銀行機構投資者國籍對銀行風險的影響

Abstract

本文以2012年的世界前五百大銀行為觀察值，觀察期間為2005至2012年。討論銀行的機構投資者之國籍是否會影響銀行的風險。實證結果顯示，銀行機構投資者若是來自UA(uncertainty avoidance)較高的國家，則銀行風險較低；此外，若是銀行持股比最高的機構投資者是來自於IND(individualism)較高的國家，此銀行風險也較高。

This study investigates the effect of the national culture of bank’s institutional investors on bank risk-taking. The observations consist of the largest 409 banks over the world in 2012 and I collect the data of these banks in the period of 2005-2012. The empirical results indicate that banks whose institutional shareholders are mainly from countries with high uncertainty avoidance tend to be less risky. In addition, banks whose largest institutional shareholder comes from countries with high individualism tend to be more risky.