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Credit unions vs. commercial banks, who takes more risk?

机译：信用工会与商业银行需要更多风险吗？

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A unique feature of the financial services industry is that both shareholder-owned banks and member-owned credit unions coexist and compete against each other. In this study, we investigate two research questions. First, we compare risk-taking by banks and credit unions, with an additional consideration as to how regulatory oversight (state or federal) relates to such risk-taking. Second, we examine how competition affects the difference in risk-taking between these two types of financial institutions. To answer both questions, we rely on a matched sample (by loan type, size, and county) of commercial banks and credit unions, covering the period between 2010 and 2017. We use three empirical proxies for risk-taking, the Z-score, measuring an institution's insolvency risk, as well as the ratios of non-performing loans to total loans and loan charge-offs to total loans, measuring the credit risk. Our results suggest that banks tend to engage in more risk-taking than credit unions; however, state regulatory oversight reduces the risk-taking gap, especially in terms of the Z-score. We further find that competition induces different risktaking behaviors in banks and credit unions. Our results are robust to several alternative specifications.
机译：金融服务业的独特特征是，股东拥有的银行和会员所有的信用社共存并相互竞争。在这项研究中，我们调查了两项研究问题。首先，我们通过银行和信贷工会进行比较风险，以及如何审议监管监督（州或联邦）如何与此类风险相关联。其次，我们研究竞争如何影响这两种金融机构之间的风险差异。要回答这两个问题，我们依靠商业银行和信贷工会的匹配样本（按贷款类型，规模和县），涵盖2010年至2017年之间的期限。我们使用三个实证代理进行风险，Z-Score ，衡量机构的破产风险，以及对全额贷款和贷款收取的无效贷款的比例，以贷款的总贷款，衡量信用风险。我们的结果表明，银行往往比信贷工会更多的风险;然而，国家监管监督减少了风险差距，特别是在Z分数方面。我们进一步发现，竞争在银行和信贷工会中诱导不同的风险行为。我们的结果是对几种替代规范的强大。

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