| Imprint: |
Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa 2006 |
| 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. |
| Rights: |
Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús  |
| Language: |
Anglès |
| Series: |
Departament d'Economia de l'Empresa. Documents de treball |
| Series: |
Document de treball (Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa) ; 06/5 |
| Document: |
Working paper |
| Subject: |
Préstecs bancaris |
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