The determinants of firm–bank relationships in Italy: bank ownership type, diversification and multiple banking relationships
基于意大利企业数据，研究了企业特征、决策因素和信贷市场指标如何影响企业与银行的关系，发现小企业更依赖本地银行，大企业倾向全国性及外资银行，融资依赖度高的企业更常建立多重银行关系。
This paper investigates the main features of the relationships between banks and non-financial firms in Italy. Based on detailed firm-level data, we analyse the role of firm-level characteristics, decision-making factors and local credit market indicators in shaping various aspects of corporate banking choices. Empirical results show that young and small firms have a higher probability of relationships with local banks, confirming the advantage of local credit institutions in dealing with informationally opaque firms. Large and internationally active firms tend to establish relationships with national and foreign banks, as they are able to provide more complex banking services that are crucial to access foreign markets. Moreover, firms that are more dependent on external financing are more likely to use multiple and differentiated banking relationships, as a way to diversify external financing sources and alleviate credit constraints.