Berger, Allen N.; El Ghoul, Sadok; Guedhami, Omrane; … - 2021
observations. We find that bank term loans and credit lines are strongly positively associated with firm value, but only when … only at high bank debt intensities. Our results hold broadly but are stronger for credit-constrained firms—small firms and … credit lines better promote long-run growth. The findings suggest future research topics and have policy implications …