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Type | Journal Article |
Scope | Discipline-based scholarship |
Title | Banking sector deregulation, bank–firm relationships and corporate leverage |
Organization Unit | |
Authors |
|
Item Subtype | Original Work |
Refereed | Yes |
Status | Published in final form |
Language |
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Journal Title | Economic Journal |
Publisher | Wiley-Blackwell Publishing, Inc. |
Geographical Reach | international |
ISSN | 0013-0133 |
Volume | 129 |
Number | 618 |
Page Range | 765 - 789 |
Date | 2019 |
Abstract Text | We study the effects of the 1971 deregulation of UK banking on firms’ financial and investment policies. The deregulation was a turning point in the evolution of firm-bank relationships during the twentieth century. Indeed, for more than 80 years prior to deregulation most firms had had a relationship with only one bank: this was no longer the case from 1971 on. Deregulation and intensifying competition in the banking sector spurred firms-in local markets with many banks already active-to increase leverage and to invest more in research and development. Bank debt similarly expanded while trade credit contracted. |
Official URL | https://academic.oup.com/ej/article/129/618/765/5289458 |
Digital Object Identifier | 10.1111/ecoj.12569 |
Other Identification Number | merlin-id:15128 |
PDF File | Download from ZORA |
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