A. R. Admati, P. M. Demarzo, M. F. Hellwig, and P. C. Pfleiderer, Fallacies, irrelevant facts, and myths in the discussion of capital regulation: why bank equity is not expensive, 2010.

F. Allen, E. Carletti, and R. Marquez, Credit market competition and capital regulation, 2011.

H. V. Almeida and D. Wolfenzon, A Theory of Pyramidal Ownership and Family Business Groups, The Journal of Finance, vol.7, issue.6, pp.2637-2680, 2006.
DOI : 10.1111/j.1540-6261.2006.01001.x

J. Ayuso, D. Pérez, and J. Saurina, Are capital buffers pro-cyclical?, Journal of Financial Intermediation, vol.13, issue.2, pp.249-264, 2004.
DOI : 10.1016/S1042-9573(03)00044-5

V. Azofra and M. Santamaría, Ownership, control, and pyramids in Spanish commercial banks, Journal of Banking & Finance, vol.35, issue.6, pp.1464-1476, 2011.
DOI : 10.1016/j.jbankfin.2010.10.029

M. Bennedsen and D. Wolfenzon, The balance of power in closely held corporations, Journal of Financial Economics, vol.58, issue.1-2, 2000.
DOI : 10.1016/S0304-405X(00)00068-4

A. Berger, R. Deyoung, M. Flannery, D. Lee, and Ö. Öztekin, How Do Large Banking Organizations Manage Their Capital Ratios?, Journal of Financial Services Research, vol.79, issue.2, pp.123-149, 2008.
DOI : 10.1007/s10693-008-0044-5

A. N. Berger and G. F. Udell, Did Risk-Based Capital Allocate Bank Credit and Cause a "Credit Crunch" in the United States?, Journal of Money, Credit and Banking, vol.26, issue.3, pp.585-628, 1994.
DOI : 10.2307/2077994

M. Bertrand, P. Mehta, and S. Mullainathan, Ferreting out Tunneling: An Application to Indian Business Groups, The Quarterly Journal of Economics, vol.117, issue.1, pp.121-148, 2002.
DOI : 10.1162/003355302753399463

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.320.2949

R. Blundell and S. Bond, Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, vol.87, issue.1, pp.115-143, 1998.
DOI : 10.1016/S0304-4076(98)00009-8

N. Boubakri and H. Ghouma, Control/ownership structure, creditor rights protection, and the cost of debt financing: International evidence, Journal of Banking & Finance, vol.34, issue.10, pp.2481-2499, 2010.
DOI : 10.1016/j.jbankfin.2010.04.006

E. J. Brinkmann and P. M. Horvitz, Risk-Based Capital Standards and the Credit Crunch, Journal of Money, Credit and Banking, vol.27, issue.3, pp.848-63, 1995.
DOI : 10.2307/2077755

I. Brewer, E. Kaufman, G. Wall, and L. , Bank Capital Ratios Across Countries: Why Do They Vary?, SSRN Electronic Journal, vol.34, pp.177-201, 2008.
DOI : 10.2139/ssrn.1264914

URL : http://hdl.handle.net/10419/70667

S. Byoun, How and When Do Firms Adjust Their Capital Structures toward Targets?, The Journal of Finance, vol.47, issue.6, pp.3069-3096, 2008.
DOI : 10.1111/j.1540-6261.2008.01421.x

G. Caprio, L. Laeven, and R. Levine, Governance and bank valuation, Journal of Financial Intermediation, vol.16, issue.4, pp.584-617, 2007.
DOI : 10.1016/j.jfi.2006.10.003

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.4.2039

S. Claessens, S. Djankov, J. P. Fan, and H. P. Lang, Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, The Journal of Finance, vol.20, issue.6, pp.2741-2771, 2002.
DOI : 10.1111/1540-6261.00511

S. Claessens, S. Djankov, and H. P. Lang, The separation of ownership and control in East Asian Corporations, Journal of Financial Economics, vol.58, issue.1-2, pp.81-112, 2000.
DOI : 10.1016/S0304-405X(00)00067-2

S. Claessens and N. Van-horen, Foreign Banks: Trends and Impact, Journal of Money, Credit and Banking, vol.8, issue.s1, 2013.
DOI : 10.1111/jmcb.12092

S. Claessens and N. Van-horen, Impact of Foreign Banks, SSRN Electronic Journal, vol.1, pp.29-42, 2013.
DOI : 10.2139/ssrn.2212123

H. Cronqvist and M. Nilsson, The choice between rights offerings and private equity placements, Journal of Financial Economics, vol.78, issue.2, pp.375-407, 2005.
DOI : 10.1016/j.jfineco.2004.12.002

D. W. Diamond and R. G. Rajan, A Theory of Bank Capital, The Journal of Finance, vol.21, issue.6, pp.2431-2465, 2000.
DOI : 10.1111/0022-1082.00296

A. Dittmar and A. Thakor, Why Do Firms Issue Equity?, The Journal of Finance, vol.112, issue.1, pp.1-54, 2007.
DOI : 10.1111/j.1540-6261.2007.01200.x

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.231.4519

S. Djankov, L. Porta, R. Lopez-de-silanes, F. Shleifer, and A. , The law and economics of self-dealing, Journal of Financial Economics, vol.88, issue.3, pp.430-465, 2008.
DOI : 10.1016/j.jfineco.2007.02.007

A. Dyck and L. Zingales, Private Benefits of Control: An International Comparison, The Journal of Finance, vol.55, issue.2, pp.537-600, 2004.
DOI : 10.1111/j.1540-6261.2004.00642.x

M. Faccio, H. P. Lang, and L. Young, Dividends and Expropriation, American Economic Review, vol.91, issue.1, pp.54-78, 2001.
DOI : 10.1257/aer.91.1.54

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.198.6978

M. J. Flannery and K. P. Rangan, What Caused the Bank Capital Build-up of the 1990s?, Review of Finance, vol.12, issue.2, pp.391-429, 2008.
DOI : 10.1093/rof/rfm007

E. Friedman, S. Johnson, and T. Mitton, Propping and tunneling, Journal of Comparative Economics, vol.31, issue.4, pp.732-750, 2003.
DOI : 10.1016/j.jce.2003.08.004

R. Gropp and F. Heider, The Determinants of Bank Capital Structure, Review of Finance, vol.14, issue.4, pp.29-74, 2011.
DOI : 10.1093/rof/rfp030

I. Haw, S. S. Ho, B. Hu, and D. Wu, Concentrated control, institutions, and banking sector: An international study, Journal of Banking & Finance, vol.34, issue.3, pp.485-497, 2010.
DOI : 10.1016/j.jbankfin.2009.08.013

L. Jiang, J. Kim, and L. Pang, Control-ownership wedge and investment sensitivity to stock price, Journal of Banking & Finance, vol.35, issue.11, pp.2856-2867, 2011.
DOI : 10.1016/j.jbankfin.2011.03.017

S. W. Joh, Corporate governance and firm profitability: evidence from Korea before the economic crisis, Journal of Financial Economics, vol.68, issue.2, pp.287-322, 2003.
DOI : 10.1016/S0304-405X(03)00068-0

T. Jokipii and A. Milne, The cyclical behaviour of European bank capital buffers, Journal of Banking & Finance, vol.32, issue.8, pp.1440-1451, 2008.
DOI : 10.1016/j.jbankfin.2007.12.001

L. Porta, R. Lopez?de?silanes, F. Shleifer, A. Vishny, and R. W. , Investor protection and corporate valuation, Journal of Finance, vol.57, pp.1147-1170, 2002.
DOI : 10.3386/w7403

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.1026.1632

L. Laeven and R. Levine, Bank governance, regulation and risk taking, Journal of Financial Economics, vol.93, issue.2, pp.259-275, 2009.
DOI : 10.1016/j.jfineco.2008.09.003

C. Lin, Y. Ma, P. H. Malatesta, and Y. Xuan, Ownership structure and financial constraints: Evidence from a structural estimation, Journal of Financial Economics, vol.102, issue.2, pp.416-431, 2011.
DOI : 10.1016/j.jfineco.2011.06.001

C. Lin, Y. Ma, and Y. Xuan, Ownership structure and financial constraints: Evidence from a structural estimation, Journal of Financial Economics, vol.102, issue.2, pp.416-431, 2011.
DOI : 10.1016/j.jfineco.2011.06.001

K. Lindquist, Banks??? buffer capital: how important is risk, Journal of International Money and Finance, vol.23, issue.3, pp.493-513, 2004.
DOI : 10.1016/j.jimonfin.2004.01.006

A. J. Marcus, The bank capital decision: a time series-cross section analysis, Journal of Finance, vol.38, pp.1217-1232, 1983.

B. Maury and A. Pajuste, Multiple large shareholders and firm value, Journal of Banking & Finance, vol.29, issue.7, pp.1813-1834, 2005.
DOI : 10.1016/j.jbankfin.2004.07.002

C. Memmel and P. Raupach, How do banks adjust their capital ratios?, Journal of Financial Intermediation, vol.19, issue.4, 2010.
DOI : 10.1016/j.jfi.2009.10.002

?. Excesscr, ) (0.29) (0.50) (0.78) (0.03) (0.07) (0.06) (0.04) (0.06) (0.06) kDeficit ( ) 0

?. Excesscr, ) (0.46) (0.77) (0.63) (0.04) (0.06) (0.07) (0.04) (0.07) (0.05) kDeficit ( ) 0.16 *** 0