Network vs integrated organizational structure of cooperative banks: Evidence on the Italian reform
利用意大利2016年合作银行改革，研究从网络型转向一体化结构对规模经济、范围经济和市场势力的影响，发现改革提升了成本效率和市场势力。
We empirically investigate the impact of the regulatory change from a network organizational structure to an integrated one on scale economies, scope economies, and market power in cooperative banks. We exploit the passage of the Italian cooperative bank reform in 2016. Using a difference-in-differences identification strategy, we examine a treated group of 424 cooperative banks and a matched control group of 192 commercial banks over the period 2009–2019. Our findings indicate that cost scale and scope economies of cooperative banks are positively affected by the reform, while their profit scale and scope economies are not affected. Lastly, the Lerner Index is positively affected by the reform. Overall, the reform enhances cooperative banks' ability to exploit advantages related to a larger size and diversification.