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Regional financial development and bank competition: effects on firms' growth

[Zeitschriftenartikel]

Maudos, Joaquin; Fernandez de Guevara, Juan

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):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.
Klassifikation Öffentliche Finanzen und Finanzwissenschaft; Raumplanung und Regionalforschung
Freie Schlagwörter Economic growth; Regional financial development; Bank competition
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 211-228
Zeitschriftentitel Regional Studies, 43 (2009) 2
DOI http://dx.doi.org/10.1080/00343400701808907
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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