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The effects of policy funds on the financing constraints of small- and medium-sized enterprises in South Korea

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  • Sang B. Hahn
  • Sehoon Kwon
  • Jeongsun Yun

Abstract

This study investigates whether small- and medium-sized enterprises (SMEs) policy funds in South Korea are effective in reducing financing constraints faced by the SMEs. We find that investment-cash flow sensitivity decreases after public loans are granted, and furthermore that this decrease in the sensitivity is greater for younger and smaller firms. These results are consistent with the certification effects hypothesis.

Suggested Citation

  • Sang B. Hahn & Sehoon Kwon & Jeongsun Yun, 2017. "The effects of policy funds on the financing constraints of small- and medium-sized enterprises in South Korea," Applied Economics Letters, Taylor & Francis Journals, vol. 24(10), pages 699-702, June.
    • Handle: RePEc:taf:apeclt:v:24:y:2017:i:10:p:699-702
    DOI: 10.1080/13504851.2016.1223804
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    Cited by:

    1. Ao Yu & Zhuoqiang Jia & Weike Zhang & Ke Deng & Francisco Herrera, 2020. "A Dynamic Credit Index System for TSMEs in China Using the Delphi and Analytic Hierarchy Process (AHP) Methods," Sustainability, MDPI, vol. 12(5), pages 1-21, February.

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