O czasopiśmie
O czasopiśmie
Kolegium Redakcyjne
Rada Naukowa
Kodeks etyczny
Terminy czasopisma
RODO - informacje o przetwarzaniu danych osobowych
Indeksacja
Licencje i dostęp
Archiwum
Dla autorów
Zasady publikacji
Techniczna instrukcja dla autorów
Kodeks etyczny dla autorów
Umowa o udzielenie nieodpłatnej licencji CC BY-SA
Oświadczenie autora o prawach autorskich
Procedura recenzowania
Procedura recenzowania
Kodeks etyczny dla recenzentów
Formularz recenzji
Lista recenzentów
Kontakt
O czasopiśmie
O czasopiśmie
Kolegium Redakcyjne
Rada Naukowa
Kodeks etyczny
Terminy czasopisma
RODO - informacje o przetwarzaniu danych osobowych
Indeksacja
Licencje i dostęp
NAUKI HUMANISTYCZNE I SPOŁECZNE
The impact of covid-19 pandemic on credit financing of microenterprises and farmer business activity in Poland
1
Department of Finance, Institute of Economics and Finance, Cardinal Stefan Wyszyński University in Warsaw, Wóycickiego 1/3, 01-938 Warszawa, Poland
2
Department of Economics and Economic Policy, Institute of Economics and Finance, Warsaw University of Life Sciences-SGGW, Nowoursynowska 166, 02-787 Warsaw, Poland
3
Department of Econometrics and Statistics, Institute of Economics and Finance, Warsaw University of Life Sciences-SGGW, Nowoursynowska 166, 02-787 Warsaw, Poland
Data nadesłania: 15-09-2021
Data akceptacji: 02-11-2021
Data publikacji: 22-12-2021
JoMS 2021;47(2):475-496
SŁOWA KLUCZOWE
COVID-19 pandemicmicroenterprisesfarmersinvestment loansworking capital loansloan enquiriesnon-performing loans
DZIEDZINY
STRESZCZENIE
Objectives:
The main aim of the paper is to assess the impact of COVID-19 on the credit financing of microenterprises and farmers in Poland.
Material and methods:
We study the investment loans and working capital loans for microenterprises and farmers from the perspective of their number, value, number of loan enquiries, and the share of non-performing loans. We obtain monthly data from BIK. The research period covers the two-year period, including the pre-COVID-19 subperiod from March 2019 till February 2020 and the COVID-19 subperiod from March 2020 till February 2021. We apply the two-sample t-test to assess whether the mean values of analysed credit measures differ significantly in two analysed periods.
Results:
The study reveals a significant decrease in the number and value of the investment and working capital loans during the COVID-19 period compared to the pre-COVID-19 period. The descriptive statistics indicate that the decline was greater in the group of microenterprises than farmers. Surprisingly, despite the difficult time for entrepreneurs, the COVID-19 pandemic result in a significant reduction in the number of loans enquiries, including investment and working capital loans, in both analysed groups of entrepreneurs. The number and value of non-performing loans increase as a consequence of the COVID-19 pandemic. However, the value of non-performing investment loans in the group of microenterprises increases marginally.
Conclusions:
Our study shows that the novel coronavirus pandemic has significantly affected the banking loan market for microenterprises and farmers. We observe a decrease in granted loans and loan enquiries and an increase in the share of non-performing loans. Our research might be useful for the Polish national government, financial institutions, banks, and entrepreneurs.
The main aim of the paper is to assess the impact of COVID-19 on the credit financing of microenterprises and farmers in Poland.
Material and methods:
We study the investment loans and working capital loans for microenterprises and farmers from the perspective of their number, value, number of loan enquiries, and the share of non-performing loans. We obtain monthly data from BIK. The research period covers the two-year period, including the pre-COVID-19 subperiod from March 2019 till February 2020 and the COVID-19 subperiod from March 2020 till February 2021. We apply the two-sample t-test to assess whether the mean values of analysed credit measures differ significantly in two analysed periods.
Results:
The study reveals a significant decrease in the number and value of the investment and working capital loans during the COVID-19 period compared to the pre-COVID-19 period. The descriptive statistics indicate that the decline was greater in the group of microenterprises than farmers. Surprisingly, despite the difficult time for entrepreneurs, the COVID-19 pandemic result in a significant reduction in the number of loans enquiries, including investment and working capital loans, in both analysed groups of entrepreneurs. The number and value of non-performing loans increase as a consequence of the COVID-19 pandemic. However, the value of non-performing investment loans in the group of microenterprises increases marginally.
Conclusions:
Our study shows that the novel coronavirus pandemic has significantly affected the banking loan market for microenterprises and farmers. We observe a decrease in granted loans and loan enquiries and an increase in the share of non-performing loans. Our research might be useful for the Polish national government, financial institutions, banks, and entrepreneurs.
REFERENCJE (46)
1.
Act of 6 March 2018 – Entrepreneurs’ Law (Article 7), Journal of Laws 2018 item 646 consolidated text.
2.
Aggarwal, S., Nawn, S., & Dugar, A. (2020). What caused global stock market meltdown during the COVID pandemic–Lockdown stringency or investor panic? Finance Research Letters, 101827. https://doi.org/10.1016/j.frl.....
3.
Andersen, K. G., Rambaut, A., Lipkin, W. I., Holmes, E. C., & Garry, R. F. (2020). The proximal origin of SARS-CoV-2. Nature Medicine, 26(4), 450–452. https://doi.org/10.1038/s41591....
4.
Ayyagari, M., Beck, T., & Demirguc-Kunt, A. (2007). Small and Medium Enterprises Across the Globe. Small Business Economics, 29(4), 415–434. https://doi.org/10.1007/s11187....
5.
Barro, R., Ursúa, J., & Weng, J. (2020). The Coronavirus and the Great Influenza Pandemic: Lessons from the “Spanish Flu” for the Coronavirus’s Potential Effects on Mortality and Economic Activity (No. w26866; p. w26866). National Bureau of Economic Research. http://www.nber.org/papers/w26....
6.
Basel Committee on Banking Supervision, Core Principles for Effective Banking Supervision, September 2012.
7.
Bavel, J. J. V., Baicker, K., Boggio, P. S., Capraro, V., Cichocka, A., Cikara, M., Crockett, M. J., Crum, A. J., Douglas, K. M., Druckman, J. N., Drury, J., Dube, O., Ellemers, N., Finkel, E. J., Fowler, J. H., Gelfand, M., Han, S., Haslam, S. A., Jetten, R. (2020). Using social and behavioural science to support COVID-19 pandemic response. Nature Human Behaviour, 4(5), 460–471. https://doi.org/10.1038/s41562....
8.
Beck, R., Jakubik, P., & Piloiu, A. (2015). Key Determinants of Non-performing Loans: New Evidence from a Global Sample. Open Economies Review, 26(3), 525–550. https://doi.org/10.1007/s11079....
9.
Bernanke, B. (1983). Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression (No. w1054; p. w1054). National Bureau of Economic Research. https://doi.org/10.3386/w1054.
10.
Bigsten, A., Collier, P., Dercon, S., Fafchamps, M., Gauthier, B., Gunning, J. W., Oduro, A., Oostendorp, R., Patillo, C., Söderbom, M., Teal, F., & Zeufack, A. (2003). Credit Constraints.
11.
BIK: https://www.bik.pl/o-nas, access: 30.06.2021. Commission regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty. in Manufacturing Enterprises in Africa. Journal of African Economies, 12(1), 104–125. https://doi.org/10.1093/jae/12....
12.
Bourletidis, K., & Triantafyllopoulos, Y. (2014). SMEs Survival in Time of Crisis: Strategies, Tactics and Commercial Success Stories. Procedia – Social and Behavioral Sciences, 148, 639–644. https://doi.org/10.1016/j.sbsp....
13.
Calza, A., Gartner, C., & Sousa, J. (2003). Modelling the demand for loans to the private sector in the euro area. Applied Economics, 35(1), 107–117. https://doi.org/10.1080/000368....
14.
Cheng, C., Barceló, J., Hartnett, A. S., Kubinec, R., & Messerschmidt, L. (2020). COVID-19 Government Response Event Dataset (CoronaNet v.1.0). Nature Human Behaviour, 4(7), 756–768. https://doi.org/10.1038/s41562....
15.
Cowling, M., Liu, W., & Ledger, A. (2012). Small business financing in the UK before and during the current financial crisis. International Small Business Journal, 30(7), 778–800. https://doi.org/10.1177/026624....
16.
Czech, K., Karpio, A., Wielechowski, M., Woźniakowski, T., & Żebrowska-Suchodolska, D. (2020). Polska gospodarka w początkowym okresie pandemii COVID-19. WULS-SGGW.
17.
Czerwińska-Lubszczyk, A., & Michna, A. (2013). SME in economic slowdown. Zeszyty Naukowe Politechniki Śląskiej, Z. 64, 21–31.
18.
Dias, Á. L., Manuel, E. C., Dutschke, G., Pereira, R., & Pereira, L. (2021). Economic crisis effects on SME dynamic capabilities. International Journal of Learning and Change, 13(1), 63. https://doi.org/10.1504/IJLC.2....
19.
Dimitrios, A., Helen, L., & Mike, T. (2016). Determinants of non-performing loans: Evidence from Euro-area countries. Finance Research Letters, 18, 116–119. https://doi.org/10.1016/j.frl.....
20.
Erdogan, A. I. (2018). Factors affecting SME access to bank financing: An interview study with Turkish bankers. Small Enterprise Research, 25(1), 23–35. https://doi.org/10.1080/132159....
21.
Ertaş, M., Sel, Z. G., Kırlar-Can, B., & Tütüncü, Ö. (2021). Effects of crisis on crisis management practices: A case from Turkish tourism enterprises. Journal of Sustainable Tourism, 29(9), 1490–1507. https://doi.org/10.1080/096695....
22.
Fabeil, N. F., Pazim, K. H., & Langgat, J. (2020). The Impact of COVID-19 Pandemic Crisis on Micro-Enterprises: Entrepreneurs’ Perspective on Business Continuity and Recovery Strategy (SSRN Scholarly Paper ID 3612830). Social Science Research Network. https://papers.ssrn.com/abstra....
23.
Falagiarda, M., Prapiestis, A., & Rancoita, E. (2020). Public loan guarantees and bank lending in the COVID-19 period. Economic Bulletin Boxes, 6. https://ideas.repec.org/a/ecb/....
24.
Gourinchas, P.-O., Kalemli-Özcan, Ṣebnem, Penciakova, V., & Sander, N. (2020). COVID-19 and SME Failures (No. w27877; p. w27877). National Bureau of Economic Research. https://doi.org/10.3386/w27877.
25.
Hale, T., Angrist, N., Cameron-Blake, E., Hallas, L., Kira, B., Mjumdar, S., Petherick, A., Phillips, T., Tatlow, H., & Webster, S. (2020). Variation in government responses to COVID-19. Blavatnik School of Government Working Paper Series, BSG-WP-2020/032(Version 8.0), 1–29.
26.
Hale, T., Webster, S., Petherick, A., Phillips, T., & Kira, B. (2020). Oxford COVID-19 Government Response Tracker. Blavatnik School of Government. www.bsg.ox.ac.uk/covidtracker.
27.
Hasan, I., Politsidis, P. N., & Sharma, Z. (2020). Bank Lending during the COVID-19 Pandemic. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3....
29.
Jumpah, E. T., Osei-Asare, Y., & Tetteh, E. K. (2019). Do farmer and credit specific characteristics matter in microfinance programmes’ participation? Evidence from smallholder farmers in Ada west and east districts. Agricultural Finance Review, 79(3), 353–370. https://doi.org/10.1108/AFR-05....
30.
Kauko, K., Loman, T., Mäki-Fränti, P., Salenius, T., & Vauhkonen, J. (2021). Moderate growth in Finnish companies’ non-performing loans (Bank of Finland Articles on the Economy) [Bank of Finland Bulletin]. Bank of Finland.
31.
Ker, A. P. (2020). Risk management in Canada’s agricultural sector in light of COVID‐19. Canadian Journal of Agricultural Economics/Revue Canadienne d’agroeconomie, 68(2), 251–258. https://doi.org/10.1111/cjag.1....
32.
Kola-Bezka, M. (2011). SMEs in Poland during the world economic crisis. Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 43, 79–89.
33.
Laing, T. (2020). The economic impact of the Coronavirus 2019 (Covid-2019): Implications for the mining industry. The Extractive Industries and Society, 7(2), 580–582. https://doi.org/10.1016/j.exis....
34.
Liu, L., Liu, Y., & Kim, J.-M. (2020). Sustainable Visual Analysis for Bank Non-Performing Loans and Government Debt Distress. Sustainability, 12(1), 131. https://doi.org/10.3390/su1201....
35.
Lorenzo, M., & Lean, A. (2020). The Economic Impact of COVID-19. IDOSR Journal of Banking, Economics and Social Sciences, 5(1), 45–50.
36.
Maier, B. F., & Brockmann, D. (2020). Effective containment explains subexponential growth in recent confirmed COVID-19 cases in China. Science, 368(6492), 742–746. https://doi.org/10.1126/scienc....
37.
Mitręga-Niestrój, K. (2012). The consequences of the global financila crisis for the real sphere—International perspective. Economic Studies, 122, 159–171.
38.
Nastase, C., & Kajanus, M. (2009). The Impact of the Global Crisis on SME and Entrepreneurship Bahavior – Romania and Finland Cases. The Amfiteatru Economic Journal, 11, 751–762.
39.
Paulet, E., Parnaudeau, M., & Abdessemed, T. (2014). The SME struggle for financing: A clampdown in European banks post-crisis. Journal of Business Strategy, 35(2), 36–45. https://doi.org/10.1108/JBS-09....
40.
Polish Financial Supervision Authority, Recommendation R on the principles of identification of balance sheet impaired credit exposures, determination of: impairment losses on balance sheet credit exposures, and provisions for off-balance sheet credit exposures, Warsaw 2011.
41.
Snedecor, G. W., & Cochran, W. G. (1989). Statistical Methods (8th Edition). Iowa State University Press.
42.
Statistics Poland, Activity of Non-Financial Enterprises in 2018, statistical analysis, Warsaw 2019.
43.
Vasilescu, L. (2014). Accessing Finance for Innovative EU SMEs Key Drivers and Challenges. Economic Review: Journal of Economics and Business, 12(2), 35–47.
44.
Woźniak, Piotr; Rogowski, Waldemar (2012). Główne produkty i usługi oferowane przez Biuro Informacji Kredytowej S.A. w: Kurkliński, Lech; Markowski, Krzysztof, Systemy Wymiany Informacji Kredytowej. Doświadczenia polskie i europejskie. Warszawa: Biuro Informacji Kredytowej S.A.
45.
Wu, D. D., & Olson, D. L. (2020). The Effect of COVID-19 on the Banking Sector. In D. D. Wu & D. L. Olson (Eds.), Pandemic Risk Management in Operations and Finance: Modeling the Impact of COVID-19 (pp. 89–99). Springer International Publishing. https://doi.org/10.1007/978-3-....
46.
Xia, X., & Gan, L. (2020). SME financing with new credit guarantee contracts over the business cycle. International Review of Economics & Finance, 69, 515–538. https://doi.org/10.1016/j.iref....
Udostępnij
ARTYKUŁ POWIĄZANY
| eISSN: | 2391-789X |
| ISSN: | 1734-2031 |
Przetwarzamy dane osobowe zbierane podczas odwiedzania serwisu. Realizacja funkcji pozyskiwania informacji o użytkownikach i ich zachowaniu odbywa się poprzez dobrowolnie wprowadzone w formularzach informacje oraz zapisywanie w urządzeniach końcowych plików cookies (tzw. ciasteczka). Dane, w tym pliki cookies, wykorzystywane są w celu realizacji usług, zapewnienia wygodnego korzystania ze strony oraz w celu monitorowania ruchu zgodnie z Polityką prywatności. Dane są także zbierane i przetwarzane przez narzędzie Google Analytics (więcej).
Możesz zmienić ustawienia cookies w swojej przeglądarce. Ograniczenie stosowania plików cookies w konfiguracji przeglądarki może wpłynąć na niektóre funkcjonalności dostępne na stronie.
Możesz zmienić ustawienia cookies w swojej przeglądarce. Ograniczenie stosowania plików cookies w konfiguracji przeglądarki może wpłynąć na niektóre funkcjonalności dostępne na stronie.
