Leandro D’Aurizio; Oliviero, Tommaso; Romano, Livio - Centro Studi di Economia e Finanza (CSEF) - 2014
This paper studies how access to bank lending differed between family and non-family firms in the 2007-2009 financial … borrower-lender relationship. Using highly detailed data on bank-firm relations, we exploit the reduction in bank lending in … crisis. The theoretical prediction is that family block-holders’ incentive structure results in lower agency conflict in the …