Please use this identifier to cite or link to this item:
https://ah.lib.nccu.edu.tw/handle/140.119/73959
DC Field | Value | Language |
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dc.contributor | 金融系 | |
dc.creator | Shen, Chung-Hua;Wamg, Chien-An | |
dc.creator | 沈中華 | zh_TW |
dc.date | 2005 | |
dc.date.accessioned | 2015-03-23T10:19:07Z | - |
dc.date.available | 2015-03-23T10:19:07Z | - |
dc.date.issued | 2015-03-23T10:19:07Z | - |
dc.identifier.uri | http://nccur.lib.nccu.edu.tw/handle/140.119/73959 | - |
dc.description.abstract | This paper investigates the effects of a bank relationship on reducing a firm`s financial asymmetric information in an investment function. A bank relationship is proxied by the number of banks that a firm engages for its borrowing activities. A bank relationship is further divided into two regimes, i.e., a strong and a weak bank relationship regime, where the former is defined as one with smaller number of loan related-bank, and the latter is one with a greater number. It is expected that a strong bank relationship reduces the asymmetric information, i.e., investment cash-flow sensitivity here. Based on the examination of unique Taiwanese bank transaction data, our results show that investment is less sensitive to cash flow when a firm has a strong bank relationship. This implies that the firm holds less cash flow in hand for future investment expenditures. By contrast, when a firm has a weak bank relationship, the investment is sensitive to cash-flow. Our results are robust regardless if the bank relationship is proxied by either the loan amount or loan duration. | |
dc.format.extent | 180705 bytes | - |
dc.format.mimetype | application/pdf | - |
dc.relation | Pacific-basin Finance Journal, 13(2), 163-184 | |
dc.subject | Bank relationships; Investment; Financial constraints; Cash-flow sensitivity | |
dc.title | Does bank relationship matter for a firm`s investment and financial constraints? The case of Taiwan | |
dc.type | article | en |
dc.identifier.doi | 10.1016/j.pacfin.2004.07.004 | en_US |
dc.doi.uri | http://dx.doi.org/10.1016/j.pacfin.2004.07.004 | en_US |
item.grantfulltext | restricted | - |
item.fulltext | With Fulltext | - |
item.cerifentitytype | Publications | - |
item.openairecristype | http://purl.org/coar/resource_type/c_18cf | - |
item.openairetype | article | - |
Appears in Collections: | 期刊論文 |
Files in This Item:
File | Description | Size | Format | |
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S0927538X0400071X.pdf | 176.47 kB | Adobe PDF2 | View/Open |
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