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| Author: | Alessandrini, P. Presbitero, A.F. Zazzaro, A. |
| Title: | Banks, distances and firms' financing constraints |
| Journal: | Review of finance
2009 : VOL 13:2 p. 261-307 |
| Index terms: | deregulation information technology operations management italy diffusion |
| Language: | eng |
| Abstract: | Bank regulation and progress in information technology altered the geographical diffusion of banking structures and instruments, and reduced operational distance between banks and local economies. However, the consolidation of the banking industry promoted the geographical concentration of banking decision-making centres and increased functional distance between local banking systems and local borrowers. This paper focuses on the impact that these spatial diffusion-concentration phenomena had on the financing constraints of Italian companies over the period 1996-2003. It is shown that greater functional distance stiffened financing constraints, especially for small firms, while smaller operational distance did not always enhance credit availability. |
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