کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
973372 1479788 2013 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Does bank relationship matter for corporate risk-taking? Evidence from listed firms in Taiwan
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Does bank relationship matter for corporate risk-taking? Evidence from listed firms in Taiwan
چکیده انگلیسی

Single-bank or multiple-bank relationship can play a role in the degree of corporate risk-taking that inspires financing decisions. We study whether or not the magnitude of corporate risk-taking is associated with bank relationship. We employ the public firms in Taiwan with the sample period from 2001 to 2005 and select three variables centered on earnings volatility and share price volatility as the proxies for corporate risk-taking. The empirical evidence suggests that multiple-bank relationship can drive firms to take higher risks under information asymmetry between banks and firms. The results remain unchanged even after controlling for the main-bank effect. Finally, we observe that firms with smaller size and higher growth opportunity tend to enhance the degree of corporate risk-taking as they develop multiple-bank relationship.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The North American Journal of Economics and Finance - Volume 26, December 2013, Pages 323–338
نویسندگان
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