This study concerns the implications of the discretion in the cut-off point in the accounting method for research and development. Our research problem targets the issues to reduce the existing research gap: - "Does the choice of accounting method for research and development matter when a creditor evaluates a company for a credit granting decision?" - "How does the accounting method for research and development matter in a credit granting decision?" Our study aims to answer these questions by investigating and analyzing the credit granting assessment and by interviewing creditors at the major banks in Sweden. Fictitious case scenarios provide in-depth information about how the accounting methods matter for a credit granting decision. We develop this study by gathering existing material regarding accounting standards, the accounting method and the credit granting assessment. Previous studies about credit granting and the accounting methods supplement the theoretical material. The approach to this study is a hermeneutic approach that tries to grasp the entire picture of the respondents' opinion about the accounting methods. To gain detailed and extensive information from the respondents, we use a qualitative research with semi-structured interviews. The research sample consists of experienced creditors at the largest banks in Sweden. This is to ensure relevant and informative answers on our questions. We utilise the four case scenarios to encourage the respondents to elaborate upon the accounting methods for R&D. This provides detailed knowledge about how the accounting methods matter for a credit granting decision. The respondent states that abnormal values in the R&D account are suspicious and that investigation and adjustments of these values occurs if necessary. From this summarised statement, we draw the conclusion that the accounting methods for R&D matter in a credit granting decision. However, we also establish that other factors are more influential on the decision. Furthermore, we find that the creditors examine the content of the R&D account because the methods and its content have different impact on the financial statements. The expense method indicates a negative impact on the credit granting decision if the company cannot carry the costs, while the recognition method gives an appearance of stronger financial statements. However, the recognition method also gives rise to suspicions if the company relies on previous achievements. We conclude that depending on the amount of R&D both methods can be perceived as an advantage and a disadvantage for a credit granting decision, however, our main finding suggests that a revaluation of the abnormal values in the R&D account occurs. From the support of our findings, we believe that our research has accomplished the objective of the study and we therefore believe that we have contributed to the existing knowledge in the subject.

The borrowers in the mortgage market consist of both households and companies. Themain source for financing a property weather it is a private property or a real estateproperty is a mortgage. When granting a mortgage the bank incurs a risk. It is importantfor banks to minimise the risk since an unstable market can affect not only the bank andits customers but society as a whole. This thesis concerns the credit granting processand the difference in credit granting for households and companies and if there is aneed of a difference between the processes.The research method used for this report is a deductive approach with qualitativeresearch performed through in-depth, face-to-face interviews. As the number of banksin question is small we have used a case study approach which is suitable as focus lies onthe processes rather than the outcome of credit granting.The assessment of creditworthiness and repayment ability is the most important factorsof the credit granting processes for both parts of the market. There are differencesbetween the credit granting processes between the different parts of the market. Whenassessing the creditworthiness and repayment ability of a company there are moreparameters to evaluate. The mortgage amount for a real estate is greater than the one ofa private property and the private part of the market is regulated to a greater extent. Thefocus on the private part of the market is consumer protection and on the corporatepart the banks credit risk. Differences between the processes are needed for the bank tobe able to assess the creditworthiness and repayment ability for both households andcompanies in debt to decrease their credit risk. / Låntagarna på bostadsfinansieringsmarknaden består av både privatpersoner ochföretag. Bostäder finansieras oftast av banker oavsett om det är ett privat bostadsköpeller ett fastighetsköp. När banker beviljar ett lån utsätts de för en risk. Det är viktigt förbankerna att minimera kreditrisker eftersom en ostabil marknad kan påverka inte barabanken och dess kunder utan även samhället. Denna kandidatuppsats handlar omkreditgivningsprocessen och dess skillnader mellan privatpersoner och företag och omdet behövs en skillnad.Forskningsmetoden vi använt oss är en deduktiv ansats, men kvalitativa undersökningargjorda genom djupgående, personliga intervjuer. Eftersom det enbart var ett fåtal bankermed i underökningen valde vi att använda oss av en fallstudie, det var passande då fokusligger på kreditgivningsprocessen och inte utkomsten av densamma.Bedömningen av en kunds kreditvärdighet och återbetalningsförmåga är grunden förkreditgivningsprocessen för båda delarna av marknaden. Det finns skillnader mellankreditgivningsprocessen mellan privatpersoner och företag. När kreditvärdigheten ochåterbetalningsförmågan bedöms för ett företag är det fler parametrar som måstebedömas. Ett fastighetslån uppgår ofta till ett högre värde än ett bostadslån ochprivatsidan är till en större del styrd av lagar. Fokuset på privatsidan ligger påkonsumentskydd medans företagssidan är mer inriktad på bankens minimering avkreditrisk. Skillnaderna i processerna är nödvändiga på grund utav att banken måstekunna bedöma kreditvärdigheten och återbetalningsförmågan ordentligt för attminimera sin kreditrisk.

Background: The relevance of sustainability has increased drastically during the recent years which has brought new regulations and guidelines by Swedish banks as well as governments. Therefore, the implementation of ESG has become more important to evolve the sustainable transition. One of the reasons for the implementation is because it has been demonstrated to bring financial benefits for both banks and companies.  Research Problem: Despite the increasing focus on the implementation of ESG, the existing research is mostly focused on companies and how it affects their performance. There was a lack of research regarding how Swedish banks integrate ESG in their corporate credit valuation. Which enlightens a gap in the research that requires additional focus.  Research Purpose: This study aims to investigate Swedish banks’ ESG considerations in credit valuation for corporate loans.  Research Questions:  -  How do Swedish banks integrate environmental, Social, and Governance (ESG) into their credit valuation process for corporate lending?  -  How does ESG affect credit granting and cost of debt?  Research Method: This study uses a descriptive research design with exploratory insights to examine ESG integration in Swedish banks and its effect on credit granting and cost of debt. Qualitative analysis through semi-structured interviews with an abductive approach is utilized to delve into the subject.  Conclusion: The findings show the integration of ESG factors within the credit valuation process of Swedish banks. Stakeholder engagement and regulatory compliance work as major drivers for the implementation of ESG. Considerations regarding ESG are found to be consistently present in credit valuation, as primary or secondary determinants, evidenced by exclusion lists and risk analyses. Moreover, relationship lending contributes to banks actively guiding corporations towards sustainability. While a direct link between ESG performance and cost of debt is not clear, green loans offer reduced spreads for sustainable investments. The indirect relation between ESG performance and firm performance can foster reduced spreads. Overall, Swedish banks apply ESG principles widely alongside traditional credit assessment techniques.

Användningen av sociala medier ökar allt mer i dagens samhälle och banker använder sig i dagsläget av sociala medier till kundservice samt i marknadsföringssyfte. Banker är den vanligaste finansieringskällan av externt kapital för små företag i Sverige och för att undvika kreditförluster gör banker en kreditbedömning av det kreditsökande företaget. I en anställningsprocess som kan likna personbedömning vid kreditgivning används sociala medier, detta väckte författarnas intresse att undersöka möjligheten att även använda sociala medier vid kreditgivning. Användning av sociala medier vid kreditgivning har tidigare inte studerats och syftet med denna studie är därför att skapa förståelse för hur och varför sociala medier beaktas i bankers kreditgivning till företag samt beskriva i vilka delar av kreditgivningsprocessen banker använder sig av sociala medier. Genom tolv kvalitativa intervjuer med kreditgivare och ansvariga för sociala medier har studiens problem- formulering besvarats. Hur och varför används sociala medier i bankers kreditgivning till företag? Resultatet av denna studie visar att kreditgivare använder sig av samt kan tänka sig att använda sociala medier vid kreditgivning till företag. I dagsläget är användningen begränsad men sociala medier används till viss del för att skapa ett första intryck och känsla för kredittagaren innan första mötet. Detta leder till både teoretiska och praktiska implikationer beträffande sociala mediers användning vid kreditgivning. Sociala medier inverkar i olika utsträckning i kreditgivningsprocessen med störst påverkan i det första steget, kreditansökan, men även vid kredituppföljning som varningssignaler och indirekt vid kreditbedömning och när kreditbeslutet tas. Sociala medier kan dessutom utgöra ytterligare ett nätverk för kreditgivaren och leda till att en bättre personbedömning görs, banken kan därmed undvika kreditförluster. Studien har även bidragit till att utveckla en modell som förenklar kreditgivarnas förståelse för hur de kan beakta sociala medier vid kreditgivning. / The use of social media is increasing in today's society, and in the current situation, banks use social media for customer service and for marketing purposes. For small businesses in Sweden, banks are the most common source of financing of external capital, and to avoid credit losses, banks makes a credit assessment of the credit applicant. In the recruitment process, that could resemble the personal assessment when granting loans, social media is used; this has brought the authors interest in exploring the possibility of also using social media in the lending process. Since the use of social media in lending previously never have been studied, the purpose of this study is to understand how and why social media are taken into account in banks lending to companies, and also to describe in what parts of the lending process banks use social media. Twelve qualitative interviews with lenders and managers of social media have been done to answer the problem statement. How and why do banks use social media in lending to businesses? The results of this study show that creditors use and are willing to use social media in credit granting for companies. In the current situation, the use of social media is limited but is to some extent used to create a first impression and feeling of the borrower before the first meeting. This leads to both theoretical and practical implications regarding the use of social media in lending. Social media affects the credit granting process in varying degrees with the greatest impact at the first stage, the credit application. It also affects the follow-up of the credit as warning signals, and indirectly the credit assessment and credit decision. Social media can also form an additional network for the creditor and lead to a better assessment of the applicant, through this; the bank can avoid credit losses. The study has also developed a model that facilitates lenders understanding of how to incorporate social media in credit granting.

Bakgrund: Kreditgivare är en av företagets viktigaste intressenter och de använder redovisning som informationskälla. Vilken information de grundar sitt beslut i och hur de använder redovisning har dock ändrats de senaste decennierna. Likaså har redovisningen i sig utvecklats då den för större företag blivit mindre konservativ. Konservatism i redovisning är ett sätt att hantera osäkerhet på vilket studier visar att kreditgivare föredrar. För att redovisningen ska vara användbar krävs att det finns förtroende för den. Förtroende har visat sig vara viktigt i affärsrelationer men är tämligen outforskat både i relation till kreditgivning och till redovisning. Detta förenas och studien ser närmare på dels redovisningens roll vid kreditgivning till större företag och hur kreditgivare påverkas av mindre konservativ redovisning, dels förtroendets roll vid kreditgivning. Syfte: Syftet är att öka förståelsen för vilka faktorer som påverkar ett kreditbeslut. Detta uppnås genom att undersöka både vilken betydelse hårda faktorer såsom redovisningsinformation har vid kreditgivning och mjuka faktorer såsom förtroende.  Metod: Studien har utgått från en kvalitativ ansats då tidigare forskning efterfrågar det. Sex intervjuer har genomförts med sju respondenter som vardera arbetat mellan 15-35 år med kreditgivning till företag. Detaljerade beskrivningar har återgetts från intervjuerna som sedan analyserats utifrån studiens analysmodell och huvudbegrepp. Slutsats: Studien visar att redovisningen har en central roll vid kreditgivning till större företag då deras årsredovisningar är så pass transparenta och informationsrika idag. Kassaflödesanalysen är det mest relevanta då företagets återbetalningsförmåga är det primära. Studien visar att kreditgivare främst baserar beslutet på bokslutsutlåning vilket visar vilken central roll redovisningen har. Kreditgivarna påverkas inte i märkbar utsträckning av att redovisningen för större företag blivit mindre konservativ då de alltid gör egna justeringar, bedömningar och analyser. De anpassar sig utefter vad de får och tillämpar alltid egna försiktighetsåtgärder vilket innebär att huruvida företaget redovisat konservativt eller ej inte är det avgörande. Vidare visar studien att förtroendet för företagetoch dess ledning samt redovisningen spelar en avgörande roll och är fundamentalt vid kreditgivning. Ärlighet och kompetens värderas högre än företagets välvilja. / Background: Creditors are one of a firm’s most important stakeholder and accounting is one of their source to information. The information on which they base their credit decision and how they use accounting has changed during the past decades. Likewise, the report itself has developed as it for larger firms become less conservative. Conservatism in accounting is a way of dealing with uncertainty, which studies show that creditors prefer. In order for accounting to be useful, trust must exist. Trust has proven to be important in business relationships but is rather unexplored both in relation to credit granting and to accounting. This is combined and the study examines partly the role of accounting in credit granting to large firms and how less conservative accounting affects creditors, partly the role of trust in credit granting. Purpose: The purpose of the study is to increase understanding of the factors that influence a credit decision. This is achieved by examining both the importance of hard factors such as accounting information in credit granting, as well as soft factors such as trust. Method: The study has been based on a qualitative approach as previous research demands it. Six interviews were conducted with seven respondents who each have worked between 15-35 years with credit granting to companies. Detailed descriptions have been reproduced from the interviews, which has been analysed based on the study’s analysis model and main concepts. Conclusion: The study shows that accounting has a central role in credit granting to large firms as their annual reports are so transparent and rich in information today. The cash flow analysis is the most relevant as the firm’s repayment capacity is primary. The study shows that creditors mainly base their decision on financial statement lending, which shows the central role of accounting. Creditors are not significantly affected by the fact that accounting for large firms has become less conservative as they always make their own adjustments and always apply their own precautionary principle, which means that whetherthe firm has reported conservatively or not is not decisive. Furthermore, the study shows that trust in the firm and its management as well as the accounting plays a crucial role and is fundamental in credit granting. Honesty and competence are valued higher than the firm’s benevolence.

Background: The hurricane in the south of Sweden in January 2005 was the worst storm in Sweden for the last hundred years. The storm named Gudrun has blown down forest that according to estimation is corresponding to one year of cutting down in the entire country. Purpose: The purpose of this thesis is to describe how credit granters act when facing falling forest real estate mortgage and describe if they will make considerations due to the storm in the south of Sweden 2005. Method: With help of a qualitative method, we investigated how the credit granters act when facing falling forest real estate mortgage. Interviews were obtained with three credit granters, SEB, Landshypotek and FöreningsSparbanken in the county of Jönköping and Kronoberg. Conclusion: The conclusion is based upon the empirical study, the analysis and our own reflections and it shows that the credit granters do not change their policy concerning credit granting to forest real estate properties. The policy of the credit granters has proven to be valid even in this extreme situation. / Bakgrund: I januari 2005 drabbades södra Sverige av den värsta naturkatastrofen på 100 år. Stormen Gudrun blåste ner skog i en omfattning som en-ligt uppskattningar motsvarar omkring en normal årsavverkning sett över hela Sverige. Dock koncentrerades den nedblåsta skogen på en betydligt mindre yta, nämligen vissa delar av södra Sverige. I de drab-bade delarna ägs skogen till största delen av privata skogsägare och de har nu lidit ekonomisk förlust till följd av stormen. Syfte: Syftet med uppsatsen är att beskriva hur olika kreditgivare agerar när skogsfastighetspanter sjunker i värde, samt beskriva eventuella åtgärder som kan komma att vidtas av kreditgivarna mot bakgrund av den kraftiga stormen i södra Sverige 2005. Metod: Med hjälp av en kvalitativ metod undersöktes hur olika kreditgivare agerar när skogsfastighetspanter sjunker i värde. Intervjuer gjordes med tre kreditgivare, nämligen SEB, Landshypotek och Förenings-Sparbanken i Jönköpings och Kronobergs län. Slutsats: Med utgångspunkt från empiri, analys och egna reflektioner har vi kommit fram till att kreditgivarna inte kommer att genomföra några övergripande förändringar av kreditgivningen till skogsfastigheter till följd av stormen. Kreditgivarnas etablerade policy har visat sig hålla även i den här extremt svåra situationen.

<p>Background: The hurricane in the south of Sweden in January 2005 was the worst storm in Sweden for the last hundred years. The storm named Gudrun has blown down forest that according to estimation is corresponding to one year of cutting down in the entire country.</p><p>Purpose: The purpose of this thesis is to describe how credit granters act when facing falling forest real estate mortgage and describe if they will make considerations due to the storm in the south of Sweden 2005.</p><p>Method: With help of a qualitative method, we investigated how the credit granters act when facing falling forest real estate mortgage. Interviews were obtained with three credit granters, SEB, Landshypotek and FöreningsSparbanken in the county of Jönköping and Kronoberg.</p><p>Conclusion: The conclusion is based upon the empirical study, the analysis and our own reflections and it shows that the credit granters do not change their policy concerning credit granting to forest real estate properties. The policy of the credit granters has proven to be valid even in this extreme situation.</p> / <p>Bakgrund: I januari 2005 drabbades södra Sverige av den värsta naturkatastrofen på 100 år. Stormen Gudrun blåste ner skog i en omfattning som en-ligt uppskattningar motsvarar omkring en normal årsavverkning sett över hela Sverige. Dock koncentrerades den nedblåsta skogen på en betydligt mindre yta, nämligen vissa delar av södra Sverige. I de drab-bade delarna ägs skogen till största delen av privata skogsägare och de har nu lidit ekonomisk förlust till följd av stormen.</p><p>Syfte: Syftet med uppsatsen är att beskriva hur olika kreditgivare agerar när skogsfastighetspanter sjunker i värde, samt beskriva eventuella åtgärder som kan komma att vidtas av kreditgivarna mot bakgrund av den kraftiga stormen i södra Sverige 2005.</p><p>Metod: Med hjälp av en kvalitativ metod undersöktes hur olika kreditgivare agerar när skogsfastighetspanter sjunker i värde. Intervjuer gjordes med tre kreditgivare, nämligen SEB, Landshypotek och Förenings-Sparbanken i Jönköpings och Kronobergs län.</p><p>Slutsats: Med utgångspunkt från empiri, analys och egna reflektioner har vi kommit fram till att kreditgivarna inte kommer att genomföra några övergripande förändringar av kreditgivningen till skogsfastigheter till följd av stormen. Kreditgivarnas etablerade policy har visat sig hålla även i den här extremt svåra situationen.</p>

Revisionsplikten för mindre företag i Sverige avskaffades år 2010 och efter reformen har mindre företag möjlighet att välja själva om de ska anlita revisor eller inte. När företag väljer bort revision påverkas dess intressenter genom att tillförlitligheten i den finansiella informationen minskar. Genom ett kvalitativt angreppssätt syftar denna studie till att undersöka hur bankers och leverantörers kreditbedömningar har påverkats när företag väljer bort revisorn. I studien har vi intervjuat tre mindre banker och två större banker inom Värmland för att få en djupare förståelse för vad de anser om revisionspliktens avskaffande och hur deras kreditbedömningar har påverkats. I urvalet finns också leverantörer och upplysningscentraler som har kontaktats via telefon eller mejl. Resultatet tyder på att det finns en marginell påverkan på bankernas kreditbedömningar av företag som har valt bort revisorn genom mer kontroll och analys, men överlag så är respondenterna positiva till avskaffandet. Leverantörerna nämner att de använder sig av upplysningscentraler vid kreditbedömningar och i upplysningscentralernas upplysningar finns det angivet om företagen har revisor eller inte, men det verkar som att det är upp till leverantörerna själva att avgöra betydelsen av detta. / The mandatory audit for smaller enterprises in Sweden was abolished in year 2010 and after the transition to voluntary audit, smaller enterprises now have the opportunity to choose whether to utilize an auditor or not. When enterprises choose to opt out of audit their stakeholders get affected by that the reliability of the financial information decreases. Through a qualitative approach, the intention of this study is to examine how banks’ and suppliers’ credit assessments have been affected when enterprises opt out of audit. In this study, we have interviewed three smaller banks and two bigger banks in Värmland to gain a deeper understanding of what they think of the abolition of mandatory audit and how their credit assessments have been affected. In the sample, we have also contacted suppliers and credit bureaus by telephone or mail. The results show that there is a marginal effect on the banks’ credit assessments on enterprises that have opted out of audit by more control and analysis, but in overall the respondents are positive to the abolition. The suppliers mention that they use credit bureaus for their credit assessments and in the credit bureaus’ information it’s specified if the enterprises are audited or not but it seems like it’s up to the suppliers to choose the significance of the information.

How do experienced lenders make decisions? This dissertation addresses this question by investigating judgment and decision-making behavior of loan officers in banks as well as credit managers in supplying companies. The dissertation applies an integrated economic-psychological perspective and consists of seven parts: a comprehensive literature review and six separate empirical papers. Reviewed areas are research on judgment and decision-making (JDM), research on expert decision-makers, and earlier empirical work on experienced lenders. The six papers shed light on: (1) desirable personal attributes of expert credit analysts; (2) the use of software to track JDM behavior; (3) differences between novices' and experienced loan officers' JDM behavior; (4) the relationships between information acquisition, risk attitude, and experience; (5) attitudes towards credit decision support systems; and (6) attitudes towards requesting collateral. Employed methods were in-depth interviews, a nation-wide survey, and a computer-based experiment.On the whole, the empirical findings give an ambiguous picture of the alleged superiority of experienced lenders' judgment and decision-making behavior. On the one hand, experienced lenders seem to be capable, careful, and conscious of their responsibility. On the other hand, they tend to disagree and make contradictory judgments and decisions. The applied perspective and methodology are not only aimed at providing better insights into how experienced lenders make decisions, but can also stimulate future research on how professionals in other domains than credit granting make decisions. / Diss. Stockholm : Handelshögsk., 2001

Made available in DSpace on 2016-03-15T19:32:57Z (GMT). No. of bitstreams: 1 Daniel Gloria.pdf: 1779297 bytes, checksum: 9bd41fd468fe82dde5e3635f4ae28219 (MD5) Previous issue date: 2015-08-19 / The aim of this study is to identify the factors in determining credit for companies in judicial or extrajudicial rehabilitation or which are undergoing a period of financial crisis. This research is particularly relevant in the current scenario where the number of companies opting for the rehabilitation process is constantly increasing. Several causes can be attributed to companies showing poor performances and facing subsequent financial crises either as a result of internal factors or external ones. The lack of competent managerial decision-making, adoption of consistent strategies, poor management of the company's cash, among many other factors, cause loss of income and lowering of credit rating, thus leading to credit restrictions by commercial banks. Faced with this financial crisis, some companies end up taking advantage of the benefits provided by Statue 11.101/05 and opting for bankruptcy protection. Given the scarcity of credit, companies turn to factoring and FIDC, through which assignment of receivables helps to meet the need for raising funds and maintaining company operations. In this context, the present research proposes a study of the determining factors in granting credit to businesses in rehabilitation (turnaround), given the assumption of disparity between financial statements and the need for credit to keep the company going during the period of recovery from the crisis. The theoretical framework bases the survey on the causes of the financial crisis, followed by factoring, FIDC, securitization, Statute 11.101/05, the American Bankruptcy Code, credit and the role of trust. Qualitative, exploratory research was conducted at companies in the city and state of São Paulo. The results indicate two main trends in the credit-granting process; (i) the adoption of an agent who builds confidence and lowers the perceived risk for the funding entity; and (ii) the search for a partner to finance the company during the formal or informal rehabilitation process. / O objetivo deste estudo é identificar os determinantes de crédito para empresas em recuperação judicial, extrajudicial ou em crise financeira. Esta pesquisa está amplamente inserida no cenário atual em que os índices de empresas que optam pelo processo de recuperação se apresentam em constante elevação. Diversas causas podem levar as empresas ao desempenho desfavorável e, consequente, crise financeira, seja por fatores internos ou externos. A ausência de tomada de decisão gerencial, da adoção de estratégias consistentes, a má gestão do caixa da empresa, dentre tantas outras, ocasionam a perda de resultado e a deterioração do rating de crédito e, consequentemente, à restrição ao crédito por bancos comerciais. Diante da crise financeira, algumas empresas acabam recorrendo ao benefício da lei 11.101/05, optando pelo processo de recuperação judicial. Face à escassez do crédito, as empresas recorrem à factoring e Fundos de Investimentos em Direitos Creditórios (FIDC) para que, por meio da cessão de direitos creditórios possam suprir a necessidade de captação de recursos e manter o funcionamento da operação. Nesse contexto, a presente pesquisa propõe um estudo sobre os fatores determinantes na concessão do crédito para as empresas em recuperação (turnaround), dado o pressuposto da assimetria nas demonstrações financeiras e a necessidade de crédito para fomentar a empresa durante o período de recuperação da crise. O referencial teórico traz o levantamento a partir das causas da crise financeira, seguido do factoring, Fundos de Investimentos em Direitos Creditórios (FIDC), securitizadora, da lei 11.101/05, da lei americana Bankruptcy Code, do crédito, da confiança, do estudo de um caso real, chegando às conclusões. Realizou-se pesquisa qualitativa, do tipo exploratória, com 9 empresas da cidade de São Paulo e interior em que a soma do patrimônio líquido representa 33% do mercado. A aplicação do caso real de uma empresa em recuperação judicial com a adoção de um FIDC para fomentar o caixa a partir da contratação da empresa de consultoria permite compreender todo o processo. Os resultados obtidos através da análise de conteúdo indicam 2 vertentes no processo de concessão de crédito, sendo (i) a adoção de um agente que eleve a confiança e diminua a percepção do risco para o fomentador e (ii) a busca por parceiro para financiar a empresa durante o processo de recuperação judicial ou recuperação informal (acordo fora do tribunal). Constatou-se os seguintes determinantes de crédito: a competência da empresa em produzir resultados, o caráter da empresa, a qualidade das informações financeiras e a adoção de consultor, ainda que exerça o papel de agente, e mitigador de risco percebido.