There is plenty of evidence that judicial efficiency reduces credit rationing and increases lending. In contrast, inefficient courts may lead to borrowers’ opportunistic behavior and, as a result, decrease loan performance and the availability of credit. We combine caseload data from commercial courts in Serbia with micro-data on company loans to study the impact of judicial efficiency on loan performance. We document the presence of a robust negative relationship between the clearance rate and the number of days in arrears for companies from the districts under corresponding court jurisdictions. We use financial ratios, industry dummies and time fixed effects to control for the usual determinants of payment ability.

有大量证据表明，司法效率会降低信贷配给并增加贷款。相反，效率低下的法院可能会导致借款人的投机行为，结果会降低贷款表现和信贷可用性。我们将塞尔维亚商业法院的案件量数据与公司贷款的微观数据结合起来，研究司法效率对贷款绩效的影响。我们记录了清关率与相应法院管辖区的公司的欠款天数之间存在强烈的负相关关系。我们使用财务比率，行业虚拟变量和时间固定效应来控制支付能力的通常决定因素。