Corporate Diversification and Credit Constraints: Real Effects across the Business Cycle
研究信贷获取差异是否导致聚焦型企业在产品市场上表现不同于多元化企业，发现衰退期间依赖银行的聚焦型企业销售和库存增长率下降幅度大于多元化企业，而独立于银行的企业无此差异。
We study whether differences in access to credit cause focused firms to perform differently from diversified firms in the product market. Prior work has identified binding credit constraints for bank-dependent firms during recessions. We assess whether corporate diversification alleviates these constraints. We find that during recessions sales growth rates drop more for bank-dependent focused firms than for rival segments of bank-dependent diversified firms. We also find that during recessions inventory growth rates drop more for bank-dependent focused firms than for bank-dependent diversified firms even after we control for contemporaneous sales growth. Consistent with a credit constraint explanation, we find no difference in the sensitivities to recessions of bank-independent focused and bank-independent diversified firms. Copyright 2006, Oxford University Press.