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Lending Relationships and SMEs’ Productivity. Does Social Capital Matter?

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  • Mariarosaria Agostino
  • Lucia Errico
  • Sandro Rondinella
  • Francesco Trivieri

Abstract

This work investigates to what extent the relevance of close bank-firm ties is affected by the endowment of social capital characterising the environment in which enterprises operate. By estimating the link between the duration of lending relationships and Italian SMEs’ productivity, we empirically test whether there is complementarity or substitutability between credit relations and social capital. According to our results, the duration of lending relationships seems to be a positive and significant determinant of SMEs’ performance in less civic regions. Additionally, the influence of enduring lending relationships decreases as social capital increases, suggesting that social capital might act as a substitute for lending relationships.

Suggested Citation

  • Mariarosaria Agostino & Lucia Errico & Sandro Rondinella & Francesco Trivieri, 2022. "Lending Relationships and SMEs’ Productivity. Does Social Capital Matter?," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 29(1), pages 57-87, January.
    • Handle: RePEc:taf:ijecbs:v:29:y:2022:i:1:p:57-87
    DOI: 10.1080/13571516.2021.1949241
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    Cited by:

    1. Mariarosaria Agostino & Lucia Errico & Sandro Rondinella & Francesco Trivieri, 2024. "Leverage and SMEs financial stability: the role of banking competition," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 48(2), pages 345-376, June.

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