Bank's Market Power and Firm Access to Capital Markets in Asia

Sunglyong Lee; Youn Seol
May 2013
Management Science & Financial Engineering;May2013, Vol. 19 Issue 1, p43
Academic Journal
We investigate the effect of bank's market power on financing constraints of non-financial firms in 11 Asian countries between 1995 and 2009. Using firm-level data we analyze financial constraints with the Euler equation derived from the dynamic investment model. We find that with a highly concentrated banking sector firms which have high market power are less financially constrained. These results are consistent with an information-based hypothesis that more market power increases bank's advantage to produce information on potential borrowers.


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