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The Effect ofCorporate Governanceon the Performance ofUS Investment Banks Emmanuel MamatzakisTheodora Bermpei2015 год

The Effect of Corporate Governance on the Performance of US Investment Banks
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Аннотация: This paper focuses on the impact of the corporate governance, using a plethora of measures, on the performance of the US investment banks over the 2000–2012 period. This time period offers a unique set of information, related to the credit crunch, that we model using a dynamic panel threshold analysis to reveal new insights into the relationship between corporate governance and bank performance. Results show that the board size asserts a negative effect on performance consistent with the ‘ agency cost ’ hypothesis, particularly for banks with board size higher than ten members. Threshold analysis reveals that in the post‐crisis period most of investment banks opt for boards with less than ten members, aiming to decrease agency conflicts that large boards suffer from. We also find a negative association between the operational complexity and performance. Moreover, the CEO power asserts a positive effect on performance consistent with the ‘ stewardship ’ hypothesis. In addition, an increase in the bank ownership held by the board has a negative impact on performance for banks below a certain threshold. On the other hand, for banks with board ownership above the threshold value this effect turns positive, indicating an alignment between shareholders’ and managers’ incentives.
Год издания: 2015
Авторы: Emmanuel Mamatzakis, Theodora Bermpei
Издательство: Wiley
Источник: Financial Markets Institutions and Instruments
Ключевые слова: Corporate Finance and Governance, Banking stability, regulation, efficiency, Auditing, Earnings Management, Governance
Другие ссылки: Financial Markets Institutions and Instruments (HTML)
Sussex Research Online (University of Sussex) (PDF)
Sussex Research Online (University of Sussex) (HTML)
Nottingham Trent University's Institutional Repository (Nottingham Trent Repository) (HTML)
Open Access at Essex (University of Essex) (HTML)
BIROn (Birkbeck, University of London) (HTML)
Open Access at Essex (University of Essex) (HTML)
OPAL (Open@LaTrobe) (La Trobe University) (PDF)
OPAL (Open@LaTrobe) (La Trobe University) (HTML)
Munich Personal RePEc Archive (Ludwig Maximilian University of Munich) (HTML)