Determinants of Bank Debt in a Continental Financial System. Evidence from Spain

Pablo de Andr‚s Alonso, F‚lix L¢pez-Iturriaga, Juan Antonio Rodr¡guez Sanz () and Eleuterio Vallelado Gonz lez ()
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Juan Antonio Rodr¡guez Sanz: Departamento de Econom¡a Financiera y Contabilidad, Facultad de Ciencias Econ¢micas y Empresariales, Universidad de Valladolid
Eleuterio Vallelado Gonz lez: Departamento de Econom¡a Financiera y Contabilidad, Facultad de Ciencias Econ¢micas y Empresariales, Universidad de Valladolid
Authors registered in the RePEc Author Service: Félix López-Iturriaga ()

No 2004-01, Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". from Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España).

Abstract: We test hypotheses about the structure of corporate debt ownership and the use of bank debt by firms in a civil-law country, Spain. We focus on bank debt effects in the presence of information asymmetrics and agency costs, and on efficient versus inefficient firm liquidation. We find that the relation between growth opportunities and bank financing is not as strong as the one found in common-law countries, that there is a positive relation between firm size and the proportion of bank debt used, and that firms closer to bankruptcy and highly leveraged are more likely to use bank debt.

Date: 2004-06
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Published in The Financial Review, vol. 40, no. 3, 2005, pages 305-333 with the title "Determinants of Bank Debt in a Continental Financial System: Evidence from Spanish Companies"

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More papers in Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". from Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España). Contact information at EDIRC.
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