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Regional Financial Development and Bank Competition: Effects on Firms' Growth

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  • Juan Fernandez de Guevara
  • Joaquin Maudos

Abstract

Fernandez de Guevara J. and Maudos J. Regional financial development and bank competition: effects on firms' growth, Regional Studies. This paper analyses the effect of regional financial development and bank competition on firms' growth using the Spanish provinces as a testing ground. The results show that firms in industries with a greater dependence on external finance grow faster in more financially developed provinces. The results also show that bank monopoly power has an inverted-'U' effect on firms' growth, suggesting that market power has its highest effect at intermediate values. The effect is heterogeneous among firms according to the financial dependence of the industry to which they belong. This result is consistent with the literature on relationship banking which argues that bank competition can have a negative effect on the availability of finance for more informationally opaque firms. [image omitted] Fernandez de Guevara J. et Maudos J. Le developpement financier regional et la concurrence bancaire: l'impact sur la croissance des entreprises, Regional Studies. En se servant des provinces espagnoles en tant que terrain d'experimentation, cet article cherche a analyser l'impact du developpement financier regional et de la concurrence bancaire sur la croissance des entreprises. Les resultats laissent voir que le taux de croissance des industries qui dependent davantage du financement externe s'avere plus elevee dans les provinces dont le milieu financier s'annonce plus developpe. Les resultats laissent voir aussi que le pouvoir monopolistique des banques a un effet sur la croissance des entreprises sous forme d'une U-inversee, ce qui laisse supposer que le pouvoir du marche est a son maximum pour les valeurs intermediaires. L'effet est heterogene parmi les entreprises selon leur degre de dependance financiere. Ce resultat est en accord avec la documentation sur les operations bancaires relationnelles qui affirme l'impact negatif de la concurrence bancaire sur la disponibilite des finances pour les entreprises a caractere opaque quant a l'information. Croissance economique Developpement financier regional Concurrence bancaire Fernandez de Guevara J. und Maudos J. Regionale Finanzentwicklung und Wettbewerb zwischen Banken: Auswirkungen auf das Firmenwachstum, Regional Studies. In diesem Beitrag analysieren wir die Auswirkung der regionalen Finanzentwicklung und des Bankenwettbewerbs auf das Firmenwachstum anhand des Testbeispiels der spanischen Provinzen. Unsere Ergebnisse zeigen, dass Firmen in Branchen, die starker auf eine Fremdfinanzierung angewiesen sind, in finanziell hoher entwickelten Provinzen schneller wachsen. Ebenso geht aus den Ergebnissen hervor, dass die Monopolstellung von Banken einen umgekehrten U-Effekt auf das Firmenwachstum ausubt, was darauf schliessen lasst, dass die Kraft des Marktes bei mittelhohen Werten am wirksamsten ist. Diese Wirkung fallt unter den Firmen je nach der finanziellen Abhangigkeit der Branche, der sie angehoren, heterogen aus. Das Ergebnis ist mit der Literatur uber Bankbeziehungen konsistent, in der die These vertreten wird, dass sich ein Wettbewerb zwischen Banken negativ auf die Verfugbarkeit von Finanzen fur Firmen mit weniger offenen Informationen auswirken kann. Wirtschaftswachstum Regionale Finanzentwicklung Wettbewerb zwischen Banken Fernandez de Guevara J. y Maudos J. Desarrollo financiero regional y competencia bancaria: efectos sobre el crecimiento empresarial, Regional Studies. En este articulo analizamos el efecto del desarrollo financiero regional y la competencia bancaria en el crecimiento empresarial usando las regiones espanolas como laboratorio. Nuestros resultados indican que las empresas en industrias con una mayor dependencia financiera crecen mas rapido en las regiones con un mayor desarrollo financiero. Los resultados tambien indican que el poder de mercado bancario tiene un efecto en forma de U invertida en el crecimiento empresarial, lo que indica que el poder del mercado tiene su mayor efecto en valores intermedios. El efecto es heterogeneo entre las empresas segun la dependencia financiera de la industria a la que pertenecen. Este resultado coincide con la literatura la banca relacional que sostiene que la competencia bancaria puede tener un efecto negativo en la disponibilidad de finanticicion para las empresas menos transparentes a nivel informativo. Crecimiento economico Desarrollo financiero regional Competencia bancaria

Suggested Citation

  • Juan Fernandez de Guevara & Joaquin Maudos, 2009. "Regional Financial Development and Bank Competition: Effects on Firms' Growth," Regional Studies, Taylor & Francis Journals, vol. 43(2), pages 211-228.
    • Handle: RePEc:taf:regstd:v:43:y:2009:i:2:p:211-228
    DOI: 10.1080/00343400701808907
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    3. Eduardo Rodrigues Sanguinet & Francisco de Borja García-García, 2023. "Rural-Urban Linkages: Regional Financial Business Services’ Integration into Chilean Agri-Food Value Chains," Sustainability, MDPI, vol. 15(14), pages 1-22, July.
    4. Memarian, Mahsa & Benetti, Sara & Trejos, Alberto & Rodríguez-Chaves, Sofía, 2023. "Bank concentration, urban development and firm access to credit in Latin America," Finance Research Letters, Elsevier, vol. 54(C).
    5. Moretti, Luigi, 2014. "Local financial development, socio-institutional environment, and firm productivity: Evidence from Italy," European Journal of Political Economy, Elsevier, vol. 35(C), pages 38-51.
    6. Florian Leon, 2015. "What do we know about the role of bank competition in Africa?," CERDI Working papers halshs-01164864, HAL.
    7. Maté-Sánchez-Val, Mariluz & López-Hernandez, Fernando & Mur-Lacambra, Jesús, 2017. "How do neighboring peer companies influence SMEs’ financial behavior?," Economic Modelling, Elsevier, vol. 63(C), pages 104-114.
    8. José Manuel Pastor & Jose M. Pavía & Lorenzo Serrano & Emili Tortosa-Ausina, 2017. "Rich regions, poor regions and bank branch deregulation in Spain," Regional Studies, Taylor & Francis Journals, vol. 51(11), pages 1678-1694, November.
    9. Helen Louri & Petros M. Migiakis, 2016. "Bank Lending Margins in the Euro Area: The Effects of Financial Fragmentation and ECB Policies," LEQS – LSE 'Europe in Question' Discussion Paper Series 105, European Institute, LSE.
    10. Fernández, Ana I. & González, Francisco & Suárez, Nuria, 2013. "How do bank competition, regulation, and institutions shape the real effect of banking crises? International evidence," Journal of International Money and Finance, Elsevier, vol. 33(C), pages 19-40.
    11. Di Pietro, Filippo & Palacín Sánchez, María José & Roldán, José L., 2017. "Regional development and capital structure of SMEs," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).
    12. Jaksa Kristo & Iva Mandac, 2015. "Characteristics of bank financial intermediation in Croatian counties," Financial Theory and Practice, Institute of Public Finance, vol. 39(1), pages 57-82.
    13. Angela S. Bergantino & Claudia Capozza, 2018. "Banking market structure and industry growth in the Central-East Europe region," Empirical Economics, Springer, vol. 54(3), pages 1319-1333, May.
    14. Salvador, Carlos & Pastor, Jose Manuel & Fernández de Guevara, Juan, 2014. "Impact of the subprime crisis on bank ratings: The effect of the hardening of rating policies and worsening of solvency," Journal of Financial Stability, Elsevier, vol. 11(C), pages 13-31.
    15. Zhang, Tingting (Grace) & You, Yu, 2021. "Scale or efficiency? Performance shortfall and engagement in production activities of foreign subsidiaries in China," Journal of International Management, Elsevier, vol. 27(1).
    16. BARRA, Cristian & ZOTTI, Roberto, 2017. "Bank Performance, Financial Stability and Market Competition: do Cooperative and Non-Cooperative Banks Behave Differently?," CELPE Discussion Papers 143, CELPE - CEnter for Labor and Political Economics, University of Salerno, Italy.
    17. Andrea Cayumil Fernández & Miguel Quiroga & Iván Araya & Gabriel Pino, 2022. "Can local financial depth and dependence on external funding impact regional creation of new firms in Chile?," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 68(2), pages 387-406, April.
    18. Petach, Luke & Weiler, Stephan & Conroy, Tessa, 2021. "It’s a wonderful loan: local financial composition, community banks, and economic resilience," Journal of Banking & Finance, Elsevier, vol. 126(C).
    19. Bana Abuzayed & Nedal Al-Fayoumi & Hisham Gharaibeh, 2012. "Competition in MENA countries banking markets," International Journal of Financial Services Management, Inderscience Enterprises Ltd, vol. 5(3), pages 272-301.
    20. Helen Louri & Petros M. Migiakis, 2015. "Determinants of euro-area bank lending margins: financial fragmentation and ECB policies," Working Papers 198, Bank of Greece.
    21. Cristian Barra & Nazzareno Ruggiero, 2021. "The role of nonlinearity on the financial development–economic performance nexus: an econometric application to Italian banks," Empirical Economics, Springer, vol. 60(5), pages 2293-2322, May.
    22. Chowdhury, Sanjib K. & Endres, Megan Lee, 2021. "The influence of regional economy- and industry-level environmental munificence on young firm growth," Journal of Business Research, Elsevier, vol. 134(C), pages 29-36.
    23. Niccolò Ghio & Massimiliano Guerini & Cristina Rossi-Lamastra, 2019. "The creation of high-tech ventures in entrepreneurial ecosystems: exploring the interactions among university knowledge, cooperative banks, and individual attitudes," Small Business Economics, Springer, vol. 52(2), pages 523-543, February.
    24. Stefanos Ioannou & Dariusz Wójcik, 2021. "Finance and growth nexus: An international analysis across cities," Urban Studies, Urban Studies Journal Limited, vol. 58(1), pages 223-242, January.
    25. Marcello Pagnini & Paola Rossi & Valerio Vacca & Johann Burgstaller, 2017. "Dynamics of Retail-Bank Branching in Austria," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 46(3), pages 527-554, November.

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    More about this item

    Keywords

    Economic growth; Regional financial development; Bank competition;
    All these keywords.

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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