SEMINAR SERIES
Management Seminar
Anis Samet（Professor of Finance, American University of Sharjah）
- Date&Time:
- 2025.3.31 (Mon) 15:30-17:00
- Venue:
- Large Seminar Room 2 on 3F, Research Bldg. No.2, Yoshida Campus, Kyoto University
- Language:
- English
- Contact:
- Asli M. COLPAN
(Title)
"Country-level corporate ethical behavior perceptions and the cost of bank equity: International evidence"
Abstract:
We use a cross-country sample of banking institutions to investigate the association between country-level perceptions on corporate ethical behavior and the cost of bank equity. We find evidence that banks operate with lower cost of equity in countries with higher corporate ethical behavior ratings. This finding is robust to the inclusion of several bank-level and country-level control variables in the regressions, the use of alternative calculations for the cost of bank equity, endogeneity concerns, and the use of alternative regression techniques. Further analysis reveals that ethical behavior decreases the cost of equity more in countries with weak investor protection. This finding suggests that ethical behavior becomes more important in environments where investors are weakly protected against managerial opportunism through formal institutions.