Search En
  • FR
  • DE
menu European Investment Bank - Logo ClientConnect
Close ClientConnect
Search
Search
  • Who we are
  • back
    • Overview
    • back
      • EIB Global
      • back
        • EU climate bank
        • back
          • EIB at a glance
          • back
            • Overview
            • Our priorities
            • Our initiatives
            • Tackling global challenges together
            • Partners
            • Part of the EU family
          • Governance and structure
          • back
            • Overview
            • Shareholders
            • Statutory bodies
            • Control and evaluation
            • Organisation structure
          • Corporate responsibility
          • back
            • Overview
            • Providing finance
            • Borrowing
            • Human rights and the EIB
            • Reporting on sustainability
            • Our internal commitment
            • Managing our environment
          • Transparency, accountability and access to information
          • back
            • Public consultations
            • back
              • Compliance
              • back
                • Overview
                • Taxation: avoiding misuse of EIB Group operations
              • Accountability
              • back
                • Overview
                • EIB Group Complaints Mechanism overview
                • Project procurement complaints
                • Investigating fraud and misconduct
                • Evaluation
              • Institute
              • back
              • What we offer
              • back
                • Overview
                • back
                  • Loans
                  • back
                    • Overview
                    • Loans for the public sector
                    • Framework loans for the public sector
                    • Loans for the private sector
                    • Intermediated loans for SMEs, mid-caps and other priorities
                    • Microfinance
                  • Equity
                  • back
                    • Overview
                    • Venture debt
                    • Investments in infrastructure and environmental funds
                    • Investments in SME and mid-cap funds
                  • Guarantees
                  • back
                    • Overview
                    • Credit enhancement for project finance
                    • Guarantees in support of SMEs, mid-caps and other objectives
                  • Advisory services
                  • back
                    • Overview
                    • Strategic Development
                    • Market Development
                    • Project Development
                  • Mandates and partnerships
                  • back
                    • Overview
                    • InvestEU
                    • European Guarantee Fund
                    • EU Blending facilities
                    • Donor partnerships
                    • Shared management funds and financial instruments
                    • EFSD Guarantee
                    • All mandates and partnerships
                • Projects
                • back
                  • Overview
                  • back
                    • Global investment map
                    • back
                      • Our projects
                      • back
                        • All projects
                        • Projects to be financed
                        • Financed projects
                      • Our regions of activity
                      • back
                        • Overview
                        • Enlargement countries
                        • European Union
                        • European Free Trade Association
                        • Southern Neighbourhood
                        • Eastern neighbourhood countries
                        • Sub-Saharan Africa, the Caribbean and the Pacific
                        • Asia and Latin America
                        • The EIB in the Americas and the Caribbean
                        • Central Asia
                        • United Kingdom
                      • Our sectors
                      • back
                        • Overview
                        • Agriculture
                        • Digital economy
                        • Forestry
                        • Health and life science
                        • Energy
                        • Transport
                        • Urban development
                        • Regional development & cohesion
                        • Education and training
                        • Water and wastewater management
                        • Solid waste management
                      • Project cycle
                      • back
                        • Evaluation
                        • back
                        • Media centre
                        • back
                          • Overview
                          • back
                            • Newsroom
                            • back
                              • Overview
                              • All releases
                              • Press contacts
                            • Stories and essays
                            • back
                              • Overview
                              • Stories
                              • Essays
                              • Podcasts
                              • All Cartoons
                            • Video library
                            • back
                              • Events
                              • back
                                • Newsletter
                                • back
                                  • Public register
                                  • back
                                    • EIB surveys
                                    • back
                                      • Overview
                                      • EIB climate survey
                                    • Picture library
                                    • back
                                      • Infographics
                                      • back
                                        • Our logo
                                        • back
                                        • Publications and research
                                        • back
                                          • Overview
                                          • back
                                            • Publications
                                            • back
                                              • Our research
                                              • back
                                                • Overview
                                                • Economic analysis
                                                • Surveys and data
                                                • Assessing EIB impact
                                                • Stories - Economics
                                                • Economic conferences and research networks
                                              • EIB open data
                                              • back
                                                • Open learning
                                                • back
                                                • Work with us
                                                • back
                                                  • Overview
                                                  • back
                                                    • Careers
                                                    • back
                                                      • Overview
                                                      • Diversity and Inclusion
                                                      • Our recruitment process explained
                                                      • Internships
                                                    • Investor Relations
                                                    • back
                                                      • Overview
                                                      • Our funding
                                                      • Climate Awareness Bonds
                                                      • Sustainability Awareness Bonds
                                                      • Recent issues
                                                      • Outstanding issues
                                                      • Investor relations news
                                                      • Investor relations publications
                                                      • Investor relations newsletters
                                                    • Civil society and stakeholder engagement
                                                    • back
                                                      • Procurement
                                                      • back
                                                        • Contact us
                                                        • back
                                                        • Easy-to-read
                                                        • back
                                                            back
                                                            • The EIB at a glance
                                                            • back
                                                              • The EIB and development
                                                              • back
                                                                • The EIB COVID-19 response
                                                                • back
                                                                  • The EIB climate action
                                                                  • back
                                                                  Results
                                                                  Top 5 search results See all results Advanced search
                                                                  Top searches
                                                                    Most visited pages
                                                                        • Home
                                                                          • Who we are
                                                                          • What we offer
                                                                          • Projects
                                                                          • Media centre
                                                                          • Publications and research
                                                                          • Work with us
                                                                          • Easy-to-read
                                                                        • Publications and research
                                                                          • Publications
                                                                          • Our research
                                                                          • EIB open data
                                                                          • Open learning
                                                                        • Publications
                                                                          • Find a publication

                                                                        EIB Working Papers 2017/03 – Loan characteristics, Firm Preferences and Investment: Evidence from a unique experiment

                                                                        • Publication information

                                                                          30 Jun 2017

                                                                        • Related tags

                                                                          • Economics

                                                                        Part of the series :

                                                                        • Working papers
                                                                        • Working papers
                                                                        PDF (EN)

                                                                        Description

                                                                        This paper uses a unique experiment conducted as part of the EIB Investment Survey (EIBIS) to provide novel evidence on firms’ preferences over loan characteristics and the relation between terms of credit and investment decisions.

                                                                        The design of the experiment allows revealing firm’s financing preferences and willingness-to-pay in a clean and straightforward manner.

                                                                        The results show that firms are especially sensitive to the loan amount, the collateral requirement and the interest rate. Results are heterogeneous between sectors, size classes and types of projects.

                                                                        All publications in this series

                                                                        • EIB Working Paper 2023/01 - Advanced digital technologies and investment in employee training
                                                                        • EIB Working Paper 2022/15 - Estimating financial integration in Europe
                                                                        • EIB Working Paper 2022/14 - The scarring effects of major economic downturns
                                                                        • EIB Working Paper 2022/13 - COVID-19 and the resilience of European firms
                                                                        • EIB Working Paper 2022/12 - Determinants of the exchange rate, its volatility and currency crash risk in Africa’s low and lower middle-income countries
                                                                        • EIB Working Paper 2022/11 - A structural analysis of foreign exchange markets in sub-Saharan Africa
                                                                        • EIB Working Paper 2022/10 - How do firms cope with losses from extreme weather events?
                                                                        • EIB Working Paper 2022/08 - Are EU firms climate-ready?
                                                                        • EIB Working Paper 2022/09 - Productivity and responses to the pandemic
                                                                        • EIB Working Paper 2022/07 - Corporate training and skill gaps
                                                                        • EIB Working Paper 2022/06 - Hot off the press
                                                                        • EIB Working Paper 2022/05 - How much is too much?
                                                                        • EIB Working Paper 2022/04 - Investment expectations by vulnerable European firms
                                                                        • EIB Working Paper 2022/03 - Estimating conditional treatment effects of EIB lending to SMEs in Europe
                                                                        • EIB Working Paper 2022/02 - How to foster climate innovation in the European Union
                                                                        • EIB Working Paper 2022/01 - Firm-level policy support during the crisis
                                                                        • EIB Working Paper 2021/12 - Complementarities in capital formation and production
                                                                        • EIB Working Paper 2021/10 - The simpler, the better: Measuring financial conditions for monetary policy and financial stability
                                                                        • EIB Working Paper 2021/09 - Market finance as a spare tyre? Corporate investment and access to bank credit in Europe
                                                                        • EIB Working Paper 2021/08 - Do capacity constraints trigger high growth for enterprises?
                                                                        • EIB Working Paper 2021/07 - Can European businesses achieve productivity gains from investments in energy efficiency?
                                                                        • EIB Working Paper 2021/06 - Efficiency and effectiveness of the COVID-19 government support
                                                                        • EIB Working Paper 2021/05 - The impact of bank loan terms on intangible investment in Europe
                                                                        • EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe
                                                                        • EIB Working Paper 2021/03 - Assessing climate change risks at the country level
                                                                        • EIB Working Paper 2021/02 - The birth of new high growth enterprises
                                                                        • EIB Working Paper 2021/01 - Towards a new growth model in CESEE
                                                                        • EIB Working Paper 2020/09 - Investment vs debt trade-offs in the post-COVID-19 European economy
                                                                        • EIB Working Paper 2020/08 - EIB Group Survey on Investment and Investment Finance
                                                                        • EIB Working Paper 2020/07 - The growing digital divide in Europe and the United States
                                                                        • EIB Working Paper 2020/06 - Digital technologies and firm performance: Evidence from Europe
                                                                        • EIB Working Paper 2020/05 - Financing constraints and employers’ investment in training
                                                                        • EIB Working Papers 2020/04 - Making a difference: Assessing the impact of the EIB's funding to SMEs
                                                                        • EIB Working Papers 2020/03 - Employer provided training in Europe: Determinants and obstacles
                                                                        • EIB Working Papers 2020/02 - Impact of FDI on economic growth: The role of country income levels and institutional strength
                                                                        • EIB Working Papers 2020/01 - How can favourable financing improve energy efficiency investments? Evidence from new experimental data
                                                                        • EIB Working Papers 2019/11 - Macro-based asset allocation: An empirical analysis
                                                                        • EIB Working Papers 2019/10 - Structural and cyclical determinants of access to finance: Evidence from Egypt
                                                                        • EIB Working Papers 2019/09 - The impact of international financial institutions on small and medium enterprises: The case of EIB lending in Central and Eastern Europe
                                                                        • EIB Working Papers 2019/07 - What firms don’t like about bank loans: New evidence from survey data
                                                                        • EIB Working Papers 2019/08 - Investment: What holds Romanian firms back?
                                                                        • EIB Working Papers 2019/06 - Promoting energy audits: Results from an experiment
                                                                        • EIB Working Papers 2019/05 - Skill shortages and skill mismatch in Europe: A review of the literature
                                                                        • EIB Working Papers 2019/04 - Can survey-based information help to assess investment gaps in the EU?
                                                                        • EIB Working Papers 2019/03 - Financing and obstacles for high growth enterprises: the European case
                                                                        • EIB Working Papers 2019/02 - How energy audits promote SMEs’ energy efficiency investment
                                                                        • EIB Working Papers 2019/01 - Blockchain, FinTechs and their relevance for international financial institutions
                                                                        • EIB Working Papers 2018/08 - Debt Overhang and Investment Efficiency
                                                                        • EIB Working Papers 2018/07 - Young SMEs: Driving Innovation in Europe?
                                                                        • EIB Working Papers 2018/06 - Resource Misallocation in European Firms: The Role of Constraints, Firm Characteristics and Managerial Decisions
                                                                        • EIB Working Papers 2018/05 - Sovereign risk and corporate cost of borrowing: Evidence from a counterfactual study
                                                                        • EIB Working Papers 2018/04 – Investment of financially distressed firms: the role of trade credit
                                                                        • EIB Working Papers 2018/03 – The corporate equity puzzle
                                                                        • EIB Working Papers 2018/02 – Access to Finance and Innovative activity of EU firms: a Cluster Analysis
                                                                        • EIB Working Papers 2018/01 – What Finance for What Investment? Survey-Based Evidence for European Companies
                                                                        • EIB Working Papers 2017/02 – Credit Guarantee Schemes for SME lending in Western Europe
                                                                        • EIB Working Papers 2017/01 – Stabilising virtues of central banks: (re)matching bank liquidity
                                                                        • EIB Working Papers 2016/08 – Intangible investment in the EU and US before and since the Great Recession and its contribution to productivity growth
                                                                        • EIB Working Papers 2016/07 – Cross border banking: pull-push effects of parent banks on subsidiaries’ credit extensions
                                                                        • EIB Working Papers 2016/06 – Financing energy innovation: The role of financing constraints for directed technical change from fossil-fuel to renewable innovation
                                                                        • EIB Working Papers 2016/05 – Banks Credit and Productivity Growth in the EU
                                                                        • EIB Working Papers 2016/04 – Project Finance in Europe: An Overview and Discussion of Key Drivers
                                                                        • EIB Working Papers 2016/03 – Collateral Regimes and Missing Job Creation in the MENA Region
                                                                        • EIB Working Papers 2016/02 – International Financial Flows in the New Normal: Key Patterns (and Why We Should Care)
                                                                        • EIB Working Papers 2016/01 – Infrastructure Investment in Europe and International Competitiveness
                                                                        • EIB Working Papers 2015/01 – Competitiveness of the European economy
                                                                        • EIB Working Papers 2013/02 - Private Infrastructure Finance and Investment in Europe
                                                                        • EIB Working Papers 2013/01 - Infrastructure Investments in Eastern Neighbours and Central Asia (ENCA)
                                                                        • EIB Working Papers 2012/05 - The costs of climate-change adaptation in Europe: a review
                                                                        • EIB Working Papers 2012/04 – Green Electricity Investment in Europe: Development Scenarios for Generation and Transmission Investments
                                                                        • EIB Working Papers 2012/03 – Choosing the optimal climate change policy in the presence of catastrophic risk
                                                                        • EIB Working Papers 2012/02 – The Role of Economic Policy in Climate Change Adaptation
                                                                        • EIB Working Papers 2012/01 – Strategic adaptation to climate change in Europe

                                                                        Other publications you may like...

                                                                        16 March 2023

                                                                        Evaluation of EIB support for the water sector outside the European Union (From 2010 to 2021)

                                                                        This independent evaluation finds that EIB water projects outside the EU led to the expected results, strongly contributed to climate action and environmental sustainability but that development outcomes were not optimised.
                                                                        Water, wastewater management
                                                                        9 March 2023

                                                                        Actividad del Grupo BEI en España en 2022

                                                                        La actividad del Grupo BEI en España en el ejercicio 2022 se ha caracterizado por cifras récord de financiación en acción climática y sostenibilidad medioambiental, así como en energía sostenible, innovación y digitalización.
                                                                        Spain European Union
                                                                        3 March 2023

                                                                        Activity Report 2022 and Work Programme 2023-2025

                                                                        Evaluation’s contributions to evidence-based decision-making in 2022 and beyond
                                                                         
                                                                          GET OUR NEWSLETTER

                                                                        Receive updates of the EIB Group’s activities in Europe and around the world.

                                                                        Thank you for subscribing.
                                                                        Next
                                                                         
                                                                         
                                                                        Please use a valid email address
                                                                        European Investment Bank

                                                                        © European Investment Bank 2023

                                                                        Information
                                                                        • Work with us
                                                                        • Investor relations
                                                                        • Contact
                                                                        • Fraud warning
                                                                        • Privacy
                                                                        • Terms of use
                                                                        GET OUR NEWSLETTER

                                                                        Receive updates of the EIB Group’s activities in Europe and around the world.

                                                                        Next
                                                                         
                                                                         
                                                                        Please use a valid email address
                                                                        Thank you for subscribing to the European Investment Bank’s monthly newsletter.
                                                                                   
                                                                         
                                                                         

                                                                        Our website uses anonymised cookies to give you the best browser experience and to collect aggregated statistics. This does not include online advertising cookies.

                                                                        Manage cookies  
                                                                         

                                                                        Cookies on our Careers Section

                                                                        Our website uses anonymised cookies to give you the best browser experience and to collect aggregated statistics. If you agree, this website section will also include third-party cookies used in online advertising.

                                                                        Manage cookies  
                                                                         
                                                                        Latest news on EIB's support for Ukraine