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- W2086353918 abstract "I examine how a country's financial system influences assessments of firm-level risk. Consistent with theories of financial intermediation, I hypothesize that firms located in a country with a bank-oriented financial system will be perceived as posing a lower credit risk than otherwise similar firms in a market-oriented setting. Banks have long been suggested to be effective monitors of managerial behavior and their relationships with clients put them in a position to renegotiate credit agreements at early signs of financial distress. Using a unique database of firm-level credit ratings from 8 different countries, I find strong evidence that lower risk assessments are provided for firms in bank-based systems. Even after considering elements of a country's legal infrastructure that relate to creditor protection and insolvency proceedings, the financial system remains an important determinant of credit rating assignment. The results are also robust to the inclusion of several firm-level controls including financial performance, industry, ownership concentration, political connections, and the ease with which the firm's assets can be monitored." @default.
- W2086353918 created "2016-06-24" @default.
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- W2086353918 date "2007-01-01" @default.
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- W2086353918 title "Risk Perception and the Financial System" @default.
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- W2086353918 doi "https://doi.org/10.2139/ssrn.977976" @default.
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