La multibancarité des entreprises. Choix du nombre de banques et choix du nombre de banques principales
AbstractThis empirical paper focuses on the total number of banks and the number of main banks (banks that play an important and durable role in the financing) of firms. We test two major results of the theoretical literature: Low quality firms are likely to choose a high number of banks, in order to escape from a close monitoring. Strong multiple banking relationships benefit high quality firms, for they don? pay the informational rent that a single bank would have extracted. We use accounting variables and credit declarations for industrial French firms. We show that the total number of banks increases when the economic profitability of the firm decreases. No important link appears between the performance of the firms and their number of main banks.Classification JEL : G32, D82, C10
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 54 (2003)
Issue (Month): 3 ()
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Web page: http://www.cairn.info/revue-economique.htm
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
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- Djedidi-Kooli, Salima, 2009. "L’accès au financement des PME en France : quel rôle joué par la structure du système bancaire ?," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/8354 edited by Etner, François, October.
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