| Περίληψη: | The purpose of this dissertation is to investigate the role of the Z-score and Distance-
to-Default measures in the ability of small and medium sized enterprises (SMEs) to
obtain bank credit. A sample of Greek SMEs is studied, in a time frame covering
both the pre (2007-2009) and the post (2010-2014) crisis period.
The analysis begins with comparisons of mean Z-score and Distance-to-Default tests
so as to check if values for both variables differ significantly before and after the
manifestation of the latest crisis in Greece, in order to assess cross sectional as well
as time properties of the two variables. Comparisons of means are conducted using t-
tests and other non-parametric tests, Chow test and Mann-Wilcoxon test.
Then, appropriate regression models are applied in order to estimate econometrically
the effect of Z-scores and Distances-to-Default on the access of SMEs to bank credit.
The methods of analysis employed here depend largely on data availability (financial
statements collected in the InfobankHellastat S.A. iMentor online database).
Evidence were found that the SMEs firms were financial distressed over time, which
means that there were a there was a structural break in 2010 and after. Moreover, a
positive relationship was noted between profit ratio, return to investment capital and
capital structure, and the size of the firm and financial distress whilst a negative
relationship was noted between liquidity ratio and solvency ratio.
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