Boundaries of the firm: evidence from the banking industry

• 成果类型: Article
• 署名作者: Brickley, JA; Linck, JS; Smith, CW Jr
• 署名单位: University System of Georgia; University of Georgia; University of Rochester
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(03)00170-3
• 发表日期: 2003
• 页码: 351-383
• 关键词: Boundaries of the firm; banking; Economics of organizations; Ownership incentives; Agency theory; Decision authority; locational decisions; Riegle-Neal Act; Community banks; Interstate branching

摘要

Agency theory implies that asset ownership and decision authority are complements. Using 1998 data from Texas commercial banks, we test whether the likelihood of local ownership of bank offices increases with the importance of granting local managers greater decision authority (for example, due to location or customer base). Our empirical evidence is consistent with this hypothesis. It suggests that complementarities between strategy and organizational structure can foster differentiation among firms in terms of location, customers, and products. It also supports the growing view that small locally-owned banks have a comparative advantage over large banks within specific environments. (C) 2003 Elsevier B.V. All rights reserved.