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Firm industry affiliation and multiple bank relationships


Ongena, Steven; YU, Yuejuan (2017). Firm industry affiliation and multiple bank relationships. Journal of Financial Services Research, 51(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.

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.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Language:English
Date:February 2017
Deposited On:22 Aug 2017 08:56
Last Modified:27 Aug 2017 05:55
Publisher:Springer
ISSN:0920-8550
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.1007/s10693-015-0237-7
Other Identification Number:merlin-id:12890

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