Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from Savings Banks*
| Autor: | Ibolya Schindele, Bent Vale, Charlotte Ostergaard |
|---|---|
| Rok vydání: | 2015 |
| Předmět: |
Finance
Economics and Econometrics education.field_of_study 050208 finance business.industry Corporate governance 05 social sciences Financial intermediary Population Stakeholder Financial system Norwegian language.human_language Accounting 0502 economics and business Economics language 050207 economics business Probability of survival education Social capital |
| Zdroj: | Review of Finance |
| ISSN: | 1573-692X 1572-3097 |
| DOI: | 10.1093/rof/rfv047 |
| Popis: | This is the accepted and refereed manuscript to the article We show that social capital improves the viability of stakeholder-oriented rms operating in competitive markets. Studying exits from the population of Norwegian savings banks after deregulations, we nd that banks located in communities with high social capital have a higher probability of survival, but no similar e ect exists for commercial banks. Norwegian savings banks are collectively governed by their stakeholders and we provide evidence that social capital improves the e ciency of stakeholder governance. In high social capital areas, banks raise more deposits locally, distribute more of their surplus for altruistic purposes, and operate more locally-focused branch networks. 2, Forfatterversjon |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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