Green management, access to credit, and firms' vulnerability to the COVID-19 crisis.

Unlabelled: This paper investigates the consequences of the COVID-19 crisis on firms' performance and financial vulnerability. Exploiting longitudinal firm-level data from the World Bank's "Enterprise Surveys follow-up on COVID-19" for 20 European countries, we assess whether green management quality and pre-pandemic credit access difficulties affect firms' ability to withstand the negative impact of the pandemic. Our results indicate that green firms are more resilient to the pandemic shock.

Heterogeneity and state dependence in firms' access to bank credit.

Unlabelled: This paper investigates firms' access to bank credit in eleven euro area countries over the periods 2014-2019. Exploiting firm-level longitudinal data, we analyse loan demand and credit rationing probabilities, accounting for sample selection, unobserved heterogeneity and state dependence. Empirical results show that small and informationally opaque businesses, with deteriorated public support and credit history, face greater difficulties in obtaining bank loans.