skip to main content
Idioma:

Voice of the Customers: Local Trust Culture and Consumer Complaints to the CFPB

HAYES, RACHEL M. ; JIANG, FENG ; PAN, YIHUI

Journal of accounting research, 2021-06, Vol.59 (3), p.1077-1121 [Periódico revisado por pares]

Chicago: Wiley Subscription Services, Inc

Texto completo disponível

Citações Citado por
  • Título:
    Voice of the Customers: Local Trust Culture and Consumer Complaints to the CFPB
  • Autor: HAYES, RACHEL M. ; JIANG, FENG ; PAN, YIHUI
  • Assuntos: Analysis ; bank fees ; Complaints ; Consumer complaints ; Consumer Financial Protection Bureau ; Consumer protection ; Culture ; Customer relations ; Customer satisfaction ; Customers ; Fees & charges ; Financial institutions ; Government agencies ; Social norms ; trust
  • É parte de: Journal of accounting research, 2021-06, Vol.59 (3), p.1077-1121
  • Notas: http://research.chicagobooth.edu/arc/journal‐of‐accounting‐research/online‐supplements
    GSS@NORC.org
    Some of the data used in this analysis are derived from Sensitive Data Files of the GSS, obtained under special contractual arrangements designed to protect the anonymity of respondents. These data are not available from the authors. Persons interested in obtaining GSS Sensitive Data Files should contact the GSS at
    .
    Accepted by Christian Leuz. We would like to thank Rajesh Aggarwal, Zhenhua Chen, Mike Cooper, Robert DeYoung, Isil Erel, Jun‐Koo Kang, Erik Lie, Chen Lin, Karl Lins, Angie Low, Michelle Lowry, Thomas Schmidt, Sudhir Suchak, Elizabeth Tashjian, KC John Wei, Andrew Winton, Brian Wolf, and participants of seminars at University of Hong Kong, HKUST, Hong Kong Polytechnic University, City University of Hong Kong, Nanyang Technology University, Purdue University, University of Iowa, and University of Utah for their helpful comments and suggestions. We thank Paola Sapienza and Luigi Zingales for sharing their Financial Trust Index data, and Francisco Navarrosanchez for excellent research assistance. An online appendix to this paper can be downloaded at
  • Descrição: ABSTRACT We use complaints filed with the Consumer Financial Protection Bureau (CFPB) to study the interplay between social norms and the effectiveness of consumer protection laws. We find that a higher level of trust in a given location is associated with a lower number of complaints filed against financial institutions in that location. Employing a difference‐in‐differences approach, we further find that, after the establishment of the CFPB, banks in low‐trust areas reduce fees charged to consumers more compared to banks in high‐trust areas. Our results suggest that the threat of consumer complaints to a government agency affects how banks treat their customers, and they shed light on the interaction between informal culture and formal institutions, as well as on stakeholders’ influence in corporate policies.
  • Editor: Chicago: Wiley Subscription Services, Inc
  • Idioma: Inglês
Voltar para lista de resultados

  • Realização: ABCD-USP USP   Logos de Redes Sociais: Freepik

Buscando em bases de dados remotas. Favor aguardar.