Do banks matter for the risk of a firm's investment portfolio? Evidence from foreign direct investment programs
研究了银行作为债权人和股东对企业投资组合风险的影响，发现银行债权降低风险，而全能银行持股增加风险，基于日本电子行业1992-2004年数据。
The study explores the role of banks as debt and equity holders for the riskiness of a firm's investment strategy using a panel of J apanese firms in the electronics industry in the period 1992–2004 for the empirical analysis. Based on a conceptual framework grounded in agency and financial intermediation theories, we find that a larger involvement of banks as debt holders in a firm is associated with lower foreign direct investment portfolio risk, while the shareholdings of universal banks increase it, supporting the theoretical predictions . Copyright © 2014 John Wiley & Sons, Ltd.