The Beauty of Being Involved: The Case of Cooperative Banks
研究了利益相关者参与是否与银行稳定性相关，以意大利合作银行为例，发现股东、借款人和存款人重叠度越高，不良贷款越低，表明参与减少信息不对称和风险偏好。
Abstract Is greater stakeholder engagement associated with greater stability? We provide readers with novel empirical evidence that this is indeed the case. Cooperative banks (where stakeholders are involved in the business by law) are an excellent case to study the association between stakeholder engagement and stability. Focusing on Italy, we show that cooperative banks differ substantially in risk‐taking from each other, and these differences are mostly related to the engagement of stakeholders. A greater overlap between shareholders, borrowers and depositors is associated with lower non‐performing loans, suggesting that greater stakeholder engagement reduces problems of asymmetric information and bank risk appetite.