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Stronger lending relationships lead firms to adopt higher leverage ratios, issue longer term debt, and raise funds from nonrelationship lenders via syndicated loans or bonds issues when relationship quality is sufficiently high. Debt contracts involving nonrelationship investors have longer maturity than those exclusively issued to relationship investors.<\/jats:p>\n                  <jats:p>This paper was accepted by Lukas Schmid, finance.<\/jats:p>\n                  <jats:p>Funding: This work was supported by the Swiss Finance Institute, the Danish Finance Institute, and the Center for Financial Frictions [Grant DNRF102].<\/jats:p>\n                  <jats:p>Supplemental Material: The online appendices and data files are available at https:\/\/doi.org\/10.1287\/mnsc.2023.02415 .<\/jats:p>","DOI":"10.1287\/mnsc.2023.02415","type":"journal-article","created":{"date-parts":[[2025,4,28]],"date-time":"2025-04-28T10:06:54Z","timestamp":1745834814000},"page":"10308-10324","source":"Crossref","is-referenced-by-count":0,"title":["Relationship Capital and Financing Decisions"],"prefix":"10.1287","volume":"71","author":[{"given":"Thomas","family":"Geelen","sequence":"first","affiliation":[{"name":"Smeal College of Business, Pennsylvania State University, State College, Pennsylvania 16802"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-0757-2522","authenticated-orcid":false,"given":"Erwan","family":"Morellec","sequence":"additional","affiliation":[{"name":"Ecole Polytechnique F\u00e9d\u00e9rale de Lausanne, Swiss Finance Institute, Quartier University of Lausanne (UNIL) Chamberonne, Extranef, 1015 Lausanne, Switzerland; and Centre for Economic Policy Research (CEPR), London EC1R 5HL, United Kingdom"}]},{"given":"Natalia","family":"Rostova","sequence":"additional","affiliation":[{"name":"EDHEC Business School, 06202 Nice Cedex 3, France"}]}],"member":"109","reference":[{"key":"B1","unstructured":"Abuzov R, Herpfer C, Steri R (2023) Do banks compete on non-price terms? 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