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Multiple bank lending relationships in Italy: their determinants and the role of firms’ governance features

Author

Listed:
  • Giuseppe Vulpes

    (UniCredit Banca d'Impresa)

Abstract

The aim of this paper is to analyze the determinants of multiple-bank lending - one of the main features of the bank-firm relationships in Italy. The analysis suggests that multiple bank lending is significantly and importantly linked with firms’ governance characteristics. In particular, it emerges that firms adopting a less formalised model of governance - which could denote lower informational transparency or, more in general, lesser degree of protection of third creditors - are characterised by a greater level of multiple-bank lending. In this respect multiple-bank lending may be the consequence of a risk averse attitude of banks and thus constitutes a sort of insurance mechanisms whereby banks overcome difficulties in assessing their customer firms.

Suggested Citation

  • Giuseppe Vulpes, 2005. "Multiple bank lending relationships in Italy: their determinants and the role of firms’ governance features," Finance 0505008, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpfi:0505008
    Note: Type of Document - pdf; pages: 20
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/fin/papers/0505/0505008.pdf
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    Citations

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    Cited by:

    1. Roger Aliaga‐Díaz & María Pía Olivero, 2010. "Macroeconomic Implications of “Deep Habits” in Banking," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(8), pages 1495-1521, December.
    2. Airaudo, Marco & Olivero, María Pía, 2014. "Optimal Monetary Policy with Counter-Cyclical Credit Spreads," School of Economics Working Paper Series 2014-1, LeBow College of Business, Drexel University.
    3. Marco Airaudo & María Pía Olivero, 2019. "Optimal Monetary Policy with Countercyclical Credit Spreads," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(4), pages 787-829, June.

    More about this item

    Keywords

    bank firm relationships; multiple-bank lending; corporate governance;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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