten ja keskisuurten yritysten näkökulmasta uusien luottojen määrä onkin supistunut, vaikka tilanne eroaa maittain. Myös luottojen kysyntää ja tarjontaa mittaavat kyselytutkimukset antavat samansuuntaisia tuloksia.
  • Shaffer, Sherrill; Hasan, Iftekhar; Zhou, Mingming (2009)
    Bank of Finland Research Discussion Papers 4/2009
    Economic Development Quarterly, Volume 29, Issue 1, 13 February 2015: 65-78
    Using data from US labour market areas, we quantify empirical associations between entry by small firms and a vector of economic performance measures encompassing levels, volatilities and growth rates of several income and employment variables. Distinct and robust associations are found for net and gross rates of entry. These results suggest a richer variety of effects of entry than previously documented, and point to several potential tradeoffs associated with entry by small firms.
  • Pylkkönen, Pertti (2015)
    Euro & talous 2/2015
    Euroalueen PK-yritysten rahoitusvaikeudet ovat hiljalleen helpottumassa. Suomessa rahoituksen saatavuus on rahoituskyselyjen mukaan edelleen toiminut, mutta lainaehdot ovat tiukkenemassa. Vakuusvaatimukset ovat lisääntymässä, ja erilaisten sopimusvakuuksien käyttö yritysrahoituksessa on kasvussa.
  • Tkatshenko, Aleksei (1993)
  • Tkatshenko, Aleksei (1994)
  • Pylkkönen, Pertti; Savolainen, Eero (2013)
    Euro & talous. Rahoitusjärjestelmän vakaus 2
    Suomalaisten pienten ja keskisuurten yritysten rahoitustilanne on säilynyt varsin hyvänä muihin EU-maihin verrattuna. Rahoituksen saatavuus ja sen ehdot ovat kuitenkin kiristymässä, mikä on jo näkynyt yrityslainojen marginaalien kasvuna erityisesti määrältään pienemmissä lainoissa.
  • Kunnas, Heikki J. (1979)
    Bank of Finland. Monthly Bulletin 53 ; 7 ; July
  • Aittoniemi, S. S. (1929)
    Bank of Finland. Monthly Bulletin 9 ; 11 ; November
  • Konttinen, Seppo (1963)
    Bank of Finland. Monthly Bulletin 37 ; 11 ; November
  • Änkö, Olavi (1983)
    Bank of Finland. Monthly Bulletin 57 ; 9 ; September
  • Pylkkönen, Pertti; Savolainen, Eero (2013)
    Bank of Finland. Bulletin. Financial stability 2
    The financing situation of Finnish small and medium-sized enterprises has remained fairly robust compared to other EU countries. However, access to finance and financing terms and conditions are deteriorating, which has already been reflected in increased margins on smaller corporate loans in particular.
  • Solanko, Laura (2003)
    BOFIT Online 2003/6
    Why do new, small, and potentially more market-oriented businesses still face such great difficulties in Russia?What makes the business environment for SMEs so cumbersome at the regional level? This note attempts to present and discuss possible answers in light of current economic theory.Lobbying models, the one proposed by Baldwin and Robert-Nicourt 2002 in particular, are brought up as potentially extremely useful in understanding the interplay between firms and politicians leading to uneven economic playing field. Key words: lobbying, Russia, SME