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        Bank Competition, Lending Relationships and Firm Default Risk : An Investigation of Italian SMEs

        Author
        Agostino, Maria Rosaria
        Gagliardi, Francesca
        Trivieri, Francesco
        Attention
        2299/11244
        Abstract
        Building on the literature relating to bank market structure and on the research analysing costs and benefits of concentrated credit relationships, this article aims to empirically assess whether, and to what extent, local credit market concentration impacts on SME default riskiness – making this impact conditional on the closeness of lending relationships. Controlling for inertia, unobserved heterogeneity and endogeneity, we find that bank market concentration positively and significantly affects SME default riskiness when these firms borrow heavily from their main bank and have few credit relationships with other intermediaries. Furthermore, according to our evidence, the influence of credit market concentration on firm default probability is greater as the duration of (close) credit relationships lengthens.
        Publication date
        2012-12
        Published in
        International Small Business Journal
        Published version
        https://doi.org/10.1177/0266242611416681
        Other links
        http://hdl.handle.net/2299/11244
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