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The B.E. Journal of Economic Analysis & Policy

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Do Firms Supported by Credit Guarantee Schemes Report Better Financial Results 2 Years After the End of Intervention?

Ondřej DvouletýORCID iD: http://orcid.org/0000-0001-9151-2033 / Jan Čadil
  • Department of Managerial Economics, Faculty of Business Administration, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic
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/ Karel Mirošník
  • Department of Regional Studies, Faculty of Economics, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic
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Published Online: 2018-10-26 | DOI: https://doi.org/10.1515/bejeap-2018-0057


The study contributes to underdeveloped knowledge on effects of SME policies in Central and Eastern Europe. We evaluate two Czech credit guarantee schemes funded from EU funds during years 2007–2013. We conduct micro-econometric firm-level impact evaluation based on propensity score matching approach. We estimate average treatment effect on the treated (ATET) for six financial outcome variables (total assets, tangible fixed assets, personnel costs, sales, price-cost-margin and return on assets) measuring firm´s competitiveness. Two years after the programme, no statistically conclusive results were obtained for the most of the outcome variables. We found only a positive change in tangible fixed assets for the programme participants. However, we cannot say, that the supported firms would be better off, compared to those non-supported in a short-term. Our analysis shows that without reliable data gathered by public sector authorities, no rigorous evaluations can be made and thus no evidence driven policies can be formed.

Keywords: entrepreneurship policy evaluation; credit guarantees; loan guarantee schemes; access to financial capital; European Regional Development Fund (ERDF); firms’ financial performance; counterfactual analysis; the Czech Republic

JEL Classification: L53; L26; L38


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Published Online: 2018-10-26

Citation Information: The B.E. Journal of Economic Analysis & Policy, 20180057, ISSN (Online) 1935-1682, DOI: https://doi.org/10.1515/bejeap-2018-0057.

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