02399nam 22004213a 450 991064596910332120230629230810.092-861-5036-9https://doi.org/10.2867/974979(CKB)4950000000289893(ScCtBLL)e0a5e361-266c-4b1a-ae4e-5dde37630d5a(EXLCZ)99495000000028989320211214i20212021 uu enguru||||||||||txtrdacontentcrdamediacrrdacarrierEIB Working Paper 2021/05 - The impact of bank loan terms on intangible investment in EuropeAtanas Kolevy, Matthieu Segol, European Investment Bank, Laurent MaurinLuxembourg :European Investment Bank,2021.1 online resource (44 p.)EIB Working PapersUsing EIBIS data, this paper investigates the effects of different loan conditions on firms' propensity to invest in intangible assets. When firms face restriction in how much they can borrow, this has a strong effect on how much they invest in intangible assets. Using European firm-level data from the EIB Investment Survey, this paper shows that, by contrast, unfavourable interest rates, maturity and collateral requirements have no significant effects on the probability to invest in intangible assets, provided firms are satisfied with their loan size. These terms however, do have a negative impact on the probability to invest in multiple intangible assets, undermining the ability of firms to benefit from the complementarities of these assets. The paper documents the effect of loan conditions on investment intensity, as well. The effect of quantity rationing on the amount invested in intangible assets is found to be limited. Other loan conditions however, like cost, maturity and collateral requirements, have significant effect on investment intensity.EIB Working PapersBusiness & Economics / FinancebisacshEconomicsBusiness & Economics / FinanceEconomicsKolevy Atanas1276293Segol MatthieuMaurin LaurentEuropean Investment BankScCtBLLScCtBLLBOOK9910645969103321EIB Working Paper 20213007500UNINA