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Do Lending Relationships Affect Corporate Financial Policies?

Financial management, 2016-03, Vol.45 (1), p.141-173 [Peer Reviewed Journal]

2016 Financial Management Association International ;2015 Financial Management Association International. ;COPYRIGHT 2016 Financial Management Association ;ISSN: 0046-3892 ;EISSN: 1755-053X ;DOI: 10.1111/fima.12097

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  • Title:
    Do Lending Relationships Affect Corporate Financial Policies?
  • Author: Aslan, Hadiye
  • Subjects: Bank loans ; Banking ; Banks ; Business entities ; Corporate finance ; Corporations ; Debt ; Equity ; Finance ; Financial leverage ; Financial management ; International banking ; International loans ; Lenders ; Lending ; Loans ; Social aspects
  • Is Part Of: Financial management, 2016-03, Vol.45 (1), p.141-173
  • Description: This paper provides new evidence on how lending relationships impact firms' financing and investment decisions. I find that lending relationships have a significant impact on leverage ratios, issuance choices, and the investment structures of relationship borrowers. The influence of relationships is heightened for financially constrained firms. I find a significant decrease in leverage, net debt issuing, and investment activity in the aftermath of lender-specific shocks to lending relationships, including announcements of bank write-downs and downgrades in banks' credit ratings. My findings are robust to controlling for confounding effects that might arise due to unobserved demand and relationship changes.
  • Publisher: Tampa: Blackwell Publishing Ltd
  • Language: English
  • Identifier: ISSN: 0046-3892
    EISSN: 1755-053X
    DOI: 10.1111/fima.12097
  • Source: Alma/SFX Local Collection
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