The duration of bank relationships

• 成果类型: Article
• 署名作者: Ongena, S; Smith, DC
• 署名单位: Tilburg University; Tilburg University; Federal Reserve System - USA
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(01)00069-1
• 发表日期: 2001
• 页码: 449-475
• 关键词: bank relationships; hazard models; DURATION ANALYSIS

摘要

We analyze the duration of bank relationships using a unique panel data set of listed firms and their banks from the bank-dominated Norwegian market. We find that firms are more likely to leave a bank as the relationship matures. Small, profitable, and highly leveraged firms maintain shorter bank relationships, as do firms with multiple bank relationships. These findings are robust to censoring, alternate specifications for the distribution of relationship duration, and other control variables relevant to the Norwegian market. Overall., our results cast doubt on theories suggesting that firms become locked into bank relationships. (C) 2001 Published by Elsevier Science S.A.