This study contributes to the literature by investigating the impact of credit constraints (CCs) on firms financing options using panel data of electrical fittings cluster over the period of two waves of survey 2008 and 2017. The analysis is based on probit, probit-random effect (RE), and recursive bivariate probit models. The study has employed comprehensive definitions of CCs and informal financing that cover supply- and demand-side factors of formal CCs as well as informal sources of financing. The parameter estimates on owner schooling, friends in the same industry, firm size and marketing channels are negative and statistically significant implying that these factors help to relax CCs. Our study also finds out that the CCs entrepreneurs prefer informal financing in the Sargodha cluster. Moreover, findings also reveal that social capital positively influences informal financing, whereas human capital has a negative effect on informal financing.

这项研究通过使用电气配件集群的面板数据在2008年和2017年的两次调查期间调查信用约束（CC）对公司融资选择的影响，为文献研究做出了贡献。该分析基于概率，概率随机效应（RE）和递归双变量概率模型。该研究采用了CC和非正式融资的全面定义，涵盖了正式CC的供需方因素以及非正式融资来源。所有者受教育程度，同行业中的朋友，公司规模和营销渠道的参数估计为负，并且在统计上具有显着意义，这意味着这些因素有助于放松信用控制。我们的研究还发现，CC的企业家更喜欢Sargodha集群中的非正式融资。而且，