Earticle

초록

영어

This study first re-investigates an old but still attractive issue: whether government-owned bank (GOB) performs inferior to the private-owned banks (POB) which is dubbed GOB effect in this study. Then, and more importantly, we explore why. Our government banks are classified into three types: GOBs that purchase distressed banks, GOBs that purchase normal banks, and GOBs that do not purchase any bank. We argue that not all three types of GOB are underperformer, that is, only GOBs purchase distressed banks are. Contrasting to the common belief, our results show that GOBs that purchase normal banks and GOBs that do not purchase any bank (after 2003) perform similar to POBs. That is, GOB effect significantly minimized when political interference is removed. Moreover, we found that POBs purchase distressed banks have similar performance to the benchmarked private banks. Thus, because both GOBs and POBs purchase distressed banks, the major difference is the presence of political factors in distressed-acquirer GOB. Accordingly, the reason of the worsened performance of GOBs is more likely a result of political intervention. Finally, we find these political interventions apparently exist in these countries no matter their country governance, corruption levels, and political rights.

목차

Abstract
 1. Introduction
 2. Hypotheses Building
 3. Literature Review
  3.1 Government Bank Performance
  3.2 Political Interference
 4. Definition of Data and Basic Statistics
  4.1 Definitions of Government-owned Banks
  4.2 Identifying GOBs with Political Interference
  4.3 Basic Statistics
 5. Descriptive Results
  5.1 Testing H1: Distressed-Acquirer GOBs
  5.2 Testing H2: Normal- and Non- Acquirer GOBs
  5.3 Testing H3: Distressed-acquirer POB
 6. Regression Analysis
  6.1 Econometric Model
  6.2. Testing H1: Distressed-Acquirer GOB
  6.3 Testing H2: Normal- versus Non-Acquirer GOBs
  6.4 Testing H3: Distressed-Acquirer POBs
  6.5 Institutional Factors
  6.6 Robustness Testing
 7. Conclusion
 References
 Table

키워드

저자

• Chung-Hua Shen [ Department of Finance National Taiwan University, Taiwan ]
• Iftekhar Hasan [ Lally School of Management & Technology Rensselaer Polytechnic Institute, Troy, New York, U.S.A. Bank of Finland, Helsinki, Finland ]
• Chih-Yung Lin [ Department of Finance National Taichung Institute of Technology, Taiwan ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330