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Multiple bank lending relationships in Italy: their determinants and the role of firms’ governance features


  • Giuseppe Vulpes

    (UniCredit Banca d'Impresa)


The aim of this paper is to analyze the determinants of multiple-bank lending - one of the main features of the bank-firm relationships in Italy. The analysis suggests that multiple bank lending is significantly and importantly linked with firms’ governance characteristics. In particular, it emerges that firms adopting a less formalised model of governance - which could denote lower informational transparency or, more in general, lesser degree of protection of third creditors - are characterised by a greater level of multiple-bank lending. In this respect multiple-bank lending may be the consequence of a risk averse attitude of banks and thus constitutes a sort of insurance mechanisms whereby banks overcome difficulties in assessing their customer firms.

Suggested Citation

  • Giuseppe Vulpes, 2005. "Multiple bank lending relationships in Italy: their determinants and the role of firms’ governance features," Finance 0505008, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpfi:0505008
    Note: Type of Document - pdf; pages: 20

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    Cited by:

    1. Airaudo, Marco & Olivero, María Pía, 2014. "Optimal Monetary Policy with Counter-Cyclical Credit Spreads," School of Economics Working Paper Series 2014-1, LeBow College of Business, Drexel University.
    2. Marco Airaudo & María Pía Olivero, 2019. "Optimal Monetary Policy with Countercyclical Credit Spreads," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(4), pages 787-829, June.

    More about this item


    bank firm relationships; multiple-bank lending; corporate governance;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance


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