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 investigates how a firm’s debt structure and the presence of keiretsu main bank relationship conjointly shape a firm’s innovation in Japan. Using a 2SLS regression in which corporate debt structure is endogenous, we find that public debt fosters innovation, and bank debt destroys...

This study examines how a firm's usage of social media and banking relationships influence its value. Using a sample of 6,636 year-firm observations from 2008 to 2015, the results show that social media (Facebook, Google+, and LinkedIn) positively influence firm value, whereas bank relationships...

This study documents a substantial difference in impact on an emerging market firm's value due to its use of foreign bank debt relative to domestic bank debt. It finds a positive association between the use of collateral by foreign banks and firm value, however, finds no such corresponding...

This paper uses Taiwanese data to examine the impact of firm-level corporate governance mechanisms on firms' average cash holdings. Specifically, it examines how a firm's number of banking relationships and the percentages of managerial ownership and board ownership impact the firm's level of...

We propose a worldwide-based loan portfolio to measure banks’ sectoral concentration that features prominently in episodes of bank specialization. We use the banks’ real loan allocation worldwide instead of the in-sample data to compute a bank specialization. We find that firms borrowing...