Lending Relationships,Bank Default and Economic Activity

The paper reviews contributions in the literature, which lend theoretical and empirical credibility to the idea that the banking relationship is valuable and important for the firm. Banks offer a lending relationship as the solution to the firm's ongoing credit needs. Bank default disrupts this relationship. Hence risk in the banking sector influences the value of the relationship, the cost of corporate finance, and the level and growth of real activity. As bank default is often the result of fraud and internal irregularities, it is hard to predict. Bank default affects the economy through a number of different channels. The loss of the relationship, benefit for the firm is an important route through which the health of the banking sector influences real activity.     

Complementarity between Relationship Lending and Collateral in SME Access to Bank Credit: Evidence from Ethiopia

ABSTRACT

Despite their contribution to job creation, small and medium enterprises (SMEs) are financially constrained. Lenders view SMEs as high risk borrowers and hence demand collateral, but lack of collateral inhibits SMEs access to credit. Relationship lending is believed to lessen collateral requirement and increase SMEs access to credit. However, recent studies question substitutability of relationship lending and collateral. The present study adds to the debate by drawing on the survey of 102 randomly selected manufacturing SMEs in Ethiopia. Our binary logistic regression results suggest that banks in Ethiopia are cautious in extending credit to SMEs, evidenced by simultaneous usage of relationships, collateral and other criteria, suggesting complementarity between collateral and relationship lending.     

Extra Credit: Bank Finance and Firm Export Status in Germany

This paper estimates the exporter premium in bank lending. We examine credit relationships in Germany, covering all loans of more than 1.5 million euro over the period from 2005 to 2010. Having controlled for a wide range of other firm and bank characteristics, our results indicate that exporting firms take out loans around 15 per cent larger than those of non‐exporters.     

市场竞争、银行信贷与上市公司商业信用

商业信用是企业特别是受到信贷约束的中小私有企业获得外部融资的一种重要方式。利用2004—2008年中国制造业上市公司数据,分析市场竞争与银行贷款对上市公司商业信用的影响。结果显示:市场竞争和应收账款正相关,和应付账款负相关;随着银行贷款的增加,企业的应收和应付账款都有所增加。     

Trade Credit,Bank Credit,and Flight to Quality: Evidence from French SMEs

This paper investigates the impact of the global financial crisis on the allocation of credit to small and medium‐sized enterprises (SMEs). Using samples of French SMEs from four industries, we found support for the prediction of the flight‐to‐quality hypothesis that in bad times, credit flows away from smaller constrained firms to larger, higher grade firms. We also examined the relation between bank credit and trade credit in terms of two hypotheses: the substitution hypothesis and the complementary hypothesis. The results of fixed effects panel regressions showed that trade credit for small firms during periods of tight money acts generally as complement rather than substitute to bank credit, thus providing empirical support for the redistribution view of trade credit.     

The Choice between Bank Debt and Trace Credit in Business Start-ups

This paper investigates the choice between bank debt and trade credit in business start-ups. While trade credit is more expensive than bank debt, suppliers tend to follow a more lenient liquidation policy when client firms encounter financial distress. As a result, suppliers are more willing to renegotiate the outstanding debt or grant additional debt whereas banks are more likely to liquidate borrowers upon default. Given the risky nature of business start-ups, we argue that the entrepreneur’s choice of debt instruments reflects these differences in liquidation policy between lenders and is thus determined by the venture’s failure risk, the entrepreneur’s private control benefits that are lost upon liquidation and the liquidation value of firm assets. Using unique data on 325 first-time business start-ups, we find that firms in industries with high historical start-up failure rates and entrepreneurs who tend to highly value private benefits of control use less bank debt. These effects are especially prevalent in start-ups where assets have a high liquidation value and thus banks are more likely to liquidate the venture following default. An erratum to this article can be found at     

银行与企业征信体系的博弈分析

在企业征信体系建立过程中,银行与企业的关系在一定程度上影响企业征信体系。从博弈论的角度,运用纳什均衡理论分别对大企业和中小企业同银行的博弈关系进行分析。在现行的制度条件下,企业在与银行进行博弈的最优策略是失信;同时,在重复性博弈的条件下,银行与企业双方的合作可以通过建立企业征信体系这样的信誉机制实现,并在银行和企业征信体系建立过程中起到指导作用。     

Small Firm Finance, Credit Rationing, and the Impact of SBA-Guaranteed Lending on Local Economic Growth

Increasingly, policymakers look to the small business sector as a potential engine of economic growth. Policies to promote small businesses include tax relief, direct subsidies, and indirect subsidies through government lending programs. Encouraging lending to small business is the primary policy objective of the Small Business Administration (SBA) loan-guarantee program. Using a panel data set of SBA-guaranteed loans, we assess whether or not SBA-guaranteed lending has an observable impact on local economic performance. We find a positive and significant (although economically small) relationship between the relative levels of SBA-guaranteed lending in a local market and the future per capita income growth in that market.     

Trust and Commitment in Service Relationships

ABSTRACT

This essay tnkes a constructive look at what seems to be incomplete information in Donald J. Shemwell, Jr. and J. Joseph Cronin, Jr.'s recent article in this journal (Vol. J, No. 2), about trust and commitment in service relationships. Wc believe that the information is critical to appreciating fully Shemwell and Cronin's contribution to the marketing literature.     

Trust and Commitment in Customer/Service-Provider Relationships:

This study highlights the importance of relationships in the marketing of services. Relationships constructs such as Trust, Affective Commitment, and Continuance Commitment are operationalized in a marketing context and used as dependent variables in an empirical study of differences in how males and females approach relationships with three types of service providers (primary care physicians, automobile mechanics, and hairstylists). The data shows that females seek more trust and commitment within the service provider/customer relationship than males. Also, consumers in general place more trust in and are more committed to their doctor and their hairstylist than to their mechanic.     

我国对外贸易与国际物流关系的实证研究

为了更好地理解国际贸易与国际物流的关系,制定出合适的协同发展战略,本文选取国际贸易与国际物流之间的关系作为研究对象进行了实证分析。首先,结合指标的合理性和数据的可得性选取了分析变量;在此基础上利用时间序列数据,运用Granger因果检验的方法对国际贸易和国际物流之间的关系进行了研究,并得出结论:我国的国际贸易与物流存在着反馈性的因果关系;其中,物流对贸易的促进作用比贸易对物流的促进作用要稍大一些。     

The Impact of Firm Capabilities and Competitive Advantages on Import Intermediary Performance

ABSTRACT

Import intermediary firms, domestic firms that serve U.S. industries by linking domestic wholesalers/retailers and foreign distributors/manufacturers, handled a whopping U.S. $1.85 trillion of commodity good imports in 2006. This study focused on these important firms by assessing the role of capabilities and competitive advantages as key determinants of import intermediary performance. The empirical results showed that market interpretation, sourcing, and service capabilities, overall, positively affected cost, product, and service competitive advantages. These competitive advantages, in turn, positively affected their relationship performance with business partners. Results, however, also indicated some interesting negative associations among sourcing capabilities, service advantages, and relationship performance with foreign partners, raising questions about extant firm performance theory.     

Commitment and Trust in Cross-National Channel Relationships

Abstract

Cross-national channel relationships are becoming increasingly important, so it is time for research in the channels literature to continue beyond a focus of channel relationships within a single country or channel design for market entry. The author presents a model of commitment in cross-national manufacturer-distributor relationshipsthat extends the commitment-trust theory of relationship marketing by incorporating four constructs conceptualized to represent the influence of a firm's current and prospective partners on the focal relationship: resource transferability-to partner; resource transferabil-ity-from partner; resource particularity-adaptation and resource particularity-consumption. Data collected from 143 U.S. manufacturers, 106 Mexican manufacturers, and 97 Mexican distributors show that the model generalizes across this national boundary. In particular, a similar influence of mutuality on trust and trust on commitment was observed for both manufacturers and distributors. The influence of resource transferability, particularity on the relationship, was also observed. The findings provide strong support for extending the commitment-trust theory to aid the study and management of cross-national channel relationships.     

Innovation and Trade Policy Coordination: The Role of Firm Heterogeneity

Recent studies have concluded that R&D grants can induce firms to export and that exporting and innovating can be complementary activities at the firm level. Yet the trade literature has paid little attention to the scope of innovation policy as a stimulus to both trade and innovation. To investigate this question, we rely on a general workhorse model of trade and firm heterogeneity with firm investments in R&D activities. The interplay of innovation and trade policies uncover novel results. In particular, we show that the effects of either policy depend on the degree of protectionism in a country. Therefore, countries can respond differently to the same policy, and similarly to different policies. In such a context, different governments may face different trade‐offs in achieving a given target.     

《服务贸易总协定》的承诺方式及困境

乌拉圭回合的主要成果之一是缔结了《服务贸易总协定》(GATS),为各国有关服务贸易法律和政策的制定确立了多边规则与纪律,极大地扩展了多边贸易体制的范围。《服务贸易总协定》为多边贸易体制历史上未曾涉猎的领域创设了多边纪律,但就其实现服务贸易自由化的程度而言,也只是迈向自由化的探索性的第一步。《服务贸易总协定》所确立的体制仍然相当脆弱并尚待完善,其在法律形式上表现为对承诺方式的选择。     

上下游企业的信任与赊销战略——兼论区域金融发展的干扰效应

以沪深股市1990—2009年间的非金融上市公司为研究样本,利用Tobit模型和Inter-val模型对上下游企业的信任对上市公司赊销战略的影响以及区域金融发展对前两者关系的干扰效应展开研究。研究发现:上下游企业的总信任以及上游企业的信任会促使上市公司增加使用赊销战略,而下游企业的信任则会诱使上市公司减少赊销战略的使用;区域金融发展和上下游企业的总信任以及区域金融发展和上游企业的信任在对赊销战略的影响上是替代关系,但区域金融发展和下游企业的信任两者在影响公司赊销战略上的不确定关系仍待证实。     

电子商务时代国际贸易中介存在的必要性

通过一个微观经济学模型,说明在存在较高交易费用的情况下,有效率的中介参与交易将优于买卖双方的直接交易。互联网的应用尽管会使得一些传统国际贸易中介受影响甚至被取代,但由于仍然存在各种交易费用,中介仍然有存在的必要性,新的网络贸易中介还将进一步兴起和发展。     

Bank Debt Use and Firm Size: Indian Evidence

The paper employs a sample of listed Indian manufacturing firms over the period 1995–2004 to examine the factors influencing the concentration of bank debt in total debt. The results indicate that the factors vary by firm size. Small to medium-sized firms have a high concentration of bank debt. The results support the reputation view that firms face differential debt choice as they grow larger. When evaluating bank regulations, policymakers need to consider the importance of the reputation-building service which banks provide to businesses.     

Owner Commitment and Relational Governance in the Privately-Held Firm: An Empirical Study

This paper examines owner commitment and relational governance in the privately-held firm. The proposed model goes beyond agency theory to include research on organization commitment and organization citizenship behaviors, as well as stewardship theory, organizational social capital theory, social identity theory and social exchange theory. Results support predictions of stewardship theory and organizational social capital theory that owner commitment and firm performance are positively related.