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How Banks Construct and Manage Risk A Sociological Study of Small Firm Lending in Britain and Germany

Few people have heard of the mite harvestman, and fewer still would recognize it at close range. It is related to the far more familiar daddy longlegs, but its legs are stubby rather than long, and its body is about as big as a sesame seed. On the floors of the humid forests where it dwells, it looks like a speck of dirt. As unglamorous as the mite harvestman may seem, however, it has a spectacular history to unfold. An individual mite harvestman may spend its entire life in a few square meters of forest floor. The range of an entire species may be less than 100. | How Banks Construct and Manage Risk A Sociological Study of Small Firm Lending in Britain and Germany ESRC Centre for Business Research University of Cambridge Working Paper No.217 By Christel Lane Faculty of Social and Political Sciences and ESRC Centre for Business Research University of Cambridge Judge Institute of Management Building Trumpington Street Cambridge CB2 1AG Phone 01223 330521 338660 Fax 01223 334550 e-mail col21@cam.ac.uk Sigrid Quack Wissenschaftszentrum Berlin fur Sozialforschung Reichpietschufer 50 10785 Berlin Phone -44-30-25491113 Fax -44-30-25491118 e-mail sigrid@medea. wz-berlin. de September 2001 This working paper relates to the CBR Research Programme on Small and Medium-sized Enterprises Abstract This paper analyses the role of banks in financing SMEs in Britain and Germany. It applies a sociological institutionalist approach to understand how banks construct and manage risk relating to SME business. The empirical analysis is based on the results of a comparative survey of a sample of British and German banks and also refers to statistical material produced by the banks themselves. The paper concludes that even though bank-firm relations are still deeply embedded in national institutional frameworks some tendencies towards convergence can also be observed particularly among commercial banks from the two countries. These flow from both internationalisation and from the political influence of the EU. JEL Codes G21 Key Words Bank Lending SMEs Britain Germany Acknowledgements We would like to thank our CBR colleagues Alan Hughes Berthold Leube Jochen Runde and Frank Wilkinson who participated in the German and British interviews. The financial support of the ESRC is gratefully acknowledged. Thanks are also due to all the managers in British and German banks who generously gave their time to provide us with information. Last the support and advice from Alan Hughes during the period of writing this paper has been much appreciated. 1. .