A Behavioral Framework for Bank-Firm Relationships in SME Finance

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Listed and unlisted firms are each separated into two groups, sales top 15% and bottom 15%, or existing and gone bankrupt, each of which we analyzed. We were concerned about the disciplinary mechanism through mainbank? firm loan relationships, and examined the hypotheses of soft budgeting and coordination failure. We also got a result supporting hold-up hypothesis by verifying that mainbanks as concentrated debtholders imposed higher interest rates to financially distressed firms, either listed or unlisted.