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Who captures who? Long-lasting bank relationships and growth of firms

  • Alessandro GAMBINI

    ()

    (Universita' Politecnica delle Marche, Dipartimento di Economia)

  • Alberto ZAZZARO

    ()

    (Universita' Politecnica delle Marche, Dipartimento di Economia)

The theoretical literature has identified potential benefits and costs of close bank-firm relationships for both parties, suggesting possible reasons for firms being captured by banks and vice versa. In this paper we empirically explore the effects of long-lasting credit relationships on employment and asset growth of a large sample of Italian manufacturing firms in the period 1998-2003. The main findings are that relationship lending hampers the efforts of small firms to increase their size (especially in terms of employees), while it mitigates the negative growth of troubled, medium-large enterprises, thus supporting the hypothesis that small firms are captured by banks which, in turn, are captured by large firms.

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File URL: http://docs.dises.univpm.it/web/quaderni/pdf/332.pdf
File Function: First version, 2009
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Paper provided by Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali in its series Working Papers with number 332.

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Length: 53
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:anc:wpaper:332
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