The objective of this paper is to assess the association between firm performance and level bank debt for firms from seven Continental European countries. After controlling for firm and country specific characteristics, we find bank debt is correlated with a firm's accounting performance as measured by return on assets (ROA) and return on shareholders' funds. When repeating the analysis on a country-by-country basis, an association is found between bank debt and ROA. Link to the article
KRIVOGORSKY, V., GRUDNITSKI, G. and DICK, W. (2011). Bank Debt and Performance of Continental European Firms. International Journal of Economics and Business Research, 3(6), pp. 593-608.