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Investment in Relationship-Specific Assets: Does Finance Matter?

In English

Författare

  • Martin Strieborny
  • Madina Kukenova

Summary, in English

Banks (but not stock markets) promote economic growth by facilitating relationship-specific investment between buyers and suppliers of intermediate goods. Combined insights from literature on signaling role of banks and on relationship-specific investment motivate this economic channel: A supplier is reluctant to undertake relationship-specific investment as she cannot observe financial stability and planning horizon of buyer. Banks can mitigate this information asymmetry. Empirical results from 28 industries in 90 countries confirm that industries dependent on relationship-specific investment from their suppliers grow disproportionately faster in countries with a well-developed banking sector. The channel works via increased entry of new firms and higher capital accumulation.

Publiceringsår

2016

Språk

Engelska

Sidor

1487-1515

Publikation/Tidskrift/Serie

Review of Finance

Volym

20

Issue

4

Dokumenttyp

Artikel i tidskrift

Förlag

Oxford University Press

Ämne

  • Economics

Nyckelord

  • banks and real economy
  • relationship-specific investment
  • economic growth
  • G21
  • G10
  • O16
  • O40

Status

Published

ISBN/ISSN/Övrigt

  • ISSN: 1572-3097