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The concentration of creditors: Evidence from small businesses
journal contribution
posted on 2023-06-08, 08:39 authored by Liang Han, David Storey, Stuart FraserThis article examines the determinants of concentration of creditors. The empirical evidence drawn from this article supports the proposition of Bolton and Scharfstein (1996) that for negotiation reasons, high-quality borrowers tend to borrow from multiple sources and is contrary to the theoretical prediction of Bris and Welch (2005). This finding implies the existence of hold-up problems in financing small businesses where information conveyance is difficult between lenders. It is further supported by the evidence that dispersed bank relationships are associated with relationships of a longer history and a closer physical distance to lenders.
History
Publication status
- Published
Journal
Applied Financial EconomicsISSN
09603107External DOI
Issue
20Volume
18Page range
1647-1656Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-02-06Usage metrics
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