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Bank Concentration and Financing of Croatian Companies

机译:克罗地亚公司银行集中度与融资

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According to conflicting theoretical considerations, as well as the results of the existing empirical researches, bank concentration could lead to either credit rationing or enhancing firm credit access. This paper analyzes the impact of banking industry structure on firm financing in Croatia controlling for other firm-level, banking sector-level as well as macroeconomic determinants of firm leverage. The analysis is based on the sample of 1062 manufacturing enterprises over the period from 2002 to 2011 and performed by applying dynamic panel methodology. Our findings confirm the validity of the market structure theory according to which bank concentration impedes firm financing.
机译:根据相互冲突的理论考虑,以及现有的实证研究结果,银行集中可能会导致信贷配给或加强企业信贷进入。 本文分析了银行业结构对克罗地亚融资的影响,控制其他企业级,银行业级别以及公司杠杆公司宏观经济决定因素。 分析基于2002年至2011年的1062家制造企业的样本,并通过应用动态面板方法进行。 我们的研究结果证实了市场结构理论的有效性,根据该银行集中阻碍了公司融资。

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