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How does transparency affect bank financial performance?
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DOI：10.1016/j.irfa.2013.01.007.png)
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摘要
En 中文
Theoretical studies suggest that increased transparency reduces a firm's cost of capital (Diamond & Verrecchia, 1991). Thus, more transparency should improve financial performance. We examine the relation between firm transparency and bank holding company (BHC) profit efficiency using the number of analysts following a BHC and the standard deviation of analysts' EPS forecasts to measure transparency. Our hypothesis is that more transparent BHCs are better managed, causing a positive relation between transparency and profit efficiency. The empirical results confirm that transparency has a positive effect on profit efficiency. (C) 2013 Elsevier Inc. All rights reserved.
Keyword:
Profit efficiency
Transparency
Stochastic frontier analysis
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9.8
论文数:
4.2K
被引数:
1.9W
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