Using quantile regression, our results provide explanations for the inconsistent findings that use conventional OLS regression in the extant literature. While the direct effects of RD while firms' advantages with low RD whereas it is decreasing in high Q firms. Main banks add value for low to...

This study examines the relationship between how firms borrow from banks and various corporate financial characteristics in an emerging economy. Using Taiwanese listed firms over the 1990-2002 period, we find, on the one hand, that older firms tend to maintain a close relationship with a single...

Using an effective sample of 3,453 observations selected from the Taiwanese stock exchange, this study documents and attempts to reconcile divergent outcomes from the extant literature on debt structure (public, bank, and non-bank private debt). Sampled firms from this emerging market generally...