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Determinants of Bank Debt in a Continental Financial System. Evidence from Spain

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Abstract

We test hypotheses about the structure of corporate debt ownership and the use of bank debt by firms in a civil-law country, Spain. We focus on bank debt effects in the presence of information asymmetrics and agency costs, and on efficient versus inefficient firm liquidation. We find that the relation between growth opportunities and bank financing is not as strong as the one found in common-law countries, that there is a positive relation between firm size and the proportion of bank debt used, and that firms closer to bankruptcy and highly leveraged are more likely to use bank debt.

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  • Andrés Alonso, Pablo de & López-Iturriaga, Félix & Rodríguez Sanz, Juan Antonio & Vallelado González, Eleuterio, 2004. "Determinants of Bank Debt in a Continental Financial System. Evidence from Spain," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2004-01, Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Docto.
    • Handle: RePEc:ntd:wpaper:2004-01
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