Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/234038 
Year of Publication: 
2021
Publisher: 
ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg
Abstract: 
In the last decades, a large number of academic contributions have investigated the access to credit from a great variety of perspectives. The aim of this paper is to develop an index of financial conditions to contrast subsequently, the impact of firm size and industry on it according to the information asymmetric theory. To that end, we implement a Principal Component Analysis with a database made up of 233 Spanish freelancers and MSMEs in 2018. This technique permits us to gather the objective facts and subjective perceptions of the surveyed by detecting common elements in their responses. Once components are identified, we run statistical tests to find out if firm size and industry explain the differences amongst companies. Our outcome only proves the theory for firm size, meanwhile the hypothesis remains unclear for industry
Subjects: 
Index of financial conditions
Principal Components Analysis
Asymmetric information
JEL: 
G20
G30
M21
M41
Document Type: 
Working Paper

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