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论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2010-12-30编辑:anterran点击率:8034
论文字数:14235论文编号:org201012301151175483语种:英语 English地区:西班牙价格:免费论文
关键词:Corporate governanceBoard of directorsCommercial banksSystem estimator
Corporate Governance in banking: The role of the board of directors
Pablo de Andres , Eleuterio Vallelado
Department of Financial Economics and Accounting, University of 留学生论文 https://www.51lunwen.org/
Valladolid, Avenida Valle Esgueva 6, 47011 Valladolid, Spain
Keywords:Corporate governance Board of directors Commercial banks System estimator
a b s t r a c t
We use a sample of large international commercial banks to test hypotheses on the dual role of boards ofdirectors. We use a suitable econometric model (two step system estimator) to solve the well-known
endogeneity problem in corporate governance literature, and demonstrate the empirical and theoreticalsuperiority of system estimator over OLS and within estimators. We find an inverted U-shaped relationbetween bank performance and board size, and between the proportion of non-executive directors andperformance. Our results show that bank board composition and size are related to directors’ ability tomonitor and advise management, and that larger and not excessively independent boards might provemore efficient in monitoring and advising functions, and create more value. All of these relations holdafter we control for the measure of performance, the weight of the banking industry in each country, bankownership, and regulatory and institutional differences. 2008 Elsevier B.V. All rights reserved.
1. Introduction
The Basel Committee on Banking Supervision (BCBS) has called
attention to the need to study, understand, and improve the corporate
governance of financial entities. The BCBS especially advocatesa governance structure composed of a board of directors and senior
management (Enhancing Corporate Governance for Banking Organizations,
September 1999 and February 2006). The core of the BCBSbank boards contribute to solving the weaknesses of other corporategovernance mechanisms when these mechanisms are appliedto financial institutions. An efficient board is valuable not only forits shareholders and stakeholders, but also for the development ofan economic system. Sound governance of banks is the necessarycondition to safeguard both the health of financial intermediariesand the business and economic development of a country.
Acknowledgements
The authors especially thank two anonymous referees for manyuseful suggestions and benefit from the valuable comments of J.P.Abrahams, Y. Altumbas, J.M. Campa, M.A. García-Cestona, A.I.Fernández, T. Garderner, F. Gascón, V. González, J. Lopez Gracia,I. Mathur (the editor), P. Molyneux, J. Montoriol, J.A. Rodríguez,M. Santamaría, G. Szego (the former editor), D. Urbano, N. Utrero,as well as participants at the Wolpertinger Conference (Cracow),at the UAB Seminars (Barcelona) and at the 5th Workshop inFinance. They also thank Sandra Sizer for editorial assistance.Financial support from UCEIF Foundation is also acknowledged.
Any errors are the responsibility of the authors. This paper wasoriginally submitted to Professor Giorgio Szego on July 20, 2006and was revised twice prior to submission through EES.Appendix. Regulation, ownership and banking systemcharacteristicsPanel A: Bank activity and ownership restrictiveness (BAOR)measures the overall degree to which banks are permitted to engagein securities, insurance, and real estate activities, and the extentto which they can own non-financial firms. The measuresrange from one to four. The lowest value indicates that no restrictionsare placed on this type of di本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。