A resource dependence theory perspective on low savings, cost of capital, leverage and bank valuation in South Africa

References

• Amalou-Döpke, L., and S. Süß. 2014. HR measurement as an instrument of the HR department in its exchange relationship with top management: A qualitative study based on resource dependence theory. Scandinavian Journal of Management 30 (4): 444–60. doi: https://doi.org/10.1016/j.scaman.2014.09.003.
   Web of Science ®Google Scholar
• Baker, M., and J. Wurgler. 2015. Do strict capital requirements raise the cost of capital? Bank regulation, capital structure, and the low-risk anomaly. American Economic Review 105 (5): 315–20. doi: https://doi.org/10.1257/aer.p20151092.
   Web of Science ®Google Scholar
• Berger, A.N., S. El Ghoul, O. Guedhami, and A.R. Raluca. 2018. Competition and banks’ cost of equity capital: Evidence from relatively exogenous differences in regulation SSRN 3290940. SSRN Electronic Journal. doi:https://doi.org/10.2139/ssrn.3290940.
   Google Scholar
• Boyao, L., W. Xiong, L. Chen, and Y. Wang. 2017. The impact of the liquidity coverage ratio on money creation: A stock-flow based dynamic approach. Economic Modelling 67: 193–202. doi: https://doi.org/10.1016/j.econmod.2016.12.016.
   Web of Science ®Google Scholar
• Bresser-Pereira, L.C., E. Araújo, and P. Gala. 2014. An empirical study of the substitution of foreign for domestic savings in Brazil. EconomiA 15 (1): 54–67. doi: https://doi.org/10.1016/j.econ.2014.04.001.
   Google Scholar
• Bridges, J., D. Gregory, M. Nielsen, S. Pezzini, A. Radia, and M. Spaltro. 2014. “The impact of capital requirements on bank lending.” Bank of England Working paper No 486
   Google Scholar
• Browning, M., and A. Lusardi. 1996. Household saving: Micro theories and micro facts. Journal of Economic Literature 34 (4): 1797–855.
   Web of Science ®Google Scholar
• Caprio, G., L. Laeven, and R. Levine. 2007. Governance and bank valuation. Journal of Financial Intermediation 16 (4): 584–617. doi: https://doi.org/10.1016/j.jfi.2006.10.003.
   Web of Science ®Google Scholar
• Chauke, H.M. 2012. “The determinants of household saving: the South African Black middle class perspective.” PhD diss., University of Pretoria.
   Google Scholar
• Chen, H.-L., W.-T. Hsu, and C.-Y. Chang. 2016. Independent directors’ human and social capital, firm internationalization and performance implications: An integrated agency-resource dependence view. International Business Review 25 (4): 859–71. doi: https://doi.org/10.1016/j.ibusrev.2015.10.010.
   Web of Science ®Google Scholar
• Chiesa, G., and J.M. Mansilla-Fernández 2018. “Nonperforming loans, cost of capital, and lending supply: Lessons from the Eurozone banking crisis”. Quaderni -Working Paper DSE, No. 1124, Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE), Bologna, https://doi.org/10.6092/unibo/amsacta/6013.
   Google Scholar
• Cohen, B.H., and M. Scatigna. 2016. Banks and capital requirements: Channels of adjustment. Journal of Banking & Finance 69: S56–S69. doi: https://doi.org/10.1016/j.jbankfin.2015.09.022.
   Web of Science ®Google Scholar
• Deanna, M., and C.R. Smith. 2014. Lessons from resource dependence theory for contemporary public and nonprofit management. Public Administration Review 74 (1): 14–25.
   Web of Science ®Google Scholar
• De Vos, C., L.O. Obokoh, and B.A. Abiola. 2020. Determinants of savings among non-Ricardian households in South Africa. International Journal of Social Economics 47 (11): 1329–1343.
   Web of Science ®Google Scholar
• Doshi, K. 1994. Determinants of the saving rate: An international comparison. Contemporary Economic Policy 12 (1): 37–45. doi: https://doi.org/10.1111/j.1465-7287.1994.tb00410.x.
   Web of Science ®Google Scholar
• Drehmann, M., and L. Gambacorta. 2012. The effects of countercyclical capital buffers on bank lending. Applied Economics Letters 19 (7): 603–08. doi: https://doi.org/10.1080/13504851.2011.591720.
   Web of Science ®Google Scholar
• Du Plessis, G. 2008 “An exploration of the determinants of South Africa’s personal savings rate-Why do South African households save so little?.” Master‘s diss., University of Pretoria.
   Google Scholar
• Egan, M., S. Lewellen, and A. Sunderam. 2017.”The cross section of bank value.” Working paper No. 23291. National Bureau of Economic Research.
   Google Scholar
• Fonseca, A.R., and F. González. 2010. How bank capital buffers vary across countries: The influence of cost of deposits, market power and bank regulation. Journal of Banking & Finance 34 (4): 892–902. doi: https://doi.org/10.1016/j.jbankfin.2009.09.020.
   Web of Science ®Google Scholar
• Gunell, J., and N. Åhlund. 2017. “Higher capital requirements and banks’ cost of capital: An empirical study of the Swedish major banks.” Masters diss., Umeå Universitet.
   Google Scholar
• Gupta, K., C. Krishnamurti, and A. Tourani-Rad. 2018. Financial development, corporate governance and cost of equity capital. Journal of Contemporary Accounting & Economics 14 (1): 65–82. doi: https://doi.org/10.1016/j.jcae.2018.02.001.
   Web of Science ®Google Scholar
• Jappelli, T., and M. Pagano. 1994. Saving, growth, and liquidity constraints. The Quarterly Journal of Economics 109 (1): 83–109. doi: https://doi.org/10.2307/2118429.
   Web of Science ®Google Scholar
• Jeong-Bon, K., M.L.Z. Ma, and H. Wang. 2015. Financial development and the cost of equity capital: Evidence from China. China Journal of Accounting Research 8 (4): 243–77. doi: https://doi.org/10.1016/j.cjar.2015.04.001.
   Google Scholar
• Johnson, J., and L. Bob 1995. “Resource dependence theory : A political economy model of organizations”, Education Resources Information Center (ERIC). Working paper ED 38787
   Google Scholar
• Karambakuwa, R.T., and R. Ncwadi. 2021. Determinants of household over-indebtedness in South Africa. International Journal of Business and Economic Development (IJBED) 9 (2): 11–24.
   Google Scholar
• Kasongo, A., and M.K. Ocran. 2017. “Determinants of household saving in South Africa.” Paper presented at the Biennial Conference of the Economic Society of South Africa, Rhodes University, Grahamstown. Grahamstown, South Africa, August 30.
   Google Scholar
• Keynes, J.M. 1936. 1973. “The general theory of employment, interest and money (The Collected Writings of John Maynard Keynes). vol. VII, London: Macmillan.
   Google Scholar
• Kovner, A., and P. Van Tassel. 2018. Evaluating regulatory reform: Banks’ cost of capital and lending. FRB of New York Staff Report: No. 854.
   Google Scholar
• Loayza, N., K. Schmidt-Hebbel, and L. Servén. 2000. What drives private saving around the world? Policy Research Working Paper No. 2309, Washington, DC: World Bank Publications.
   Google Scholar
• MacDonald, S.S., and W.K. Timothy. 2006. Management of banking. “6th”, Mason, Ohio USA: Thomson South-Western.
   Google Scholar
• Mahlo, N. 2012 “Determinants of household savings in South Africa.” Masters Diss., University of Johannesburg (South Africa).
   Google Scholar
• Mao, M.Q., and K.C. John Wei. 2017. “How bank policies affect the equity risk and cost of capital.” https://www.sfm.url.tw/25thSFM/php/Papers/CompletePaper/068-453796371.pdf
   Google Scholar
• Matur, E.P., A. Sabuncu, and S. Bahçeci. 2012. Determinants of private saving and interaction between public & private savings in Turkey. Topics in Middle Eastern and North African Economies 14 : 102–125.
   Google Scholar
• Miles, D., and A. Scott. 2008. “Macroeconomics: Understanding the wealth of nations”. 333. John Wiley & Sons.
   Google Scholar
• Nam, J., X. Liu, E. Lioliou, and M. Jeong. 2018. Do board directors affect the export propensity and export performance of Korean firms? A resource dependence perspective. International Business Review 27 (1): 269–80. doi: https://doi.org/10.1016/j.ibusrev.2017.08.001.
   Web of Science ®Google Scholar
• Nienhüser, W. 2008. Resource dependence theory-How well does it explain behavior of organizations? Management Revue 19 (1/2): 9–32.
   Google Scholar
• Nuño, G., and C. Thomas. 2017. Bank leverage cycles. American Economic Journal: Macroeconomics 9 (2): 32–72.
   Web of Science ®Google Scholar
• Pennacchi, G.G. 1988. Loan sales and the cost of bank capital. The Journal of Finance 43 (2): 375–96. doi: https://doi.org/10.1111/j.1540-6261.1988.tb03945.x.
   Web of Science ®Google Scholar
• Pesaran, M.H., and Y. Shin. 1999. An autoregressive distributed lag modelling approach to cointegration analysis. Chapter 11 in Econometrics and economic theory in the 20th century: The Ragnar Frisch Centennial Symposium, edited by S. Strom, 371–413. Cambridge: Cambridge University Press.
   Google Scholar
• Pesaran, M.H., Y. Shin, and J.S. Richard. 2001. Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16 (3): 289–326. doi: https://doi.org/10.1002/jae.616.
   Web of Science ®Google Scholar
• Precious, C., and T. Asrat. 2014. Determinants of household savings in South Africa: An econometric approach (1990-2011). Mediterranean Journal of Social Sciences 5 (15): 183–183.
   Google Scholar
• Prinsloo, J.W. 2000. “The saving behaviour of the South African economy.” Occasional Paper No. 15, Pretoria: South African Reserve Bank.
   Google Scholar
• Ralarala, O., and M. Masipa. 2021. Determinants and economics of household savings in South Africa. Journal of Global Business & Technology 17 (1): 26–39.
   Google Scholar
• Salancik, G.R., and J. Pfeffer. 1978. “The external control of organizations: A resource dependence perspective”. New York: Harper & Row.
   Google Scholar
• Samantaraya, A., and S. Kumar Patra. 2014. Determinants of household savings in India: An empirical analysis using ARDL approach. Economics Research International.Volume 2014, Article ID 454675: 8. doi: https://doi.org/10.1155/2014/454675.
   Google Scholar
• Simleit, C., G. Keeton, and F. Botha. 2011. The determinants of household savings in South Africa. Studies in Economics and Econometrics 35 (3): 1–20. doi: https://doi.org/10.1080/10800379.2011.12097228.
   Google Scholar
• Singh, P.J., D. Power, and S. Chee Chuong. 2011. A resource dependence theory perspective of ISO 9000 in managing organizational environment. Journal of Operations Management 29 (1–2): 49–64. doi: https://doi.org/10.1016/j.jom.2010.04.002.
   Web of Science ®Google Scholar
• Syden, M. 2014. Trends and determinants of household saving in South Africa. Economic Affairs 59 (2): 191–208. doi: https://doi.org/10.5958/j.0976-4666.59.2.018.
   Google Scholar
• Ting, L., and U. Kollamparambil. 2015. Nature and determinants of household retirement savings behaviour in South Africa. Development Southern Africa 32 (6): 675–96. doi: https://doi.org/10.1080/0376835X.2015.1063987.
   Web of Science ®Google Scholar
• World Bank. 2013. “Capital for the future: Saving and Investment in an Interdependent World”. Washington, DC: World Bank Publications.
   Google Scholar
• Yoshihara, K. 1972. The growth rate as a determinant of the saving ratio. Hitotsubashi Journal of Economics 12 (2): 60–72.
   Web of Science ®Google Scholar
• Zimmer, S.A., and R.N. McCauley. 1991. Bank cost of capital and international competition. Federal Reserve Bank of New York Quarterly Review 15 (3–4): 33–59.
   Google Scholar
• Zwane, T. 2021. Determinants of savings in urban and rural households: Case of South Africa. Demography and Social Economy 46 (4): 151–68. doi: https://doi.org/10.15407/dse2021.04.151.
   Google Scholar
• Zwane, T., L. Greyling, and M. Maleka. 2016. The determinants of household savings in South Africa: A panel data approach. International Business & Economics Research Journal (Iber) 15 (4): 209–18. doi: https://doi.org/10.19030/iber.v15i4.9758.
   Google Scholar