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Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit

Journal of financial and quantitative analysis, 2018-08, Vol.53 (4), p.1441-1477 [Peer Reviewed Journal]

Copyright © Michael G. Foster School of Business, University of Washington 2018 ;COPYRIGHT 2018, MICHAEL G. FOSTER SCHOOL OF BUSINESS, UNIVERSITY OF WASHINGTON ;Copyright University of Washington, School of Business Administration Aug 2018 ;ISSN: 0022-1090 ;EISSN: 1756-6916 ;DOI: 10.1017/S0022109018000224

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  • Title:
    Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit
  • Author: Levine, Ross ; Lin, Chen ; Xie, Wensi
  • Subjects: Banking ; Companies ; Corporate profits ; Credit ; Crises ; Debt financing ; Economic crisis ; Employment ; Finance ; Profitability ; Profits ; Quantitative analysis ; Resilience ; Studies ; Trust
  • Is Part Of: Journal of financial and quantitative analysis, 2018-08, Vol.53 (4), p.1441-1477
  • Description: Are firms more resilient to systemic banking crises in economies with higher levels of social trust? Using firm-level data in 34 countries from 1990 through 2011, we find that liquidity-dependent firms in high-trust countries obtain more trade credit and suffer smaller drops in profits and employment during banking crises than similar firms in low-trust economies. The results are consistent with the view that when banking crises block the normal bank-lending channel, greater social trust facilitates access to informal finance, cushioning the effects of these crises on corporate profits and employment.
  • Publisher: New York, USA: Cambridge University Press
  • Language: English
  • Identifier: ISSN: 0022-1090
    EISSN: 1756-6916
    DOI: 10.1017/S0022109018000224
  • Source: ProQuest Central
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