Does Corporate Culture Affect Bank Risk‐Taking? Evidence from Loan‐Level Data
利用全面的公司和个人贷款数据，研究发现银行的企业文化显著影响其风险承担行为：竞争导向的文化导致更激进的贷款实践，而控制和安全导向的文化则相反。
Abstract Using comprehensive corporate and retail loan data, we show that the corporate culture of banks explains their risk‐taking behaviour. Banks whose corporate culture leans towards aggressive competition are associated with riskier lending practices: higher approval rate, lower borrower quality, and fewer covenant requirements. Consequently, these banks incur larger loan losses and make greater contributions to systemic risk. The opposite behaviour is observed among banks whose culture emphasizes control and safety. Our findings cannot be explained by heterogeneity in a bank's business model, CEO compensation incentives or CEO characteristics. We use an exogenous shock to the US banking system during the 1998 Russian default crisis to support a causal inference.