Capital Structure, Agency Problems, and Deposit Insurance in Banking Firms
作者:
Nasser Arshadi,
期刊:
Financial Review
(WILEY Available online 1989)
卷期:
Volume 24,
issue 1
页码: 31-52
ISSN:0732-8516
年代: 1989
DOI:10.1111/j.1540-6288.1989.tb00329.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractThis paper applies and synthesizes various theories of corporate finance, including capital structure, agency insurance, and regulation, to the case of banking firms and the deposite insurance system. It is argued that a value‐maximizing bank would reach its optimal capital structure by minimizing the agency costs of incentive conflicts among stockholders, managers, uninsured depositors, and the deposit insurance agency. Although a regulatory imposed capital requirment may reduce the agency costs inherent in the insurance contact, it cannot produce a universal capital structure that is optimal for all insured banks. The observed capital structure patterns also suggest that banks actively seek an optimal capital structur
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