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Social capital and the viability of stakeholder-oriented firms: Evidence from savings banks

Østergaard, Charlotte; Schindele, Ibolya; Vale, Bent
Journal article, Peer reviewed
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URI
http://hdl.handle.net/11250/2422185
Date
2016
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  • Scientific articles [1667]
Original version
Review of Finance, 20(2016)5, 1673-1718   http://dx.doi.org/10.1093/rof/rfv047
Abstract
We show that social capital improves the viability of stakeholder-oriented rms

operating in competitive markets. Studying exits from the population of Norwegian

savings banks after deregulations, we nd that banks located in communities with

high social capital have a higher probability of survival, but no similar e ect exists

for commercial banks. Norwegian savings banks are collectively governed by their

stakeholders and we provide evidence that social capital improves the e ciency of

stakeholder governance. In high social capital areas, banks raise more deposits locally,

distribute more of their surplus for altruistic purposes, and operate more locally-focused

branch networks.
Description
This is the accepted and refereed manuscript to the article
Publisher
Oxford University Press
Journal
Review of Finance

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