Determinants of Bank Debt in a Continental Financial System. Evidence from Spain

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Determinants of Bank Debt in a Continental Financial System. Evidence from Spain

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Andrés Alonso, Pablo de
López-Iturriaga, Félix
Rodríguez Sanz, Juan Antonio () (Departamento de Economía Financiera y Contabilidad, Facultad de Ciencias Económicas y Empresariales, Universidad de Valladolid)
Vallelado González, Eleuterio () (Departamento de Economía Financiera y Contabilidad, Facultad de Ciencias Económicas y Empresariales, Universidad de Valladolid)

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Abstract

We test hypotheses about the structure of corporate debt ownership and the use of bank debt by firms in a civil-law country, Spain. We focus on bank debt effects in the presence of information asymmetrics and agency costs, and on efficient versus inefficient firm liquidation. We find that the relation between growth opportunities and bank financing is not as strong as the one found in common-law countries, that there is a positive relation between firm size and the proportion of bank debt used, and that firms closer to bankruptcy and highly leveraged are more likely to use bank debt.

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Paper provided by Interuniversitary Doctorate Program "New Trends on Business Administration", Universities of Valladolid, Burgos and Salamanca (Spain). Programa de Doctorado Interuniversitario "Nuevas Tendencias en Dirección de Empresas", Universidades de Valladolid, Burgos y Salamanca (España). in its series Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". Working Papers "New Trends on Business Administration". with number 2004-01.

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Date of creation: Jun 2004
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Publication status: Published in The Financial Review, vol. 40, no. 3, 2005, pages 305-333 with the title "Determinants of Bank Debt in a Continental Financial System: Evidence from Spanish Companies"
Handle: RePEc:ntd:wpaper:2004-01

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