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La multibancarité des entreprises. Choix du nombre de banques et choix du nombre de banques principales

  • Catherine Refait-Alexandre

This 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?'t 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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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 54 (2003)
Issue (Month): 3 ()
Pages: 649-661

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Handle: RePEc:cai:recosp:reco_543_0649
Contact details of provider: Web page: http://www.cairn.info/revue-economique.htm

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  1. Fama, Eugene F., 1985. "What's different about banks?," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 29-39, January.
  2. Gangopadhyay, Shubhashis & Mukhopadhyay, Bappaditya, 2002. "Multiple bank lending and seniority in claims," Journal of Economics and Business, Elsevier, vol. 54(1), pages 7-30.
  3. Ongena, Steven & Smith, David C., 2000. "What Determines the Number of Bank Relationships? Cross-Country Evidence," Journal of Financial Intermediation, Elsevier, vol. 9(1), pages 26-56, January.
  4. Enrica Detragiache & Paolo Garella & Luigi Guiso, 2000. "Multiple versus Single Banking Relationships: Theory and Evidence," Journal of Finance, American Finance Association, vol. 55(3), pages 1133-1161, 06.
  5. Agarwal, Rajshree & Ann Elston, Julie, 2001. "Bank-firm relationships, financing and firm performance in Germany," Economics Letters, Elsevier, vol. 72(2), pages 225-232, August.
  6. D'Auria, Claudio & Foglia, Antonella & Reedtz, Paolo Marullo, 1999. "Bank interest rates and credit relationships in Italy," Journal of Banking & Finance, Elsevier, vol. 23(7), pages 1067-1093, July.
  7. Winton, Andrew, 1995. "Costly State Verification and Multiple Investors: The Role of Seniority," Review of Financial Studies, Society for Financial Studies, vol. 8(1), pages 91-123.
  8. Ongena, Steven & Smith, David C., 2001. "The duration of bank relationships," Journal of Financial Economics, Elsevier, vol. 61(3), pages 449-475, September.
  9. Foglia, A. & Laviola, S. & Marullo Reedtz, P., 1998. "Multiple banking relationships and the fragility of corporate borrowers," Journal of Banking & Finance, Elsevier, vol. 22(10-11), pages 1441-1456, October.
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