In this paper we use a Multi-Criteria Decision Analysis (MCDA) approach in order to evaluate the creditworthiness of about 40,000 Italian Small and Medium-sized Enterprises (SMEs) viewed as potential applicants for bank loans in the three-year period 2006-2008, a timespan embracing the beginning phase of the recent economic and financial crisis. This approach is able to consider simultaneously different factors affecting the firms' solvency level. The results obtained in terms of classification into homogeneous rating classes, scoring and migration probabilities show that the proposed approach is able to unveil early signal of recession in the Italian SMEs sector. Furthermore, some comparisons between our approach and a couple of known methodologies for creditworthiness assessment show the goodness of our method.

Creditworthiness evaluation of Italian SMEs at the beginning of the 2007-2008 crisis: An MCDA approach

CORAZZA, Marco
;
FUNARI, Stefania
;
GUSSO, Riccardo
2016-01-01

Abstract

In this paper we use a Multi-Criteria Decision Analysis (MCDA) approach in order to evaluate the creditworthiness of about 40,000 Italian Small and Medium-sized Enterprises (SMEs) viewed as potential applicants for bank loans in the three-year period 2006-2008, a timespan embracing the beginning phase of the recent economic and financial crisis. This approach is able to consider simultaneously different factors affecting the firms' solvency level. The results obtained in terms of classification into homogeneous rating classes, scoring and migration probabilities show that the proposed approach is able to unveil early signal of recession in the Italian SMEs sector. Furthermore, some comparisons between our approach and a couple of known methodologies for creditworthiness assessment show the goodness of our method.
File in questo prodotto:
File Dimensione Formato  
2016-Corazza_Funari_Gusso-Creditworthiness_evaluation_of_Italian_SMEs_at_the_beginning_of_the_2007_2008_crisis_an_MCDA_approach-NAJOEAF.pdf

non disponibili

Descrizione: Articolo nella versione dell'editore.
Tipologia: Versione dell'editore
Licenza: Accesso chiuso-personale
Dimensione 1.14 MB
Formato Adobe PDF
1.14 MB Adobe PDF   Visualizza/Apri

I documenti in ARCA sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10278/3673213
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 19
  • ???jsp.display-item.citation.isi??? 17
social impact