Banks, related variety and firms’ investments

被引：6

作者：

Antonietti R. ^{[1
]}

Cainelli G. ^{[1
,2
]}

Ferrari M. ^{[3
]}

Tomasini S. ^{[3
]}

机构：

[1] Department of Economics and Management “Marco Fanno”, University of Padova, via del Santo 33, Padova

[2] CERIS-CNR, via Bassini 15, Milan

[3] Prometeia, via Marconi 43, Bologna

来源：

Letters in Spatial and Resource Sciences | 2015年 / 8卷 / 1期

关键词：

Error correction model; Fixed investments; Functional distance; Operational proximity; Related variety;

D O I：

10.1007/s12076-014-0130-2

中图分类号：

学科分类号：

摘要：

In this paper, we study whether related variety affects firms’ fixed investment behaviour, and whether this relationship is linked also to the operational and organizational proximity between banks and local economies. By estimating different specifications of a dynamic investment equation on an unbalanced panel of Italian manufacturing firms for the period 2000–2007, we find that related variety boosts fixed investments by lowering their sensitivity to cash flow. This occurs because in technologically related areas banks benefit from lower screening and monitoring costs, easier re-allocation of property rights, and higher likelihood of establishing extended credit relationships with firms. However, we find also that the positive effect of related variety on investments disappears as the functional distance between local branches and their headquarters increases: more hierarchical and less embedded banks find it more difficult to collect tacit information on inter-firm production and financial linkages at the local level and therefore reduce credit provision. © 2014, Springer-Verlag Berlin Heidelberg.

引用

页码：89 / 99

页数：10

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