Relationship Lending, Accounting Disclosure, and Credit Availability during the Asian Financial Crisis
研究亚洲金融危机期间关系型贷款是否帮助企业获得信贷，发现对韩国和泰国企业有效，但对印尼和菲律宾企业无效，且印尼银行在关系弱时转向财务报表贷款技术。
We examine whether lending relationships benefit firms by making credit more available during periods of financial stress. Our main finding is that during the Asian financial crisis of July 1997 through the end of 1998, relationship lending increased the likelihood that Korean and Thai firms would obtain credit but it had no effect on Indonesian and Philippine firms. We ask if accounting disclosure might explain the observed differences among the three countries for which audit information is available. We find that for Indonesian firms with weak lending relationships, banks replace relationship lending technology with a financial‐statement lending technology. Such a result does not hold for Korean and Philippine firms.