The Financial Consequences of Online Review Aggregators: Evidence from Yelp Ratings and SBA Loans

• 成果类型: Review
• 署名作者: Huang, Ruidi
• 署名单位: Southern Methodist University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2020.03003
• 发表日期: 2025
• 页码: 59-82
• 关键词: Online Review; Credit rating; small business loan; Bank lending

摘要

This paper demonstrates the financial and real consequences of online review aggregators. Exploiting a regression discontinuity design that overcomes the endogenous relationship between Yelp reviews and Small Business Administration loan outcomes, I show that higher coarse Yelp ratings lead to improved loan terms and performance. Specifically, a one-half-star increase in Yelp ratings corresponds to a 25-basis-point decrease in loan spread and 6% lower collateral requirements. The effects are more pronounced when banks have less borrower information. Higher Yelp ratings also contribute to increased consumer demand and the likelihood of future business openings. These findings indicate that online review aggregators influence both consumer choices and banks' financing decisions.