Onali, Enrico (2014). Moral hazard, dividends, and risk in banks. Journal of Business Fnance and Accounting, 41 (1-2), pp. 128-155.
Abstract
In non-financial firms, higher risk taking results in lower dividend payout ratios. In banking, public guarantees may result in a positive relationship between dividend payout ratios and risk taking. I investigate the interplay between dividend payout ratios and bank risk-taking allowing for the effect of charter values and capital adequacy regulation. I find a positive relationship between bank risk-taking and dividend payout ratios. Proximity to the required capital ratio and a high charter value reduce the impact of bank risk-taking on the dividend payout ratio. My results are robust to different proxies for the dividend payout ratio and bank risk-taking.
Publication DOI: | https://doi.org/10.1111/jbfa.12057 |
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Divisions: | College of Business and Social Sciences > Aston Business School |
Additional Information: | This is the peer reviewed version of the following article: Onali, E. (2014). Moral Hazard, Dividends, and Risk in Banks. Journal of business finance and accounting, 41(1-2), 128-155, which has been published in final form at http://dx.doi.org/10.1111/jbfa.12057. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving. |
Uncontrolled Keywords: | bank risk taking,dividend,moral hazard,Business, Management and Accounting (miscellaneous),Accounting,Finance |
Publication ISSN: | 1468-5957 |
Last Modified: | 05 Aug 2024 15:18 |
Date Deposited: | 27 May 2015 13:10 |
Full Text Link: |
http://onlineli ... .12057/abstract |
Related URLs: |
http://www.scop ... tnerID=8YFLogxK
(Scopus URL) |
PURE Output Type: | Article |
Published Date: | 2014-01 |
Published Online Date: | 2014-01-13 |
Authors: |
Onali, Enrico
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