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Does dialect similarity add value to banks? Evidence from China

机译：方言相似性是否可以为银行增加价值？来自中国的证据

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摘要

This study examines the value of language, as an important dimension of culture, to banks. Based on a unique hand-collected dataset of Chinese commercial banks and a county-level dialect dataset, we find that a higher degree of dialect similarity between the chairman and the CEO is associated with a higher return on assets, a higher return on equity, and a lower cost-to-income ratio, suggesting that dialect similarity plays a positive role in improving bank performance. Further analyses show that dialect similarity has no significant association with bank risk and bank expansion. In addition, it does not cause higher CEO pay or lower pay-performance sensitivity. These results indicate that dialect similarity does not lower the monitoring effectiveness. We also investigate the relation between dialect similarity and banks' agency costs and the results show that dialect similarity reduces agency costs significantly. Our findings are robust to alternative measures of dialect similarity, the separation of the "dialect level effect", and the potential endogeneity of dialect similarity. (C) 2019 Elsevier B.V. All rights reserved.
机译：这项研究探讨了语言作为文化的重要方面对银行的价值。根据中国商业银行独特的手工收集数据集和县级方言数据集，我们发现董事长和首席执行官之间的方言相似度越高，资产收益率越高，权益收益率越高，以及较低的成本收入比，表明方言相似性在提高银行绩效方面发挥了积极作用。进一步的分析表明，方言相似性与银行风险和银行扩张没有显着关联。此外，这不会导致更高的首席执行官薪酬或更低的薪酬绩效敏感性。这些结果表明，方言相似性不会降低监控效果。我们还研究了方言相似性与银行代理成本之间的关系，结果表明方言相似性显着降低了代理成本。我们的发现对于方言相似性的替代度量，“方言水平效应”的分离以及方言相似性的潜在内生性具有鲁棒性。 （C）2019 Elsevier B.V.保留所有权利。

著录项

  • 来源
    《Journal of banking & finance》 |2019年第4期|226-241|共16页
  • 作者

    Bian Wenlong; Ji Yang; Zhang Hao;

  • 作者单位

    Sungkyunkwan Univ, Grad Sch China, Seoul, South Korea;

    Xiamen Univ, Sch Econ, Finance Dept, Xiamen, Fujian, Peoples R China|Xiamen Univ, Chow Ctr Econ Res, Xiamen, Fujian, Peoples R China;

    Guangdong Univ Foreign Studies, Sch Finance, Guangzhou, Guangdong, Peoples R China|Guangdong Univ Foreign Studies, Southern China Inst Fortune Management Res, Guangzhou, Guangdong, Peoples R China;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Dialect similarity; Cultural revolution; Bank performance;

    机译：方言相似性;文化革命;银行绩效;

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