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RISS 인기검색어
- 검색키워드
- 저자 : Donglim Shin (검색결과 2 건)
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Religion and Cross-Border Mergers and Acquisitions
Frederick Dongchuhl Oh,Donglim Shin 한국재무학회 2018 한국재무학회 학술대회 Vol.2018 No.05
This study examines the effect of religion on cross-border mergers and acquisitions (M&As). We measure the religious distance between countries and find that cross-border M&A activity is lower for country pairs with greater religious distance. This finding remains intact after a host of variables affecting M&A activity are controlled for and when instrumental variables are used for religious distance. Moreover, the negative effect of religious distance on cross-border M&A activity is more pronounced if the people living in either the acquirer or target country are more religious. Overall, our results suggest that differences in religious beliefs impose an additional coordination cost on merging firms and thereby inhibit cross-border M&A activity. (JEL G34, Z12)
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Religion and Financial Development and Structure
Frederick Dongchuhl Oh,Donglim Shin 한국재무학회 2019 한국재무학회 학술대회 Vol.2019 No.05
This study examines whether religion influences the financial development and structure of a country. In a sample of 46 countries between 1996 and 2015, we find that religiosity fosters financial development and a market-based financial structure, whereas religious hierarchy and moderate religious heterogeneity induce financial underdevelopment and a bank-based structure. Furthermore, these religious effects are more pronounced for countries with a weaker contractual environment, supporting the ameliorating role of social trust in a contractual environment. Overall, our study provides the first evidence that religion has a crucial impact on financial development and structure by affecting social trust. (JEL G10, G21, O16, Z12)
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