Do Depositors Respond to Banks’ Social Performance?
研究了银行社会表现如何影响存款人行为，发现负面社会表现评级发布后存款增长下降，且受影响存款流向社会表现好的邻近银行。
ABSTRACT We study whether and how banks’ social performance affects depositors, who hold demandable debt with pervasive government protection. Exploiting the regulatory releases of bank performance ratings for community development and a difference-in-differences design, we find a decline in deposit growth after the release of negative bank social performance. In addition, deposits that are impacted by the negative events flow to nearby banks with high social performance. Further analyses find that the results hold similarly among insured and uninsured deposits and are primarily driven by banks with a large proportion of deposits from high-trust and pro-social counties, and in poor information environments. Overall, we contribute to the literature by documenting the importance of social performance to nonshareholder stakeholders and providing implications for bank stability. JEL Classifications: D82; G21; M14.