{"title":"相关银行和业务集团内的投资效率","authors":"Craig O. Brown, M. Yavuz","doi":"10.2139/ssrn.3896617","DOIUrl":null,"url":null,"abstract":"This paper examines the role of a related bank in the investment efficiency of business-group firms. We show that a bank is associated with less investment sensitivity to investment opportunities for family group firms, especially in financially dependent industries. There is evidence of inefficient related lending in that the weakened investment sensitivity for family firms is linked to related-bank net-charge-offs. Alternatively, a bank is associated with greater investment sensitivity for family group firms in well-developed banking systems, and for non-family group firms in financially dependent industries. Ownership type and financial development seem pivotal for the role of a related bank.","PeriodicalId":331807,"journal":{"name":"Banking & Insurance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2021-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Related Banks and Investment Efficiency within Business Groups\",\"authors\":\"Craig O. Brown, M. Yavuz\",\"doi\":\"10.2139/ssrn.3896617\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This paper examines the role of a related bank in the investment efficiency of business-group firms. We show that a bank is associated with less investment sensitivity to investment opportunities for family group firms, especially in financially dependent industries. There is evidence of inefficient related lending in that the weakened investment sensitivity for family firms is linked to related-bank net-charge-offs. Alternatively, a bank is associated with greater investment sensitivity for family group firms in well-developed banking systems, and for non-family group firms in financially dependent industries. Ownership type and financial development seem pivotal for the role of a related bank.\",\"PeriodicalId\":331807,\"journal\":{\"name\":\"Banking & Insurance eJournal\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-07-30\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Banking & Insurance eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3896617\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Banking & Insurance eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3896617","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Related Banks and Investment Efficiency within Business Groups
This paper examines the role of a related bank in the investment efficiency of business-group firms. We show that a bank is associated with less investment sensitivity to investment opportunities for family group firms, especially in financially dependent industries. There is evidence of inefficient related lending in that the weakened investment sensitivity for family firms is linked to related-bank net-charge-offs. Alternatively, a bank is associated with greater investment sensitivity for family group firms in well-developed banking systems, and for non-family group firms in financially dependent industries. Ownership type and financial development seem pivotal for the role of a related bank.
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