تأثیر عوامل عرضه در تصمیمات قرضه شرکت: شواهد اروپا

We investigate the influence of macroeconomic, and country-specific—supply side factors—on firms' borrowing decision while controlling for firm-specific factors due to the European financial crisis. We demonstrate that the crisis significantly shifted the supply side factors at the cost of firm-level factors in the post-2008 period. Our results are robust to the “tunnel test” and other sensitivity tests.