BANKING MARKET STRUCTURE, CREATION AND ACTIVITY OF FIRMS: EARLY EVIDENCE FOR COOPERATIVES IN THE ITALIAN CASE

Francesca Gagliardi ()

Annals of Public and Cooperative Economics, 2009, vol. 80, issue 4, 605-640

Abstract: ABSTRACT**: This paper investigates whether local differences in banking competition impact on the creation and activity of firms, with a special focus on cooperatives. The empirical analysis, implemented on a sample of Italian firms, reveals non‐monotonic effects of bank market power on firm creation and activity. In regard to the former, a bell‐shaped relationship is found for both cooperative and non‐cooperative firms, suggesting that a moderately concentrated banking market favours firms’ creation. A less homogeneous pattern characterizes firms’ activity: a bell‐shaped parabola is still found for non‐cooperative firms, while a U‐shaped relationship emerges for cooperatives, showing that active coops benefit from relatively more intense banking competition.

Date: 2009
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