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Cited by 959

The DOI matches its Crossref record; 49 of the 49 references it cites were found in a registry or an index.

Bank Lines of Credit in Corporate Finance: An Empirical Analysis

Open access
Sufi, Amir·2009·Review of Financial Studies
DOI 10.1093/revfin/hhm007
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Abstract

I empirically examine the factors that determine whether firms use bank lines of credit or cash in corporate liquidity management. Bank lines of credit, also known as revolving credit facilities, are a viable liquidity substitute only for firms that maintain high cash flow. Firms with low cash flow are less likely to obtain a line of credit, and rely more heavily on cash in their corporate liquidity management. An important channel for this correlation is the use of cash flow-based financial covenants by banks that supply credit lines. Firms must maintain high cash flow to remain compliant with covenants, and banks restrict firm access to credit facilities in response to covenant violations. Using the cash flow sensitivity of cash as a measure of financial constraints, I provide evidence that lack of access to a line of credit is a more statistically powerful measure of financial constraints than traditional measures used in the literature.

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Metadata

Authors
Sufi, A.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2007-01-31
Volume
22
Issue
3
Pages
1057-1088
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/revfin/hhm007
OpenAlex
W3124269021
Cited by
959
References
49
FWCI
107.95
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Bank Lines of Credit in Corporate Finance: An Empirical Analysis. https://app.cochat.ai/papers/10.1093/revfin/hhm007
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Sufi, A. (2009). Bank Lines of Credit in Corporate Finance: An Empirical Analysis. Review of Financial Studies. https://doi.org/10.1093/revfin/hhm007

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

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