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Evaluation of credit guarantee policy using propensity score matching
Technology Management, Economics and Policy Program, Seoul National University, San 56-1, Shilim-Dong, Kwanak-Gu, Seoul 151-742, South Korea.
Technology Management, Economics and Policy Program, Seoul National University, San 56-1, Shilim-Dong, Kwanak-Gu, Seoul 151-742, South Korea.
Department of Economics, University of Kurdistan Hawler, Hawler, Federal Region of Kurdistan, Erbil, Iraq.ORCID iD: 0000-0002-7902-4683
School of Business Administration, Dongguk University, 26, Pil-dong 3-ga, Jung-gu, Seoul, South Korea.
2009 (English)In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 33, no 3, 335-351 p.Article in journal (Refereed) Published
Abstract [en]

In this article, we evaluate the effect of the credit guarantee policy by comparing a large sample of guaranteed firms and matched non-guaranteed firms from 2000 to 2003. The sample firms are compared with respect to growth rates of different performance indicators including: productivity, sales, employment, investment, R&D, wage level, and the survival of firms in the post crisis period. In order to avoid the selectivity problem, propensity score matching methodologies are adopted. Results suggest that credit guarantees influenced significantly firms’ ability to maintain their size, and increase their survival rate, but not to increase their R&D and investment and hence, their growth in productivity. Moreover, due to the adverse selection problem, firms with lower productivity were receiving guarantees. ©Springer Science+Business Media, LLC. 2008.

Place, publisher, year, edition, pages
2009. Vol. 33, no 3, 335-351 p.
Keyword [en]
Credit guarantee; Propensity score matching; Selection bias; SME
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-24474DOI: 10.1007/s11187-008-9102-5Scopus ID: 2-s2.0-70350618342OAI: oai:DiVA.org:hj-24474DiVA: diva2:742811
Available from: 2014-09-02 Created: 2014-09-01 Last updated: 2016-01-14Bibliographically approved

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