Bank Relationships and Firms' Financial Performance: The Italian Experience
利用意大利小企业数据，研究发现银行关系数量增加会降低资产收益率和净资产收益率，尤其对小企业影响更大，支持较少银行关系可减少信息不对称和代理问题的观点。
Abstract We examine the connection between the number of bank relationships and firms' performance using a unique data set on Italian small firms for which banks are a major source of financing. Our evidence indicates that return on equity and return on assets decrease as the number of bank relationships increases with a stronger effect on small firms than large firms. We also find that interest expense over assets increases as the number of relationships increases. Particularly for small firms, these results are consistent with analyses suggesting that fewer bank relationships reduce information asymmetries and agency problems and outweigh hold‐up problems.