Purpose

This study investigates which expectation formation mechanism governs Eurozone firms regarding their expectations on external finance availability.

Design/methodology/approach

In this study, we link consecutive surveys from the Survey on the Access to Finance of Enterprises to bring new evidence on how non-financial corporations shape their expectations on external finance availability.

Findings

In line with the past literature, we demonstrate that the data reject the Rational Expectations hypothesis, and we find evidence in favor of the Adaptive Expectation mechanism.

Originality/value

This is the first study studying firms' expectations of external finance availability, implementing survey data of firms' expectations from the SAFE database on a country level. The formation of firm expectations is vital in directing policymakers in designing appropriate monetary policies, as both the employment and inflation targets of central banks around the world are highly dependent on the firm-level decision process.

中文翻译：

---

公司对外部融资可用性的期望是合理的、适应性的还是回归性的？

目的

本研究调查了哪种预期形成机制支配着欧元区公司对外部融资可用性的预期。

设计/方法/方法

在这项研究中，我们将企业融资渠道调查中的连续调查联系起来，以提供关于非金融公司如何塑造其对外部融资可用性预期的新证据。

发现

根据过去的文献，我们证明了数据拒绝了理性期望假设，并且我们发现了支持自适应期望机制的证据。

原创性/价值

这是第一项研究公司对外部融资可用性的期望的研究，在国家层面实施了 SAFE 数据库中公司期望的调查数据。坚定预期的形成对于指导政策制定者设计适当的货币政策至关重要，因为全球央行的就业和通胀目标都高度依赖于公司层面的决策过程。