Cross Ownership and Interlocking Directorates between Banks and Listed Firms: an Empirical Analysis of the Effects on Debt Leverage and Cost of Debt in the Italian Case*
نویسندگان
چکیده
Cross-ownership and interlocking directorates are two typical features of Italian capitalism involving both banks and non-financial companies. It is possible to refer to this phenomenon as “bank-firm connection”. The paper investigates the effects of “bank-firm connection” on the conditions of credit relationship. In particular, we find that the “bank-firm connection” lowers the leverage ratio of non financial companies, while it increases their cost of debt.
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تاریخ انتشار 2009