Collateral,relationship lending and family firms |
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Authors: | Tensie Steijvers Wim Voordeckers Koen Vanhoof |
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Institution: | (1) KIZOK Research Center, Hasselt University, Agoralaan–Building D, Diepenbeek, 3590, Belgium;(2) IMOB, Hasselt University, Wetenschapspark 5, bus 6, 3590 Diepenbeek, Belgium;; |
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Abstract: | Prior research suggested that relationship lending could play a role in solving asymmetric information problems between borrower
and lender. Other studies suggest a relationship between family ownership and the shareholder–bondholder agency conflict.
The present paper investigates the impact of relationship characteristics, family ownership and their interaction effects
upon the use of collateral in SME lending. We examine the determinants of collateral as well as the determinants of the choice
between business and personal collateral using decision tree analysis. The results reveal that relationship characteristics
have a significant influence, but not always in the direction as expected. Moreover, they do not seem to be the primary determinants
in our classification models. The most important determinants in both classification models seem to be the loan amount, total
assets and the family versus non-family firm distinction. In addition, we differentiate between line-of-credit and non-line-of-credit
loans and find significant differences between these decision trees. |
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