This study aims to examine whether religion influences branch banking. Using a large sample of U.S. county-level branch banking and religious characteristics data between 1994 and 2018, we find that the local religiosity of the bank headquarters’ region is positively related to the presence of bank branches. By contrast, banks in regions with more Catholics than Protestants are less likely to have branches. Moreover, religious diversity negatively affects branch banking. Overall, our study highlights the significant role of local religions in branch-banking decisions.

We examine corporate disclosure patterns according to changes in firm states during financial crises in Korea. Using panel data on Korean listed firms from 1995 to 2019, we first confirm that they transparently (opaquely) disclose information when the change in return on assets is positive (negative) during crises. Moreover, we check that these disclosure patterns increase debt financing but are ineffective for equity financing. Finally, for chaebols with internal capital markets, we find that internal capital receivers provide transparent (opaque) disclosure of negative (positive) changes in their states. By contrast, providers show the opposite patterns.