Firm Industry Affiliation and Multiple Bank Relationships
Steven Ongena () and
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Yuejuan Yu: Shandong University
Journal of Financial Services Research, 2017, vol. 51, issue 1, 1-17
Abstract We explain the number of bank relationships a firm maintains by the number of industries it operates in, analyzing 13,570 listed firms in 18 Eastern European countries. We estimate a variety of stylized models including OLS, Tobit and negative binomial that directly accounts at once for the number of bank relationships. Controlling for many firm characteristics and accounting for all observed and unobserved time-invariant heterogeneity across firms, we find that the number of industries the firm operates in corresponds to a higher number of bank relationships, possibly because banks specialize in certain industries.
Keywords: Number of firm-bank relationships; Firm industry affiliation (search for similar items in EconPapers)
JEL-codes: G21 C41 (search for similar items in EconPapers)
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