CoChat
Sign Up
Cited by 26

The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.

Investment in Relationship-Specific Assets: Does Finance Matter?

Strieborny, Martin, Kukenova, Madina·2016·Review of Finance
DOI 10.1093/rof/rfv049
Open this paper in CoChat — free account

Abstract

Banks (but not stock markets) promote economic growth by facilitating relationship-specific investment between buyers and suppliers of intermediate goods. Combined insights from literature on signaling role of banks and on relationship-specific investment motivate this economic channel: A supplier is reluctant to undertake relationship-specific investment as she cannot observe financial stability and planning horizon of buyer. Banks can mitigate this information asymmetry. Empirical results from twenty-eight industries in ninety countries confirm that industries dependent on relationship-specific investment from their suppliers grow disproportionately faster in countries with a well-developed banking sector. The channel works via increased entry of new firms and higher capital accumulation.

Overview

Integrity signals

Registry

Crossref · 10.1093/rof/rfv049

Cites

3 of 3 references verified0 citation errors · 0 not checkable

Statistics

Recomputing p-values needs the paper’s full text.

Verification

Claims the paper makes

This paper’s full text isn’t openly available, so its claims and self-check weren’t run. The registry and citation checks still apply.

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

Citations

Cites

Show all 3 references

Research works printed but not linked: 58

  1. Baum, 2003, Instrumental variables and GMM: Estimation and testing, Stata Journal, 3, 1, 10.1177/1536867X0300300101 · DOI
  2. Beck, 2008, The econometrics of finance and growth, 10.1596/1813-9450-4608 · DOI
  3. Beck, 2014, Is more finance better? Disentagling intermediation and size effects of financial system, Journal of Financial Stability, 10, 50, 10.1016/j.jfs.2013.03.005 · DOI
  4. Beck, 2000, A new database on financial development and structure, World Bank Economic Review, 14, 597, 10.1093/wber/14.3.597 · DOI
  5. Beck, 2010, Financial institutions and markets across countries and over time: The updated financial development and structure Database, World Bank Economic Review, 24, 77, 10.1093/wber/lhp016 · DOI
  6. Braun, 2005, Finance and the business cycle: International, inter-industry evidence, Journal of Finance, 60, 1097, 10.1111/j.1540-6261.2005.00757.x · DOI
  7. Boot, 2000, Relationship banking: What do we know?, Journal of Financial Intermediation, 9, 7, 10.1006/jfin.2000.0282 · DOI
  8. Caballero, 1998, The macroeconomics of specifity, Journal of Political Economy, 106, 724, 10.1086/250028 · DOI
  9. Cameron, 2006, Robust inference with multi-way clustering, 10.3386/t0327 · DOI
  10. Cetorelli, 2001, Banking market structure, financial dependence and growth: International evidence from industry data, Journal of Finance, 56, 617, 10.1111/0022-1082.00339 · DOI · Paper page
  11. Cetorelli, 2006, Finance as a barrier to entry: Bank competition and industry structure in local U.S. markets, Journal of Finance, 61, 437, 10.1111/j.1540-6261.2006.00841.x · DOI · Paper page
  12. Diamond, 1984, Financial intermediation and delegated monitoring, Review of Economic Studies, 51, 393, 10.2307/2297430 · DOI · Paper page
  13. Djankov, 2003, Courts, Quarterly Journal of Economics, 118, 453, 10.1162/003355303321675437 · DOI
  14. Fama, 1985, What’s different about banks?, Journal of Monetary Economics, 15, 29, 10.1016/0304-3932(85)90051-0 · DOI
  15. Fama, 1983, Separation of ownership and control, Journal of Law and Economics, 26, 301, 10.1086/467037 · DOI
  16. Fama, 1985, Organizational forms and investment decisions, Journal of Financial Economics, 14, 101, 10.1016/0304-405X(85)90045-5 · DOI
  17. Fisman, 2003, Trade credit, financial intermediary development, and industry growth, Journal of Finance, 58, 353, 10.1111/1540-6261.00527 · DOI · Paper page
  18. Gatev, 2006, How do banks manage liquidity risk? Evidence from the equity and deposit markets in the fall of 1998, 105
  19. Gatev, 2009, Managing bank liquidity risk: How deposit-loan synergies vary with market conditions, Review of Financial Studies, 22, 995, 10.1093/rfs/hhm060 · DOI
  20. Gatev, 2006, Banks’ advantage in hedging liquidity risk: Theory and evidence from the commercial paper market, Journal of Finance, 61, 867, 10.1111/j.1540-6261.2006.00857.x · DOI
  21. Glaeser, 2004, Do institutions cause growth?, Journal of Economic Growth, 9, 271, 10.1023/B:JOEG.0000038933.16398.ed · DOI
  22. Grossman, 1986, The costs and benefits of ownership: A theory of vertical and lateral integration, Journal of Political Economy, 94, 691, 10.1086/261404 · DOI
  23. Gupta, 2009, On the growth effect of stock market liberalizations, Review of Financial Studies, 22, 4715, 10.1093/rfs/hhp001 · DOI · Paper page
  24. Hart, 1990, Property rights and the nature of the firm, Journal of Political Economy, 98, 1119, 10.1086/261729 · DOI
  25. Hall, 1999, Why do some countries produce so much more output per worker than others, Quarterly Journal of Economics, 114, 83, 10.1162/003355399555954 · DOI
  26. Hertzel, 2008, Inter-firm linkages, and the wealth effects of financial distress along the supply chain, Journal of Financial Economics, 87, 374, 10.1016/j.jfineco.2007.01.005 · DOI
  27. Kashyap, 2002, Banks as liquidity providers: An explanation for the coexistence of lending and deposit-taking, Journal of Finance, 57, 33, 10.1111/1540-6261.00415 · DOI
  28. Klein, 1978, Vertical integration, appropriable rents, and the competitive contracting process, Journal of Law and Economics, 21, 297, 10.1086/466922 · DOI
  29. Kroszner, 2007, Banking crises, financial dependence, and growth, Journal of Financial Economics, 84, 187, 10.1016/j.jfineco.2006.05.001 · DOI
  30. Laeven, 2002, Financial crises, financial dependence, and industry growth, 10.1596/1813-9450-2855 · DOI
  31. La Porta, 1997, Legal determinants of external finance, Journal of Finance, 52, 1131, 10.1111/j.1540-6261.1997.tb02727.x · DOI · Paper page
  32. La Porta, 1998, Law and finance, Journal of Political Economy, 106, 1113, 10.1086/250042 · DOI · Paper page
  33. La Porta, 1999, The quality of government, Journal of Law, Economics, and Organization, 15, 222, 10.1093/jleo/15.1.222 · DOI · Paper page
  34. Leland, 1977, Informational asymmetries, financial structure, and financial intermediation, Journal of Finance, 32, 371, 10.2307/2326770 · DOI
  35. Levchenko, 2007, Institutional quality and international trade, Review of Economic Studies, 74, 791, 10.1111/j.1467-937X.2007.00435.x · DOI
  36. Levchenko, 2009, Growth and risk at the industry level: The real effects of financial liberalization, Journal of Development Economics, 89, 210, 10.1016/j.jdeveco.2008.06.003 · DOI
  37. Levine, 2005, Finance and growth: Theory and evidence
  38. Levine, 2000, Financial intermediation and growth: Causality and causes, Journal of Monetary Economics, 46, 31, 10.1016/S0304-3932(00)00017-9 · DOI · Paper page
  39. Levine, 1998, Stock markets, banks, and economic growth, American Economic Review, 88, 537
  40. Manova, 2008, Credit constraints, equity market liberalizations and international trade, Journal of International Economics, 76, 33, 10.1016/j.jinteco.2008.03.008 · DOI
  41. Nicita, 2007, Trade, production, and protection database, 1976-2004, World Bank Economic Review, 21, 165, 10.1093/wber/lhl012 · DOI
  42. Nunn, 2007, Relationship-specificity, incomplete contracts, and the pattern of trade, Quarterly Journal of Economics, 122, 569, 10.1162/qjec.122.2.569 · DOI
  43. Ongena, 1998, Bank relationships: A review, 221
  44. Petersen, 2009, Estimating standard errors in finance panel data sets: Comparing Approaches, Review of Financial Studies, 22, 435, 10.1093/rfs/hhn053 · DOI
  45. Raddatz, 2006, Liquidity needs and vulnerability to financial underdevelopment, Journal of Financial Economics, 80, 677, 10.1016/j.jfineco.2005.03.012 · DOI
  46. Rajan, 1998, Financial dependence and growth, American Economic Review, 88, 559
  47. Rauch, 1999, Networks versus markets in international trade, Journal of International Economics, 48, 7, 10.1016/S0022-1996(98)00009-9 · DOI
  48. Robinson, 1952, The Rate of Interest and Other Essays
  49. Romalis, 2004, Factor proportions and the structure of commodity trade, American Economic Review, 94, 67, 10.1257/000282804322970715 · DOI
  50. Schumpeter, 1912, Theorie der wirtschaftlichen Entwicklung
  51. Shleifer, 1988, Breach of trust in hostile takeovers
  52. Solow, 1957, Technical change and the aggregate production function, Review of Economics and Statistics, 39, 312, 10.2307/1926047 · DOI · Paper page
  53. Thadden, 1995, Long-term contracts, short-term investment and monitoring, Review of Economic Studies, 62, 557, 10.2307/2298077 · DOI
  54. Thompson, 2011, Simple formulas for standard errors that cluster by both firm and time, Journal of Financial Economics, 99, 1, 10.1016/j.jfineco.2010.08.016 · DOI
  55. Valickova, 2013, Financial development and economic growth: A meta-analysis, 10.2139/ssrn.2302862 · DOI
  56. Williamson, 1971, Vertical integration of production: Market failure considerations, American Economic Review, Papers and Proceedings, 61, 112
  57. Williamson, 1975, Markets and Hierarchies
  58. Williamson, 1979, Transaction cost economics: The governance of contractual relations, Journal of Law and Economics, 22, 233, 10.1086/466942 · DOI · Paper page

Cited by

Sorted by citations

See all 26

Metadata

Authors
Strieborny, M., & Kukenova, M.
Affiliations
  • 1 Lund University and
  • 2 Business School of Lausanne and Montreux Business School
Venue
Review of Finance
Publisher
Oxford University Press (OUP)
Published
2015-10-22
Volume
20
Issue
4
Pages
1487-1515
ISSN
  • 1573-692X
  • 1572-3097
DOI
10.1093/rof/rfv049
Cited by
26
References
3
Language
en

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

How to cite

Cite CoChat for the checks on this page, and the paper for its own findings.

This page
CoChat. (2026). Citation check: Investment in Relationship-Specific Assets: Does Finance Matter? https://app.cochat.ai/papers/10.1093/rof/rfv049
The paper
Strieborny, M., & Kukenova, M. (2016). Investment in Relationship-Specific Assets: Does Finance Matter? Review of Finance. https://doi.org/10.1093/rof/rfv049