내부자지분율이 은행의 위험추구행위에 미치는 영향 = Managerial Ownership and Banks' Risk Taking in Korea

다국어 초록 (Multilingual Abstract)

This paper investigates the relationship between managerial ownership and banks' risk taking behavior after the 1997 in Korea. Managerial ownership is found to have nonlinear relationship with bank's risk taking behavior, initially having positive relationship and then negative relationship as the managerial relationship increases. Moreover, increased risk taking with the higher managerial ownership is analyzed to have been profitable, being consistent with the 'corporate control hypothesis' which states that banks take profitable risk when the banking sector is tightly regulated. Also, increase in the managerial ownership at the banks with higher franchise value are found to affect the bank's risk inversely supporting the moral hazard hypothesis.

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