Espenlaub, Susanne, Khurshed, Arif and Sitthipongpanich, Thitima (2012) Bank connections, corporate investment and crisis. Journal of Banking and Finance, 36 (5). pp. 1336-1353. ISSN 0378-4266
Metadata only available from this repository.Abstract
Against the backdrop of a severe financial crisis and extensive restructuring of the financial sector, we investigate the evolution and determinants of connections between firms and banks, and the impact of bank connections on corporate investment. Our study examines Thai non-financial companies during 1995–2000, a period straddling the East Asian Financial Crisis of 1997–1998. Before the crisis, bank-connections are common and associated with significantly lower sensitivity of corporate investment to internal cash flow. After the crisis, and following substantial changes in bank ownership and governance due to financial-sector reforms and restructuring, far fewer firms are bank-connected and connections no longer affect investment–cash flow sensitivity
Item Type: | Article |
---|---|
Subjects: | H Social Sciences > HG Finance |
Schools: | Huddersfield Business School |
Depositing User: | Thitima Sitthipongpanich |
Date Deposited: | 26 Apr 2017 09:03 |
Last Modified: | 28 Aug 2021 12:15 |
URI: | http://eprints.hud.ac.uk/id/eprint/31735 |
Downloads
Downloads per month over past year
Repository Staff Only: item control page
![]() |
View Item |