The impact of SMEs Z-score on their access to bank loans

• Κύριος συγγραφέας: Γατομάτη, Φωτεινή
• Άλλοι συγγραφείς: Δράκος, Κωνσταντίνος
• Μορφή: Thesis
• Γλώσσα: English
• Έκδοση: 2017
• Θέματα: Altman’s Z-Score models; SME’s Greek firms; Financial crisis; Probability of default; Structural break; 338.642; Μικρομεσαίες ελληνικές επιχειρήσεις; Οικονομική κρίση

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.