Defence Siraj Zubair


Siraj Zubair has successfully defended his PhD thesis on 9 December 2015. In this dissertation, he has examined the impact of the recent financial crisis on the investments, trade credit and cash holdings of small and medium-sized enterprises (SMEs) in the Netherlands. He found that the investments of SMEs were not only affected by the supply of bank credit, but also by the amount of internal finance. In the second project, he documented that both trade payables and trade receivables declined during the financial crisis. In another project, Siraj Zubair observed that SMEs increased their cash holdings during the financial crisis. Firms were holding more cash even though these had higher bank credit and operating cash flow. Overall, the research showed that the SMEs suffered from the negative consequences of the financial crisis.


The thesis is available for download.