Banks and Firms in Industrial Districts (Banche e imprese nei distretti industriali)

Universita Politecnica delle Marche Economics Working Paper No. 309

26 Pages Posted: 16 Oct 2007 Last revised: 24 Jan 2008

See all articles by Pietro Alessandrini

Pietro Alessandrini

Università Politecnica delle Marche - Faculty of Economics

Andrea Filippo Presbitero

Università Politecnica delle Marche - Department of Economics; Centre for Macroeconomics & Finance Research (CeMaFiR)

Alberto Zazzaro

Università Politecnica delle Marche - Faculty of Economics

Date Written: January 22, 2008

Abstract

Given the changes that occurred in the organization and specialization of Italian industrial districts and the changing geography of the banking system, in this paper is we aim at reassessing the bank-firm relationship in industrial districts. Using firm-level data on a sample of Italian SME, we examine the determinants of credit rationing and relationship lending. Firstly, we test whether firms located in industrial district area have more access to banking credit and rely more on relationship lending. Secondly, we assess if being localized in industrial clusters have heterogeneous effects due to the structure of local credit markets. Our results point out the firms operating in industrial districts are less credit rationed, while their probability of relationship lending is not significantly different from the one of the average firm. Furthermore, a higher operational proximity of banks to local economies is associated with more access to banking credit and and to a lower probability of engaging in relationship lending, while a higher functional distance of the banking system from local communities is associated with tighter financing constraints and a lower probability of relationship lending. These effects are significantly intensified for firms located inside industrial districts.

Note: Downloadable document is in Italian.

Keywords: Banche, distretti, distanza funzionale, relationship lending, razionamento

JEL Classification: G21, R51, R58

Suggested Citation

Alessandrini, Pietro and Presbitero, Andrea Filippo and Zazzaro, Alberto, Banks and Firms in Industrial Districts (Banche e imprese nei distretti industriali) (January 22, 2008). Universita Politecnica delle Marche Economics Working Paper No. 309. Available at SSRN: https://ssrn.com/abstract=1021159 or http://dx.doi.org/10.2139/ssrn.1021159

Pietro Alessandrini

Università Politecnica delle Marche - Faculty of Economics ( email )

Piazzale Martelli, 8
60121 Ancona
Italy

Andrea Filippo Presbitero (Contact Author)

Università Politecnica delle Marche - Department of Economics ( email )

Piazzale Martelli, 8
Ancona, AN 60121
Italy
+39 0712207074 (Phone)

HOME PAGE: http://sites.google.com/site/presbitero/

Centre for Macroeconomics & Finance Research (CeMaFiR) ( email )

Piazza Mirabello, 2
Milan, 20100
Italy

Alberto Zazzaro

Università Politecnica delle Marche - Faculty of Economics ( email )

Piazzale Martelli, 8
60121 Ancona
Italy

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