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Corporate governance of banks and financial stability
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Anginer, Deniz, Demirgüç-Kunt, Asli, Huizinga, Harry and Ma, Kebin (2018) Corporate governance of banks and financial stability. Journal of Financial Economics, 130 (2). pp. 327-246. doi:10.1016/j.jfineco.2018.06.011
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Official URL: https://doi.org/10.1016/j.jfineco.2018.06.011
Abstract
We find that shareholder-friendly corporate governance is associated with higher stand-alone and systemic risk in the banking sector. Specifically, shareholder-friendly corporate governance results in higher risk for larger banks and for banks that are located in countries with generous financial safety nets as banks try to shift risk towards taxpayers. We confirm our findings by comparing banks to non-financial firms and examining changes in bank risk around an exogenous regulatory change in governance. Our results underline the importance of the financial safety net and too-big-to-fail guarantees in thinking about corporate governance reforms at banks.
| 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): | Asset-liability management, Corporate governance, Stockholders | ||||||||
| Journal or Publication Title: | Journal of Financial Economics | ||||||||
| Publisher: | Elsevier Science BV | ||||||||
| ISSN: | 0304-405X | ||||||||
| Official Date: | November 2018 | ||||||||
| Dates: |
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| Date of first compliant deposit: | 30 October 2017 | ||||||||
| Volume: | 130 | ||||||||
| Number: | 2 | ||||||||
| Page Range: | pp. 327-246 | ||||||||
| DOI: | 10.1016/j.jfineco.2018.06.011 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Restricted or Subscription Access |
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