Branch Banking Restrictions and Finance Constraints in Early-Twentieth-Century America
研究了20世纪初美国对银行开设分支机构的限制如何影响企业投资和增长，发现大企业比小企业更受融资约束，阻碍了大型工业企业的发展。
This article studies the effects of branch banking restrictions on American firm investment and growth. Authors have suggested that the lack of widespread branching bank networks hindered the development of large-scale industrial firms. This article presents a model that implies that restrictions on branch banking cause the severity of external finance constraints to increase with firm size. This hypothesis is tested using a panel data set of over 250 firms for 1911–1922. Investment and growth sensitivities are significantly higher for large firms than for smaller firms, suggesting that branch banking restrictions hindered the expansion of large-scale firms.