The impact of borrowing concentration on innovation: When is one not just enough?
基于坦桑尼亚和肯尼亚中小企业调查数据，发现近半数企业借款集中于单一银行，这些企业更依赖内部融资、外部融资受限，且创新活动较少，为发展中国家中小企业融资决策与创新关系提供了见解。
Using a survey dataset of small and medium-sized enterprises (SMEs) in Tanzania and Kenya, we find that nearly half of these SMEs concentrate their borrowings exclusively with a single bank. These SMEs rely heavily on internal financing, have limited access to external finance, and are less likely to introduce new or improved products, processes, or services in both local and international markets. Our findings provide valuable insights into the financing decisions of SMEs in developing markets and their impact on critical outcomes such as innovation. They also highlight the need for policy interventions to improve access to finance and diversify financing options to promote sustainable and inclusive economic growth.