We investigate the link between social capital and business model choice of financial cooperatives (Shinkin banks) in Japan. We identify two forms of business model, which concentrate on the issuance of loans funded by deposits (traditional) and the investment and management of large investment portfolios (new). Traditional business models are more likely to emerge in geographic areas with higher levels of social capital. These findings are robust after controlling for bank- and prefecture-level characteristics (such as unemployment, population and income) that may influence bank business model choice. We repeat our analysis for a sample of shareholder-oriented (regional) banks, but fail to establish any relationship between social capital and this organisational form. Overall, our findings suggest that financial cooperatives in high-social-capital areas are more likely to adhere to a traditional model of financial intermediation focused on lending which promotes community and economic development.

中文翻译：

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社会资本与金融合作社的商业模式：来自日本信金银行的证据

我们调查了社会资本与日本金融合作社（信金银行）商业模式选择之间的联系。我们确定了两种形式的商业模式，它们专注于发行由存款提供资金的贷款（传统）和大型投资组合的投资和管理（新）。传统的商业模式更有可能出现在社会资本水平较高的地区。在控制了可能影响银行业务模式选择的银行和地级特征（例如失业、人口和收入）后，这些发现是可靠的。我们对一个以股东为导向的（区域性）银行样本重复我们的分析，但未能建立社会资本与这种组织形式之间的任何关系。总体而言，我们的研究结果表明，高社会资本地区的金融合作社更有可能坚持以贷款为重点的传统金融中介模式，以促进社区和经济发展。