Bank distress and firms' investment during the Great Recession - evidence from Ireland

被引：1

作者：

Spatareanu, Mariana ^{[1
]}

Manole, Vlad ^{[1
]}

Kabiri, Ali ^{[2
]}

机构：

[1] Rutgers State Univ, Dept Econ, Newark, NJ 07102 USA

[2] Univ Buckingham, Dept Econ & Int Studies, Buckingham, MK, England

来源：

APPLIED ECONOMICS LETTERS | 2017年 / 24卷 / 03期

关键词：

Firm performance; bank distress; crisis; D92; G21; FINANCIAL CRISIS;

D O I：

10.1080/13504851.2016.1170928

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article investigates the impact of bank distress on firms' performance using unique data during the Great Recession for Ireland. The results show that bank distress, measured as banks' credit default swap spreads (CDS), has negatively and statistically significantly affected firms' investment expenditures. Interestingly, firms with access to alternative sources of external finance are not impacted by bank distress. The results are robust to accounting for external finance dependence, demand and trade sensitivities, which affect firm performance and the demand for credit.

引用

页码：143 / 147

页数：5

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