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    Financial constraints, bank concentration and SMEs: evidence from Pakistan

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    Authors
    Saeed, Abubakr
    Sameer, Muhammad
    Issue Date
    2015-10-05
    Subjects
    financial constraints
    investment
    Pakistan
    
    Metadata
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    Abstract
    Purpose – This paper aims to empirically investigate the impact of bank market concentration of financial constraints on firm investment. Design/methodology/approach – This analysis is based on cross-industries panel of 368 listed Pakistani non-financial firms over the period of 2001-2009. Further, the Generalized Method of Moments estimation technique has been used to estimate the dynamic panel data model. Findings – By applying a dynamic panel analysis, it was found that small- and medium-sized enterprises (SMEs) are financially constrained in the credit market. The main finding indicates that reduction in bank concentration eases financing constraints, and this effect is more pronounced for SMEs. In addition, while testing the firm opacity in this context, results reveal that opaque firms are more financially constrained, and bank market competition is less favourable to the firms with greater opacity. Originality/value – The results, first, assess the efficacy of ongoing financial reforms in Pakistan and, second, offer implications for other economies that exhibit financial development similar to that of Pakistan.
    Citation
    Saeed A, Sameer M (2015) 'Financial constraints, bank concentration and SMEs: evidence from Pakistan', Studies in Economics and Finance, 32 (4), pp.503-524.
    Publisher
    Emerald
    Journal
    Studies in Economics and Finance
    URI
    http://hdl.handle.net/10547/624435
    DOI
    10.1108/SEF-02-2014-0046
    Additional Links
    https://www.emerald.com/insight/content/doi/10.1108/SEF-02-2014-0046/full/html
    Type
    Article
    Language
    en
    ISSN
    1086-7376
    EISSN
    1086-7376
    ae974a485f413a2113503eed53cd6c53
    10.1108/SEF-02-2014-0046
    Scopus Count
    Collections
    Business and management

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