Gajewski, Krzysztof and Pawłowska, Małgorzata and Rogowski, Wojciech (2012): Relacje firm z bankami w Polsce w świetle danych ze sprawozdawczości bankowej. Published in: Materiały i Studia - National Bank of Poland No. 275 (October 2012)
Download (1MB) | Preview
The purpose of the study was to identify factors which influence bank-firm relationships in Poland, herein identified with relationship banking. The results of empirical analysis have demonstrated that Polish firms readily establish single-bank relationships. The results of the econometric model, on two data panels, enabled verification of hypotheses concerning the determinants of relationship banking in Poland from the perspective of characteristics of firms, their crediting banks and macroeconomic environment. On the part of firms, the factors whose influence has been identified include: size, profitability, the manner of financing, investment activity, innovativeness, form of ownership, credit risk and facility size. On the part of the financial sector, the verification covered the influence of competition in the banking sector, competition on the part of the capital market and development of the banking sector. The study also concerned the impact of the business cycle on relationship banking in Poland. The study utilised panel data from different sources: B0300 report (NBP) in years 1997–2010, F-01/I-01 report (Central Statistical Office (GUS)) in years 2005–2010 and other aggregated data (NBP, WSE).
|Item Type:||MPRA Paper|
|Original Title:||Relacje firm z bankami w Polsce w świetle danych ze sprawozdawczości bankowej|
|English Title:||Bank-firm relationships in Poland in the light of data from bank reporting|
|Keywords:||number of bank relationships, relationship banking|
|Subjects:||C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables > C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
C - Mathematical and Quantitative Methods > C4 - Econometric and Statistical Methods: Special Topics > C41 - Duration Analysis ; Optimal Timing Strategies
G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General
G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
|Depositing User:||Małgorzata Pawłowska|
|Date Deposited:||10. Nov 2012 07:25|
|Last Modified:||15. Mar 2015 13:23|
Abildgren K., B.V. Buchholst, J. Staghøj (2011), Bank-firm relationships and the performance of non-financial firms during the financial crisis 2008-09- microeconometric evidence from large-scale firm-level data, Working Paper, No. 73, Danmarks National Bank.
Agarwal R., J.A. Elston (2001), Bank-firm relationship, financing and firm performance in Germany, Economic Letters, 72(2), pp. 225-232.
Albertazzi U., D.J. Marchetti (2010), Credit Supply, Flight to Quality and Evergreening: An Analysis of Bank-Firm Relationship after Lehman, Banco D’Italia Working Paper No. 756.
Antao P., Ferreirra M.A. Lacerda (2011), Banks’ Corporate Control and Relationship Lending: Evidence from Retail Loans, Working Paper, No. 17, Banco de Portugal.
Baltagi B. (2001), Econometric analysis of panel data, Second Edition, John Wiley & Sons.
Berger A. (1999), The ‘Big Picture’ of Relationship Finance, w: J.L.Blanton, A.Williams, S.L.Rhine (red.), Business Access to Capital and Credit, A Federal Reserve System Research Conference, pp. 390-400.
Berger A.N., L.G. Goldberg, L.J. White (2001), The Effects of Dynamic Changes in Bank Competition on the Supply of Small Business Credit, European Finance Review, 5, pp. 115-139.
Berg G., J. Schrader (2009), Relationship Lending in Times of Crises: What About Default and Interest Rates?, http://ssrn.com/abstract=1497506.
Berger A.N., G.F. Udell (1995), Relationship Lending and Lines of Credit in Small Firm Finance, Journal of Business, 68, pp. 351-381.
Berger A.N., G.F. Udell (2002), Small business credit availability and relationship lending: The importance of bank organizational structure, Economic Journal, 112, F32–F53. Bernanke B.S., A.S. Blinder (1988), Credit, Money and Aggregate Demand, American Economic Review, 78 (2), pp. 435-39.
Bhattacharya S., G. Chiesa (1995), Proprietary information, financial intermediation and research incentives, Journal of Financial Intermediation, 4, pp. 328–357.
Biais B., C. Gollier (1997), Trade Credit and Credit Rationing, The Review of Financial Studies, 10(4), pp. 903-937.
Bieć A. (2012), Rejestry kredytowe. Teoria i praktyka, Oficyna Wydawnicza SGH, Warsaw. Bolton P., D.S. Scharfstein (1996), Optimal Debt Structure and the Number of Creditors, The Journal of Political Economy, 104(1), pp. 1-25.
Bonfim D., Q. Dai, F. Franco (2009), The number of bank relationships, borrowing costs and bank competition, Working Paper, No. 12, Banco de Portugal.
Boot A.W.A. (2000), Relationship Banking: What Do We Know, The Journal of Financial Intermediation, 9, pp. 7-25.
Boot A.W.A., S.I. Greenbaum, A.V. Thakor (1993), Reputation and discretion in financial contracting, American Economic Review, 83, pp. 1165–1183.
Boot A.W.A., M. Marinc (2008), The evolving landscape of banking, Industrial and Corporate Change, 17(6), pp. 1173–1203.
Boot A.W.A., A.V. Thakor (2000), Can relationship Banking Survive Competition?, The Journal of Finance, 55(2), pp. 679-713.
Brighi P., G. Torluccio (2009), The financing menu of R&D and traditional investments, Working Paper, No. WP-09, RCEA.
Broecker T. (1990), Creditworthiness tests and interbank competition, Econometrica, 58, pp. 429–452.
Carletti E. (2004), The structure of bank relationships, endogenous monitoring, and loan rates, Journal of Financial Intermediation, 13, pp. 58–86.
Carletti E., V. Cerasi, S. Daltung (2007), Multiple-bank lending: Diversification and free-riding in monitoring, Journal of Financial Intermediation, 16, pp. 425–451.
Castelli A., G.P. Dwyer, I. Hasan (2006), Bank Relationships and Small Firms’ Financial Performance, Working Paper, No. 2006-5, Federal Reserve Bank of Atlanta.
Castelli A., G.P. Dwyer, I. Hasan (2010), Bank Relationships and Firms’ Financial Performance: The Italian Experience, European Financial Management, 18(1), pp. 28-67.
Ciecieląg J., Tomaszewski A. (2003), Ekonometryczna Analiza Danych Panelowych, Uniwersytet Warszawski, Wydział Nauk Ekonomicznych, Warsaw.
Chang C., G. Liao, X. Yu, Z. Ni (2010), Information from Relationship Lending: Evidence from Loan Defaults in China, Discussion Paper, No. 2009-10S, European Banking Center.
Cole R.A., L.G. Goldberg, L.J. White (2004), Cookie Cutter vs. Character: The Micro Structure of Small Business Lending by Large and Small Banks, Journal of Financial and Quantitative Analysis, 39, pp. 227-251.
Cosci S., V. Meliciani (2002), Multiple Banking Relationships: Evidence from the Italian Experience, Manchester School Supplement, 70, pp. 37-54.
Cull R., S. Haber, M. Imai (2011), Related Lending and Banking Development, Policy Research Working Paper, No. 5570, The World Bank Development Research Group, Finance and Private Sector Development Team.
Degryse H., M. Kim, S. Ongena (2009), Microeconomics of Banking: Methods, Applications and Results, Oxford University Press.
Degryse H., N. Masschelein, J. Mitchell (2005), Staying, Dropping, or Switching: The Impacts of Mergers on Small Firms, The Review of Financial Studies, 24(4), pp. 1102-1140.
Degryse H., S. Ongena (2001), Bank Relationships and Firm Performance, Financial Management, 30, pp. 9-34.
Detragiache E., P. Garella, L. Guiso (2000), Multiple versus Single Banking Relationships: Theory and Evidence, The Journal of Finance, 55(3), pp. 1133-1161.
Diamond D. (1984), Financial intermediation and delegated monitoring, Review of Economic Studies, 51, pp. 393–414.
Diamond D. (1991), Monitoring and reputation: The choice between bank loans and directly placed debt, Journal of Political Economy, 99, pp. 689–721.
Dietsch M. (2003), Financing small businesses in France, Working Paper, No. 93-119, European Investment Bank.
Dinc I.S. (2000), Bank reputation, bank commitment, and the effects of competition in credit markets, Review of Financial Studies, 13(5), pp. 781-812.
Dong B., Y. Li (2010), The Relationship Banking Paradox: No Pain No Gain versus Raison d’etre, Working Paper, School of International Trade and Economics.
Dumontaux N., A. Pop (2009), Contagion Effects in the Aftermath of Lehman’s Collapse: Measuring the Collateral Damage, http://www.univ-orleans.fr/leo/afse2010 /papiers/PopAdrian.pdf.
ECB (2005), Consolidation and Diversification in the euro area banking sector, Monthly Bulletin, May.
ECB (2011), Recent Development in National Credit Registers, Working Group on Credit Registers, mimeo.
Elsas R., J.P. Krahnen (1998), Is relationship lending Special? Evidence from Credit-File data in Germany, Journal of Banking and Finance, 22, pp. 1283–1316.
Elsas R. (2005), Empirical determinants of relationship lending, Journal of Financial Intermediation, 14, pp. 32–57.
Elyasiani E., L.G. Goldberg (2004), Relationship Lending. A survey of the literature, Journal of Economics and Business, 56, pp. 315-330.
Ergungor O.E., J.B. Thomson (2005), Systemic Banking Crisis, Policy Discussion Papers, No. 9/2005.
Fok R.C.W., Y.C. Chang, W.T. Lee (2004), Bank Relationships and their Effects on Firm Performance around the Asian Financial Crisis: Evidence from Taiwan, Financial Management, 33, pp. 89-112.
Gambini A., A. Zazzaro (2010), Long-Lasting Bank Relationships and Growth of Firms, Working Paper, No. 3106, Cesifo.
Gersl A., P. Jakubík (2010), Relationship Lending, Firms’ Behaviour and Credit Risk: Evidence from the Czech Republic, Working Paper, No. 22/2010, IES FSV Charles University.
Giovanni F., T. Kang, I. Kim (2001), The Value of Relationship Banking during Financial Crises: Evidence from the Republic of Korea, Working Paper, No. 2553, The World Bank.
Greenbaum, S., G. Kanatas, I. Venezia (1989), Equilibrium Loan Pricing Under the Bank-Client Relationship, Journal of Banking and Finance, 13, pp. 221-235.
Harhoff D., T. Körting (1998b), How Many Creditors Does It Take To Tango?, Discussion Paper, Wissenschaftszentrum Berlin and Zentrum für Europäische Wirtschaftsforschung, Mannheim.
Harhoff D., T. Körting (1998a), Lending relationships in Germany: empirical results from survey data, Journal of Banking and Finance, 22, pp. 1317-1353.
Hsiao C. (2003), Analysis of panel data, Second Edition, Cambridge University Press.
Heffernan S. (2007), Nowoczesna bankowość, PWN, Warsaw.
Hodgman D.R. (1961), The Deposit Relationship and Commercial Bank Investment Behavior, Review of Economics and Statistics, 41, pp. 257-261.
Hodgman D.R. (1963), Commercial Bank Loan and Investment Policy, Bureau of Economic and Business Research, University of Illinois, Urbana-Champaign.
Hommel U., H. Schneider (2003), Financing the German Mittelstand, Investment Bank Papers, 8, pp. 53-80.
Hoshi T., A. Kashyap, D. Scharfstein (1990), The role of banks in reducing the costs of financial distress in Japan, Journal of Financial Economics, 27(1), pp. 67-88.
Houston J., C. James (2001), Do Relationships Have Limits? Banking Relationships, Financial Constraints, and Investment, The Journal of Business, 74(3), pp. 347-374.
Jimenez G., J. Saurina (2004), Collateral, Type of Lender and Relationship Banking as Determinants of Credit Risk, Journal of Banking and Finance, 28, pp. 2191–2212.
Karczewski K. (2007), Limity koncentracji kredytów w ustawie Prawo bankowe, Prawo Bankowe, November, pp. 48-58.
Kashyap A.K., J.C. Stein, D.W. Wilcox (1993), Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance, American Economic Review, 83 (1), pp. 78-98.
Keeley M. C. (1990), Deposit Insurance Risk and Market Power in Banking, American Economic Review, 80, s. 1183-1200.
KNF (2011), Komisja Nadzoru Finansowego. Pięć lat działalności.
Karceski J, S. Ongena, D. Smith (2005), The Impact of Bank Consolidation on Commercial Borrower Welfare, The Journal of Finance, 60(4).
Koch T.W., S.S. Macdonald (2010), Bank management, South-Western, Cengage Learning.
Koleśnik J. (2010), Limit koncentracji zaangażowań w instytucjach kredytowych - nowe paradygmaty regulacyjne, Zeszyty Naukowe, Uniwersytet Ekonomiczny w Poznaniu, 144, pp. 178-188.
Kutsuma K., J.K. Smith, R. Smith (2005), Banking relationships and access to equity capital markets: evidence from Japan's main bank system, Working paper, No. 2005-04, Claremont Institute for Economic Policy Studies.
Machauer A., M. Weber (2000), Number of Bank Relationships: An Indicator of Competition, Borrower Quality, or just Size?, Working Paper, No. 2000/06, CFS, Frankfurt/Main.
Marzec J., M. Pawłowska (2011), Racjonowanie kredytów a substytucja między kredytem kupieckim i bankowym – badania na przykładzie polskich przedsiębiorstw, Materiały i Studia, No. 261, NBP.
Memmel C., C. Schmieder, I. Stein (2007), Relationship Lending – Empirical Evidence for Germany, Discussion Paper, No. 14/2007, Deutsche Bundesbank.
Memmel C., C. Schmieder, I. Stein (2008), When Do Companies Choose Relationship Lender, When Do They Switch? Deutsche Bundesbank, mimeo.
Nam S-W. (2004), Relationship Banking and Its Role in Corporate Governance, Research Paper, No. 56, ADB Institute.
NBP (2010, 2011), Raport o rozwoju sektora finansowego w Polsce.
Neuberger D., S. Rathke (2006), Microenterprises and Multiple Bank Relationships: Evidence from a Survey among Professionals, Thuenen-Series of Applied Economic Theory, No. 61, University of Rostock, Institute of Economics.
Nilsen J. (2002), Trade credit and the bank lending channel, Journal of Money, Credit and Banking, 34(1), pp. 226-253.
OECD (2003), OECD Science, Technology and Industry Scoreboard 2003, OECD Publishing. doi: 10.1787/sti_scoreboard-2003-en.
Ogawa K., E. Sterken, I. Tokutsu (2005), Bank control and the number of bank relations of Japanese firms, Working Paper, No. 1589, CESifo.
Ongena S., D.C. Smith (2000a), Bank Relationships: A Survey, w: P. Haker, S.A. Zenios, The Performance of Financial Institutions, Cambrige University Press, London.
Ongena S., D.C. Smith (2000b), What Determines the Number of Bank Relationships, Journal of Financial Intermediation, 9(January), pp. 26-56.
Ogura Y., N. Yamori (2008), Lending Competition and Relationship Banking: Evidence from Japanese Prefectural Level Data, www.ssrn.com.
Peltoniemi J.J. (2007). The Benefits of Relationship Banking: Evidence from Small Business Financing in Finland, Journal of Financial Services Review, 31(1), pp.153–171.
Petersen M.A., R.G. Rajan (1994), The Benefits of Lending Relationships: Evidence from Small Business Data, The Journal of Finance, 49(1), pp. 3-37.
Petersen M.A., R.G. Rajan (1995), The Effect of Credit Competition on Lending Relationships, The Quarterly Journal of Economics, 110(2), pp. 406-443.
Presbitero A.F., A. Zazzaro (2010), Competition and Relationship Lending: Friends or Foes?, Working Paper, No. 3103, CESifo.
Qian J., P.E. Strahan (2007), How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans, Journal of Finance, 62, pp. 2803-2834.
Rajan R.G. (1992), Insiders and Outsiders: the Choice between Informed and Arm's-length Debt, Journal of Finance, 47, pp. 1367-1400.
Rajan R.G. (1996), Why Banks Have a Future: Towards a New theory of the Commercial Bank, Journal of Applied Corporate Finance, 9(2), pp. 114-128.
Rajan R.G. (1998), The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens, Journal of Money, Credit and Banking, 30, pp. 524-550.
Rajan R., L. Zingales (1998), Financial Dependence and Growth, The American Economic Review, 88(3), pp. 559-589.
Schildbach J. (2009), Global banking trends after the crisis, EU Monitor, No. 67, Deutsche Bank Research.
Schildbach J. (2011), Home, sweet home? International banking after the crisis, EU Monitor, No. 80, Deutsche Bank Research.
Schmierder C. (2006), The Deutsche Bunbdesbank's Large Credit Database (BAKIS-M and MiMiK), Schmollers Jahrbuch, 126(4), pp. 653-663.
Sharpe S.A. (1990), Asymmetric Information, Bank Lending, and Implicit Contracts: a Stylised Model of Customer Relationships, The Journal of Finance, 45(4), pp. 1069-1087.
Slovin M.B., M.F. Sushka, J.A. Polonchek (1993), The Value of Bank Durability: Borrowers and Bank Stakeholders, The Journal of Finance, 48, pp. 247-266.
Stein I., C. Memmel, C. Schmieder (2010), Marrying and breaking up: Firms and their relationship lenders, www.ssrn.com.
Stiglitz J.E., I. Weiss (1981), Credit Rationing in Markets with Imperfect Information, American Economic Review, 71(3), pp. 393-410.
Von Rheinbaben J., M. Ruckes (2004), The number and the closeness of bank relationships, Journal of Banking and Finance, 28 pp. 1597-1615.
Von Thadden E.L. (1992), The Commitment of Finance, Duplicated Monitoring and the Investment Horizon, Working Paper Series in Financial Markets, No. 27, ESF-CEPR.
Von Thadden E.L. (1995), Long-term contracts, short-term investment and monitoring, Review of Economic Studies, 62, pp. 557–575.
Von Thadden E.L. (2004), Asymmetric information, bank lending and implicit contracts: the winner's curse, Finance Research Letters, 1(1), pp. 11–23.
Tymoczko I., M. Pawłowska (2007), Uwarunkowania dostępności kredytu bankowego – analiza, Bank i Kredyt, 38(6), pp. 47-68.
Valderrama M. (2001), Credit channel and investment behavior in Austria: A micro-econometric approach, Working Paper, No. 108, European Central Bank.
Van Hoose D. (2010), The Industrial Organization of Banking, Bank Behavior, Market Structure, and Regulation, Springer-Verlag, Berlin Heidelberg.
Van Overfelt W., J. Annaert, M. De Ceuster, M. Deloof (2005), Do Universal Banks Create Value? Universal Bank Affiliation and Company Performance in Belgium, 1905-1909, www.ssrn.com.
Wallace V., A. Herrick (2009), The Future of Banking. Reappraising Core Capabilities after the Crisis, Booz & Company.
Weinstein D.E., Y. Yafeh (1998), On the costs of a bank-centered financial system: Evidence from the changing main bank relations in Japan, The Journal of Finance, 53(2), pp. 635-672.
Wood J. (1975), Commercial Bank Loan and Investment Behavior, John Wiley and Sons, London.
Wooldridge J. (2002), Econometric analysis of cross-section and panel data, The MIT Press.
Yafeh Y., O. Yosha (2001), Industrial Organization of Financial Systems and Strategic Use of Relationship Banking, European Finance Review, 5(1-2), pp. 63-78.
Yamori N., A. Murakami (1999), Does Bank Relationship Have an Economic Value? The Effect of Main Bank Failure on Client Firms, Economics Letters, 65, pp. 115-120.
Yosha O. (1995), Information Disclosure costs and choice of financing Source, Journal of Financial Intermediation, 4, pp. 3-20.
Zalega K. (2004), Relationship banking jako struktura pośrednictwa finansowego, Bank i Kredyt, 35(6), pp. 94-99.