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Corporate governance and bank capitalization strategies
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Anginer, Deniz, Demirgus-Kunt, Asli, Huizinger, Harry and Ma, Kebin (2016) Corporate governance and bank capitalization strategies. Journal of Financial Intermediation, 26 . pp. 1-27. doi:10.1016/j.jfi.2015.12.002 ISSN 1042-9573.
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Official URL: http://dx.doi.org/10.1016/j.jfi.2015.12.002
Abstract
This paper examines the relationship between banks’ capitalization strategies and their corporate governance and executive compensation schemes for an international sample of banks over the 2003–2011 period. Shareholder-friendly corporate governance, in the form of a separation of the CEO and chairman of the board roles, intermediate board size, and an absence of anti-takeover provisions, is associated with lower bank capitalization, consistent with shareholder incentives to shift risk towards the financial safety net. Higher values of executive option and stock wealth invested in the bank are associated with higher capitalization as a potential reflection of executive risk aversion, but the risk-taking incentives embedded in executive compensation packages are associated with lower capitalization.
Item Type: | Journal Article | ||||||||||
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Subjects: | H Social Sciences > HG Finance | ||||||||||
Divisions: | Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | Bank capital, Dividends, Corporate governance, Executives -- Salaries, etc. | ||||||||||
Journal or Publication Title: | Journal of Financial Intermediation | ||||||||||
Publisher: | Academic Press | ||||||||||
ISSN: | 1042-9573 | ||||||||||
Official Date: | April 2016 | ||||||||||
Dates: |
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Volume: | 26 | ||||||||||
Page Range: | pp. 1-27 | ||||||||||
DOI: | 10.1016/j.jfi.2015.12.002 | ||||||||||
Status: | Peer Reviewed | ||||||||||
Publication Status: | Published | ||||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||||
Date of first compliant deposit: | 4 March 2016 | ||||||||||
Date of first compliant Open Access: | 15 July 2017 | ||||||||||
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