Please use this identifier to cite or link to this item:
http://hdl.handle.net/2072/2233
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| Title: | The Effect of relationship lending on firm performance |
| Authors: | Montoriol Garriga, Judit |
| Other authors: | Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa |
| Keywords: | Préstecs bancaris |
| Publisher: | Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa |
| Series/Report no.: | Document de treball (Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa);06/5 |
| Abstract: | We examine how relationship lending affects firm performance using a panel
dataset of about 70,000 small and medium Spanish firms in the period 1993-2004. We model firm performance jointly with the firm's choice of the number of bank relationships. Controlling for firm fixed effects and using instrumental
variables for the decision on the number of bank relationships, we find that firms maintaining exclusive bank relationships have lower profitability. The result is consistent with the view that banks appropriate most of the value
generated through close relationships with its borrowers as long as they do not face competition from other lenders. |
| Appears in Collections: | Documents de treball
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| UABDT06-5.pdf | | 409Kb | Adobe PDF | View/Open |
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