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Lasting lending relationships and technical efficiency. Evidence on European SMEs

Author

Listed:
  • Mariarosaria Agostino

    (University of Calabria)

  • Sabrina Ruberto

    (University of Calabria)

  • Francesco Trivieri

    (University of Calabria)

Abstract

Linking the theoretical predictions of the research on lending relationships with those of the literature on managerial incentives, we investigate whether the duration of credit relationships impacts on SMEs’ technical efficiency. Our hypothesis is that the balance between costs and benefits of enduring banking relationships might have heterogeneous effects on managers’ incentives depending on the level of firms’ indebtedness. Using a large sample of European SMEs, observed in the period 2001–2008, and adopting both parametric and non-parametric measures of efficiency, we find that the positive impact of longer lending relationships on efficiency decreases as indebtedness increases, suggesting that moral hazard problems may endanger firms’ technical efficiency.

Suggested Citation

  • Mariarosaria Agostino & Sabrina Ruberto & Francesco Trivieri, 2018. "Lasting lending relationships and technical efficiency. Evidence on European SMEs," Journal of Productivity Analysis, Springer, vol. 50(1), pages 25-40, October.
  • Handle: RePEc:kap:jproda:v:50:y:2018:i:1:d:10.1007_s11123-018-0532-z
    DOI: 10.1007/s11123-018-0532-z
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    Cited by:

    1. Agostino, Mariarosaria & Ruberto, Sabrina & Trivieri, Francesco, 2023. "The role of local institutions in cooperative banks’ efficiency. The case of Italy," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 84-103.
    2. Taining Wang & Jinjing Tian & Feng Yao, 2021. "Does high debt ratio influence Chinese firms’ performance? A semiparametric stochastic frontier approach with zero inefficiency," Empirical Economics, Springer, vol. 61(2), pages 587-636, August.
    3. Mariarosaria Agostino & Sabrina Ruberto, 2023. "Family Ties, Social Capital and Small Businesses’ Efficiency. Evidence from the Italian Food Sector," Journal of Family and Economic Issues, Springer, vol. 44(4), pages 935-955, December.
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    5. Agostino, Mariarosaria & Errico, Lucia & Rondinella, Sandro & Trivieri, Francesco, 2023. "Enduring lending relationships and european firms default," Research in Economics, Elsevier, vol. 77(4), pages 459-477.
    6. Mariarosaria Agostino & Ercan Enzo Comert & Federica Demaria & Sabrina Ruberto, 2024. "What kinds of subsidies affect technical efficiency? The case of Italian dairy farms," Agribusiness, John Wiley & Sons, Ltd., vol. 40(1), pages 116-138, January.
    7. Mariarosaria Agostino & Emanuele Brancati & Anna Giunta & Domenico Scalera & Francesco Trivieri, 2020. "Firms' efficiency and global value chains: An empirical investigation on Italian industry," The World Economy, Wiley Blackwell, vol. 43(4), pages 1000-1033, April.
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    More about this item

    Keywords

    G20; G21; D24; L60;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General

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