References
- Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589–19. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
- Angkinand, A., & Wihlborg, C. (2010). Deposit insurance coverage, ownership, and banks’ risk-taking in emerging markets. Journal of International Money and Finance, 29(2), 252–274. https://doi.org/10.1016/j.jimonfin.2009.08.001
- Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
- Barnes, M. L., & Hughes, A. T. W. (2002). A quantile regression analysis of the cross section of stock market returns.
- Barry, T. A., Lepetit, L., & Tarazi, A. (2011). Ownership structure and risk in publicly held and privately owned banks. Journal of Banking & Finance, 35(5), 1327–1340. https://doi.org/10.1016/j.jbankfin.2010.10.004
- Barth, J. R., Caprio, G., & Levine, R. (2004). Bank supervision and regulation: What works best?
- Beck, T., De Jonghe, O., & Schepens, G. (2013). Bank competition and stability: Cross-country heterogeneity. Journal of Financial Intermediation, 22(2), 218–244. https://doi.org/10.1016/j.jfi.2012.07.001
- Berger, A. N., Clarke, G. R., Cull, R., Klapper, L., & Udell, G. F. (2005). Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership. The World Bank.
- Bernanke, B. S. (1983). Non-monetary effects of the financial crisis in the propagation of the great depression. National Bureau of Economic Research.
- Boubakri, N., Cosset, J. C., & Saffar, W. (2013). The role of state and foreign owners in corporate risk-taking: Evidence from privatization. Journal of Financial Economics, 108(3), 641–658. https://doi.org/10.1016/j.jfineco.2012.12.007
- Calomiris, C. W., & Mason, J. R. (2003a). Consequences of bank distress during the great depression. American Economic Review, 93(3), 937–947. https://doi.org/10.1257/000282803322157188
- Calomiris, C. W., & Mason, J. R. (2003b). Fundamentals, panics, and bank distress during the depression. American Economic Review, 93(5), 1615–1647. https://doi.org/10.1257/000282803322655473
- Caprio, G., Laeven, L., & Levine, R. (2007). Governance and bank valuation. Journal of Financial Intermediation, 16(4), 584–617. https://doi.org/10.1016/j.jfi.2006.10.003
- Chen, M., Wu, J., Jeon, B. N., & Wang, R. (2017). Do foreign banks take more risk? Evidence from emerging economies. Journal of Banking & Finance, 82, 20–39. https://doi.org/10.1016/j.jbankfin.2017.05.004
- Chernozhukov, V., & Hansen, C. (2008). Instrumental variable quantile regression: A robust inference approach. Journal of Econometrics, 142(1), 379–398. https://doi.org/10.1016/j.jeconom.2007.06.005
- Choi, S., & Hasan, I. (2005). Ownership, governance, and bank performance: Korean experience. Financial Markets, Institutions & Instruments, 14(4), 215–242. https://doi.org/10.1111/j.0963-8008.2005.00104.x
- Chong, T. T.-L., Lu, L., & Ongena, S. (2013). Does banking competition alleviate or worsen credit constraints faced by small-and medium-sized enterprises? Evidence from China. Journal of Banking & Finance, 37(9), 3412–3424. https://doi.org/10.1016/j.jbankfin.2013.05.006
- Chou, S., & Lin, F. (2011). Bank’s risk-taking and ownership structure–Evidence for economics in transition stage. Applied Economics, 43(12), 1551–1564. https://doi.org/10.1080/00036840903018791
- Chuang, -C.-C., Kuan, C.-M., & Lin, H.-Y. (2009). Causality in quantiles and dynamic stock return–volume relations. Journal of Banking & Finance, 33(7), 1351–1360. https://doi.org/10.1016/j.jbankfin.2009.02.013
- Clarke, G. R., Cull, R., & Shirley, M. M. (2005). Bank privatization in developing countries: A summary of lessons and findings. Journal of Banking & Finance, 29(8–9), 1905–1930. https://doi.org/10.1016/j.jbankfin.2005.03.006
- De Nicoló, M. G., Boyd, J. H., & Jalal, A. M. (2006). Bank risk-taking and competition revisited: New theory and new evidence. International Monetary Fund.
- Demirgüç-Kunt, A., Levine, R., & Min, H. G. (1998). Opening to foreign banks: Issues of efficiency, stability and growth. Globalization of World Financial Markets. forthcoming.
- Demirgüç-Kunt, A., & Huizinga, H. (2010). Bank activity and funding strategies: The impact on risk and returns. Journal of Financial Economics, 98(3), 626–650. https://doi.org/10.1016/j.jfineco.2010.06.004
- Demirgüç-Kunt, A., & Huizinga, H. (2013). Are banks too big to fail or too big to save? International evidence from equity prices and CDS spreads. Journal of Banking & Finance, 37(3), 875–894. https://doi.org/10.1016/j.jbankfin.2012.10.010
- ElBannan, M. A. (2015). Do consolidation and foreign ownership affect bank risk taking in an emerging economy? An empirical investigation. Managerial Finance, 41(9), 874–907. https://doi.org/10.1108/MF-12-2013-0342
- Esty, B. C. (1998). The impact of contingent liability on commercial bank risk taking. Journal of Financial Economics, 47(2), 189–218. https://doi.org/10.1016/S0304-405X(97)00043-3
- Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law & Economics, 26(2), 301–325. https://doi.org/10.1086/467037
- Fungáčová, Z., & Solanko, L. (2009). Risk-taking by Russian banks: Do location, ownership and size matter? Экономический журнал Высшей школы экономики, 13(1). http://dx.doi.org/10.2139/ssrn.1313019
- Galai, D., & Masulis, R. W. (1976). The option pricing model and the risk factor of stock. Journal of Financial Economics, 3(1–2), 53–81. https://doi.org/10.1016/0304-405X(76)90020-9
- García-Marco, T., & Robles-Fernández, M. D. (2008). Risk-taking behaviour and ownership in the banking industry: The Spanish evidence. Journal of Economics and Business, 60(4), 332–354. https://doi.org/10.1016/j.jeconbus.2007.04.008
- Giannetti, M., & Ongena, S. (2009). Financial integration and firm performance: Evidence from foreign bank entry in emerging markets. Review of Finance, 13(2), 181–223. https://doi.org/10.1093/rof/rfm019
- Glaser, M., & Müller, S. (2010). Is the diversification discount caused by the book value bias of debt? Journal of Banking & Finance, 34(10), 2307–2317. https://doi.org/10.1016/j.jbankfin.2010.02.017
- Haw, I.-M., Ho, S. S. M., Hu, B., & Wu, D. (2010). Concentrated control, institutions, and banking sector: An international study. Journal of Banking & Finance, 34(3), 485–497. https://doi.org/10.1016/j.jbankfin.2009.08.013
- Iannotta, G., Nocera, G., & Sironi, A. (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking & Finance, 31(7), 2127–2149. https://doi.org/10.1016/j.jbankfin.2006.07.013
- John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk‐taking. The Journal of Finance, 63(4), 1679–1728. https://doi.org/10.1111/j.1540-6261.2008.01372.x
- Johnston, J., & DiNardo, J. (1963). Econometric methods. New York.
- Keeley, M. C. (1990). Deposit insurance, risk, and market power in banking. The American Economic Review, 80(5), 1183–1200. https://www.jstor.org/stable/2006769
- Kennedy, P. (2008). A guide to econometrics. Blackwell Publishing.
- Kick, T. B. H. H. T., & Von Westernhagen, N. (2009). Bank ownership and stability: Evidence from Germany. VOX CEPRs Policy Portal.
- Koenker, R., & Bassett, G., Jr. (1978). Regression quantiles. Econometrica: Journal of the Econometric Society, 46(1), 33–50. https://doi.org/10.2307/1913643
- Kuan, T.-H., Li, C.-S., & Liu, -C.-C. (2012). Corporate governance and cash holdings: A quantile regression approach. International Review of Economics & Finance, 24, 303–314. https://doi.org/10.1016/j.iref.2012.04.006
- Laeven, L. (1999). Risk and efficiency in East Asian banks. The World Bank.
- Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003
- Lang, L. H., & So, R. W. (2002). Bank ownership structure and economic performance. Chinese University of Hong Kong mimeo.
- Lassoued, N., Sassi, H., & Ben Rejeb Attia, M. (2016). The impact of state and foreign ownership on banking risk: Evidence from the MENA countries. Research in International Business and Finance, 36, 167–178. https://doi.org/10.1016/j.ribaf.2015.09.014
- Levine, R. (1996). Foreign banks, financial development, and economic growth. Chapter 6 In C. E. Barfield (Ed.), International financial markets: Harmonization versus competition (pp. 224-254). The AEI Press.
- Levine, R., & Barth, J. (2001). Bank regulation and supervision: What works best? The World Bank.
- Liu, C.-L., & Yeh, Y.-H. (2018). Ownership concentration and bank risk: International study on acquisitions. The European Journal of Finance, 24(9), 761–808. https://doi.org/10.1080/1351847X.2017.1354901
- Macey, J. R., & O’hara, M. (2003). The corporate governance of banks. Economic Policy Review, 9, 1. https://ssrn.com/abstract=795548
- Machado, J. A., & Silva, J. S. (2019). Quantiles via moments. Journal of Econometrics, 213(1), 145–173. https://doi.org/10.1016/j.jeconom.2019.04.009
- Neanidis, K. C., & Varvarigos, D. (2009). The allocation of volatile aid and economic growth: Theory and evidence. European Journal of Political Economy, 25(4), 447–462. https://doi.org/10.1016/j.ejpoleco.2009.05.001
- Pathan, S. (2009). Strong boards, CEO power and bank risk-taking. Journal of Banking & Finance, 33(7), 1340–1350. https://doi.org/10.1016/j.jbankfin.2009.02.001
- Rokhim, R., & Susanto, A. P. (2011, August 23). The increase of foreign ownership and its impact to the performance, competition & risk in Indonesian banking industry. Competition & Risk in Indonesian Banking Industry.
- Roodman, D. (2007). The anarchy of numbers: Aid, development, and cross-country empirics. The World Bank Economic Review, 21(2), 255–277. https://doi.org/10.1093/wber/lhm004
- Saunders, A., Strock, E., & Travlos, N. G. (1990). Ownership structure, deregulation, and bank risk taking. The Journal of Finance, 45(2), 643–654. https://doi.org/10.1111/j.1540-6261.1990.tb03709.x
- Shehzad, C. T., De Haan, J., & Scholtens, B. (2010). The impact of bank ownership concentration on impaired loans and capital adequacy. Journal of Banking & Finance, 34(2), 399–408. https://doi.org/10.1016/j.jbankfin.2009.08.007
- Sheshinski, E., & López-Calva, L. F. (2003). Privatization and its benefits: Theory and evidence. CESifo Economic Studies, 49(3), 429–459. https://doi.org/10.1093/cesifo/49.3.429
- Shirley, M., & Nellis, J. (1991). “Public enterprise reform.” The lessons of experience. World Bank, Economic development Institute.
- Shleifer, A. (1998). State versus private ownership. Journal of Economic Perspectives, 12(4), 133–150. https://doi.org/10.1257/jep.12.4.133
- Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3, Part 1), 461–488. https://doi.org/10.1086/261385
- Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
- Tao, L., Sun, L., & Zou, L. (2009). State ownership and corporate performance: A quantile regression analysis of Chinese listed companies. China Economic Review, 20(4), 703–716. https://doi.org/10.1016/j.chieco.2009.05.006
- Yeyati, E. L., & Micco, A. (2007). Concentration and foreign penetration in Latin American banking sectors: Impact on competition and risk. Journal of Banking & Finance, 31(6), 1633–1647. https://doi.org/10.1016/j.jbankfin.2006.11.003
- Zhang, B., Lin, Y. X., Liu, W., & Sun, J. (2014). Debate on urban development boundary: The perspective of spatial governance in China. Urban Planning Forum.