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西班牙巴利亚多利德大学金融经济学硕士论文定制-董事会在银行公司治理中的作用-Corporate governance in banking: The role of the board of directors

论文作者:留学论文论文属性:硕士毕业论文 dissertation登出时间:2011-07-07编辑:anterran点击率:10700

论文字数:10121论文编号:org201107071400206678语种:英语 English地区:西班牙价格:$ 44

关键词:西班牙巴利亚多利德大学金融经济学硕士论文定制董事会银行公司治理Corporate governancebankingthe board of directors

摘要:西班牙巴利亚多利德大学金融经济学硕士论文定制,本留学硕士论文探索了董事会在银行公司治理中的作用。巴塞尔银行监管委员会(BCBS)银行监管需要研究,了解和改善金融实体企业治理。特别是巴塞尔委员会治理结构组成的董事会和高级管理BCBS信息的核心,此外,委员会认为企业治理是必要的,以保证一个有声音财政体系,因此,也有利于一个国家的经济发展。

西班牙巴利亚多利德大学金融经济学硕士论文定制Corporate Governance in banking: The role of the board of directors
Pablo de Andres *, Eleuterio Vallelado
Department of Financial Economics and Accounting, University of Valladolid, Avenida Valle Esgueva 6, 47011 Valladolid, Spain
a r t i c l e i n f o
Article history:
Received 18 March 2008
Accepted 24 May 2008
Available online 9 June 2008
JEL classification:
G32
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-knownendogeneity 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 calledattention to the need to study, understand, and improve the corporategovernance of financial entities. The BCBS especially advocatesa governance structure composed of a board of directors and seniormanagement (Enhancing Corporate Governance for Banking Organizations,September 1999 and February 2006). The core of the BCBSmessage is the conviction thatgoodcorporate governance increasesmonitoring efficiency. Furthermore, the Committee believes thatcorporate governance is necessary to guarantee a sound financialsystem and, consequently, a country’s economic development.
To date, there are many studies on corporate governance, yetonly a few papers focus on banks’ corporate governance (e.g.,
Adams and Mehran, 2005; Caprio et al., 2007; Levine, 2004; Maceyand O’Hara, 2003), even though the key aspects of corporate governancecan be applied to banks. The problems of collective actionfaced by stakeholders who wish to ensure the efficient allocationof resources and the distribution of quasi rents, and the problemsderived from different types of ownership and control, are clearlyrelevant to financial entities.
However, the relevance of banks in the economic system andthe nature of the banking business make the problems involvedin their corporate governance highly specific, as are the mechanismsavailable to deal with such problems. The complexity ofthe banking business increases the asymmetry of informationand diminishes stakeholders’ capacity to monitor bank managers’decisions. Banks are a key element in the payment system and playa major role in the functioning of economic systems. They are alsohighly leveraged firms, due mainly to the deposits taken from customers.For all these reasons, banks are subject to more intenseregulation than other firms, as they are responsible for safeguardingdepositors’ rights, guaranteeing the stability of the paymentsystem, and reducing systemic risk.论文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。

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