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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/110034

    Title: Politically connected lending, government capital injection, and bank performance
    Authors: Jou, Rosemary;Chen, Shi;Tsai, Jeng-Yan
    Keywords: Government capital injection;Ownership structure;Political connection;Barrier option
    Date: 2017-01
    Issue Date: 2017-03-21 02:10:38 (UTC+8)
    Publisher: Elsevier BV
    Abstract: This paper takes a contingent claim approach to evaluate the equity and risk of a bank. The paper investigates how government capital injection affects the bank's lending and equity risk, and how these effects vary across remaining privately owned and becoming government-owned. In particular, we argue that the strength of government ownership is useful in disciplining management of preferential access to debt financing for politically connected borrowing firms. It is shown that government capital injection leads to superior performance and greater safety for the bank remaining privately owned. The advantage of large capital is likely to be more pronounced to equity return, but less to safety for the government-owned bank. Moreover, political connection reinforces the increased return performance and safety. Government capital injection as such makes the bank less prone to risk-taking, thereby affecting the stability of the banking system.
    Relation: International Review of Economics and Finance 47, p.220-232
    DOI: 10.1016/j.iref.2016.10.011
    Appears in Collections:[Graduate Institute & Department of International Business] Journal Article

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