Social Capital and the Viability of Stakeholder-Oriented Firms: Evidence from savings banks
研究发现社会资本提高了利益相关者导向型企业在竞争市场中的生存概率，以挪威储蓄银行为例，高社会资本地区的银行更易存活，且治理效率更高。
We show that social capital improves the viability of stakeholder-oriented rms\noperating in competitive markets. Studying exits from the population of Norwegian\nsavings banks after deregulations, we nd that banks located in communities with\nhigh social capital have a higher probability of survival, but no similar e ect exists\nfor commercial banks. Norwegian savings banks are collectively governed by their\nstakeholders and we provide evidence that social capital improves the e ciency of\nstakeholder governance. In high social capital areas, banks raise more deposits locally,\ndistribute more of their surplus for altruistic purposes, and operate more locally-focused\nbranch networks.