Firm-bank relationships: A cross-country comparison

Kamelia Kosekova, Angela Maddaloni, Melina Papoutsi and Fabiano Schivardi

No 390, SAFE Working Paper Series from Leibniz Institute for Financial Research SAFE

Abstract: We document the structure of firm-bank relationships across the eleven largest euro area countries and present new stylised facts using novel data from the recent credit registry of the Eurosystem - AnaCredit. We look at the number of banking relationships, reliance on the main bank, credit instruments, loan maturity and interest rates. The granularity of the data allows us to account for cross country differences in firm characteristics. Firms in Southern European countries borrow from a larger number of banks and obtain a lower share of credit from the main bank compared to those in Northern European countries. They also tend to borrow more on short term, more expensive instruments and to obtain loans with shorter maturity. This is consistent with the hypothesis that Southern European countries rely less on relationship banking and obtain credit less conducive to firm growth, in line with the smaller average size of Southern European firms. Instead, no clear pattern emerges in terms of interest rates, consistent with the idea that banks appropriate part of the surplus generated by relationship lending through higher rates.

Keywords: AnaCredit; Firm-bank relationship; Corporate financing; Bank Credit (search for similar items in EconPapers)
JEL-codes: G21 G3 G32 (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-cfn and nep-fdg
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/273413/1/1852466642.pdf (application/pdf)

Related works:
Working Paper: Firm-bank relationships: a cross-country comparison (2023)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:safewp:390

DOI: 10.2139/ssrn.4489359

Access Statistics for this paper

More papers in SAFE Working Paper Series from Leibniz Institute for Financial Research SAFE Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().