Reasoned Ethical Engagement: Ethical Values of Consumers as Primary Antecedents of Instrumental Actions Towards Multinationals |
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Authors: | Maxwell?Chipulu Alasdair?Marshall Email author" target="_blank">Udechukwu?OjiakoEmail author Caroline?Mota |
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Institution: | 1.Texas A&M University,College Station,USA;2.Nanyang Technology University,Singapore,Singapore;3.Arizona State University,Tempe,USA |
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Abstract: | We examine the implications of the US government’s too-big-to-fail (TBTF) policy as it has been applied to banks. Using alternative measures of risk, we compare the risk-taking behavior of 11 TBTF banks, identified by the Comptroller of the Currency in 1984, to a number of non-TBTF banks. We provide both theory and new empirical evidence to support our argument that the TBTF policy leads management to significantly increase risk-taking, with no corresponding increase in performance. While prior studies have considered the effects of the TBTF policy on limited, but risk-related aspects of bank behavior, such as the cost of funds, our study provides direct evidence about the risk-taking behavior associated with the TBTF policy. Our study has important implications for the current political debate regarding the too-big-to-fail policy. |
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