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Cross-ownership and interlocking directorates are two typical features of Italian capitalism involving both banks and non-financial companies. It is possible to refer to this phenomenon as “bank-firm connection”. The paper investigates the effects of “bank-firm connection” on the conditions of credit relationship. In particular, we find that the “bank-firm connection” lowers the leverage ratio of non financial companies, while it increases their cost of debt.

corporate ownership and control

Cross ownership and interlocking directorates between banks and listed firms: An empirical analysis of the effects on debt leverage and cost of debt in the Italian case