کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959827 929370 2015 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Excess control rights, bank capital structure adjustments, and lending
ترجمه فارسی عنوان
حقوق کنترل اضافی، تنظیمات ساختار سرمایه بانکی و وام دهی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی

We investigate whether excess control rights of ultimate owners in pyramids affect banks׳ capital ratio adjustments. When control and cash flow rights are identical, to boost capital ratios banks issue equity without cutting lending. However, when control rights exceed cash flow rights, instead of issuing equity, banks downsize by reducing lending. Such a finding is mostly prevalent in countries with weak shareholder protection or for family-controlled banks. Other factors also explain the extent to which such banks reduce lending. Our findings contribute to the capital structure adjustment literature and have critical policy implications for the implementation of Basel III and the debate on capital requirements and bank lending.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 115, Issue 3, March 2015, Pages 574–591
نویسندگان
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