We examine the influence of both organizational and geographical religiosity, as important ethical parameters moderating a bank’s decision to securitize their assets. The study employs a unique database of banks located within countries marked by high (low) religious adherence. Our results provide evidence that different measures of religiosity affect a bank’s decision to securitize their assets: Banks located in countries with high religious adherence are less likely to engage with securitization compared to banks in countries with lower religiosity, while Islamic banks have a higher likelihood of embarking on a highly monitored model of asset securitization in contrast to conventional banks. When examining the motives underlying a bank’s decision to securitize assets, there is strong evidence that Islamic banks securitize their assets to improve their portfolio diversification, financial performance, and regulatory compliance. This study highlights the importance of considering informal ethical mechanisms, such as religiosity, at both the country and firm levels, when studying bank risk-taking and trading decisions, especially in countries with dual banking systems.

我们考察了组织和地域宗教信仰的影响，认为这是影响银行资产证券化决策的重要道德参数。这项研究使用了一个独特的数据库，这些数据库位于宗教信仰程度高（低）的国家/地区内。我们的结果提供了证据，表明不同的宗教信仰程度会影响银行对资产证券化的决策：与宗教信仰程度较低的国家/地区相比，宗教信仰较高的国家/地区的银行进行证券化的可能性较小，而伊斯兰银行的可能性较高。与传统银行相比，我们开始采用高度监控的资产证券化模型。在研究银行决定证券化资产的动机时，有充分的证据表明，伊斯兰银行对资产进行证券化以改善其投资组合的多元化，财务业绩和合规性。这项研究强调了在研究银行风险承担和交易决策时，尤其是在具有双重银行体系的国家中，在国家和公司层面考虑非正式道德机制（如宗教信仰）的重要性。