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Regional financial development and bank competition: effects on firms' growth
[journal article]
Maudos, Joaquin; Fernandez de Guevara, Juan
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Please use the following Persistent Identifier (PID) to cite this document:http://nbn-resolving.de/urn:nbn:de:0168-ssoar-133893
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| Abstract | This paper analyzes the effect of regional financial development and bank competition on firms' growth using the Spanish provinces as a testing ground. Our results show that firms in industries with a greater dependence on external finance grow faster in more financially developed provinces. The results also show that bank monopoly power has an inverted-U effect on firms' growth, suggesting that market power has its highest effect at intermediate values. The effect is heterogeneous among firms according to the financial dependence of the industry they belong to. This result is consistent with the literature on relationship banking which argues that bank competition can have a negative effect on the availability of finance for more informationally opaque firms. |
| Classification | Public Finance; Area Development Planning, Regional Research |
| Free Keywords | Economic growth; Regional financial development; Bank competition |
| Document language | English |
| Publication Year | 2009 |
| Page/Pages | p. 211-228 |
| Journal | Regional Studies, 43 (2009) 2 |
| DOI | http://dx.doi.org/10.1080/00343400701808907 |
| Status | Postprint; reviewed |
| Licence | PEER Licence Agreement (applicable only to documents from PEER project) |
| Document Type | journal article |
