This paper provides evidence regarding the impact of soft information on foreign bank efficiency in the ASEAN-5 market in the years following the Asian crisis. The analysis presented here develops previous literature by disaggregating soft information into five difference types and examining whether institutional quality (proxied for by host-country economic risk stability index) mitigates the impact. Using a three-stage estimation process we find that soft information does indeed affect foreign banks’ efficiencies in an identifiable manner, but host-country institutional quality acts so as to significantly lessen the effect.

中文翻译：

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软信息和机构质量对外资银行效率的影响–来自东盟五国的证据

本文提供了有关亚洲危机后软信息对ASEAN-5市场中外国银行效率的影响的证据。本文介绍的分析通过将软信息分解为五种差异类型并检查制度质量（由东道国经济风险稳定指数作为代表）是否减轻了影响而发展了以前的文献。通过三个阶段的评估过程，我们发现软信息确实确实以可识别的方式影响了外国银行的效率，但是东道国的机构质量却在很大程度上降低了这种影响。