1. bookVolume 3 (2014): Issue 3 (September 2014)
Journal Details
First Published
11 Mar 2014
Publication timeframe
3 times per year
access type Open Access

Corporate Governance in Banks and its Impact on Risk and Performance: Review of Literature on the Selected Governance Mechanisms

Published Online: 25 Sep 2014
Volume & Issue: Volume 3 (2014) - Issue 3 (September 2014)
Page range: 53 - 85
Received: 14 Jul 2014
Accepted: 28 Aug 2014
Journal Details
First Published
11 Mar 2014
Publication timeframe
3 times per year

Corporate governance is viewed as an important, essential, and most significant factor for well-functioning of firms. Recent academic work and policy analyses have given insight into the governance problems in banks exposed to the financial crisis and suggest possible solutions. This paper begins by explaining the importance of corporate governance and its impact on risk taking and bank performance based on the theoretical background relevant to the corporate governance of banks. I combine the literature that looks at three areas of governance: ownership structure; board structure; and risk management, with the literature on risk-taking and performance effects in order to better assess the weight of the impact that these governance mechanisms have on both performance and risk. The paper concludes by highlighting the areas where further research is needed.


1. Adams, R . and Mehran, H. (2003). Is Corporate Governance Different for Bank Holding Companies?. FRBNY Economic Policy Review 9 (2003), 123-142.Search in Google Scholar

2. Adams, R . and Ferreira, D. (2007). A Theory of Friendly Boards. Journal of Finance 62(1), 217-250.10.1111/j.1540-6261.2007.01206.xSearch in Google Scholar

3. Adams, R . and Ferreira, D. (2009a). Women in the Boardroom and Their Impact on Governance and Performance. Journal of Financial Economics, 94(2), 291-309.10.1016/j.jfineco.2008.10.007Search in Google Scholar

4. Adams, B. R . and Ferreira, D. (2009b). Strong Managers, Weak Boards? CESifo Economic Studies special issue on Executive Pay, 55(3-4), 482-514.10.1093/cesifo/ifp023Search in Google Scholar

5. Adams, B. R . and Mehran, H. (2012). Bank Board Structure and Performance: Evidence for Large Bank Holding Companies. Journal of Financial Intermediation 21, 243-267.10.1016/j.jfi.2011.09.002Search in Google Scholar

6. Aebi, V . Sabato, G . and Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking and Finance, 36 (2012), 3213-3226.Search in Google Scholar

7. Agrawal, A . and Knoeber, C . 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31 (3), 377-397.Search in Google Scholar

8. Alchian, A. A. (1965). Some economics of property rights. Il Politico 30, 816-829.Search in Google Scholar

9. Alchian, A. A . and Demsetz, H. (1972). Production, Information Cost, and Economic Organization. American Economic Review, 62, 777-795Search in Google Scholar

10. Allen, L . and Cebenoyan, A. (1991). Bank Acquisitions and Ownership Structure: Theory and Evidence. Journal of Banking and Finance, vol.15, pp.425-48.10.1016/0378-4266(91)90076-XSearch in Google Scholar

11. Alonso.P . and Gonzalez, E. (2008). Corporate Governance in banking: The role of the board of directors. Journal of Banking and Finance, 32, 2570-2580.10.1016/j.jbankfin.2008.05.008Search in Google Scholar

12. Andres, P . and Vallelado.E. ( 2008). Corporate governance in banking: The role of the board of directors. Journal of Banking and Finance 32, 2570-2580.10.1016/j.jbankfin.2008.05.008Search in Google Scholar

13. Bakker, B . and Gulde, A. (2010). The credit boom in the EU new member states: bad luck or bad policies?. IMF Working Paper No. 10/130, Washington, D.C.10.2139/ssrn.1620249Search in Google Scholar

14. Bakker, B . and Klingen, C. (2012). How emerging Europe came through the 2008/09 crisis. IMF (an account by the staff of the European Department), Washington, D.CSearch in Google Scholar

15. Barry, T.A . Lepetit. L . and Tarazi, A. (2011). Ownership structure and risk in publicly held and privately owned banks. Journal of Banking and Finance, 35(5), 1327-1340.10.1016/j.jbankfin.2010.10.004Search in Google Scholar

16. Bebchuk , A . and Hamdani , A. (2009). The Elusive Quest for Global Governance Standards. University of Pennsylvania Law Review, 157 (2009), 1263-1317.Search in Google Scholar

17. Bebchuk, L . and Roe, M. (1999) . A theory of path dependence in corporate ownership and governance.Stanford Law Review 52, 127-170.10.2307/1229459Search in Google Scholar

18. Becht, M . Bolton, and P . Roell, A. (2002). Corporate Governance and Control. ECGI Working Paper Series in Finance, No 02/2002.10.2139/ssrn.343461Search in Google Scholar

19. Becht, M . and Roell, A. (1999). Blockholdings in Europe: An international comparison. European. Economic Review, 43, 10-43.10.1016/S0014-2921(98)00113-5Search in Google Scholar

20. Becht, M . Bolton, and P . Roell, A. (2012), Why Bank Governance is Different, Oxford Review of Economic Policy, 27 (3), 437-463.10.1093/oxrep/grr024Search in Google Scholar

21. Beck, T . Demirgüç-Kunt, A . and Maksimovic. V. (2004). Bank competition and access to finance: International evidence Journal of Money, Credit, and Banking, 36, pp. 627-648Search in Google Scholar

22. Bear, S . Rahman, N . and Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97, 207-221.10.1007/s10551-010-0505-2Search in Google Scholar

23. Berger, A . Clarke, G.R.G . Cull, R . Klapper, L . and Udell, G.F. (2005). Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership. Journal of Banking and Finance 29, 2179-2221.10.1016/j.jbankfin.2005.03.013Search in Google Scholar

24. Berle, A . and Means.G. C. (1932). The Modern Corporation and Private Property. New York: The Commerce Cleaning House.Search in Google Scholar

25. Beltratti, A . and Stulz, R. M. (2009). Why Did Some Banks Perform Better during the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation. Working Paper 15180, National Bureau of Economic Research, Cambridge, MA10.3386/w15180Search in Google Scholar

26. Blair, M. (1995). Ownership and control: rethinking corporate governance for the twenty-first century. Brookings Institution, Washington DC.Search in Google Scholar

27. Bobirca, A. and Miclaus, P. G. (2007). Extensiveness and effectiveness of corporate governance regulations in South-Eastern Europe. World Academy of Science, Engineering and Technology, 30, 7-12.Search in Google Scholar

28. Bohren.O . and Odegaard. B.A. (2005). Governance and performance revisited. International Corporate Governance after Sarbanes-Oxley. In Greg Gregouriu and Paul Ali, ( eds), Wiley.Search in Google Scholar

29. Bonin, J.P . Hasan, I . and Wachtel, P. (2005a). Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance 29, 31-53. 10.1016/j.jbankfin.2004.06.015Search in Google Scholar

30. Bonin, J.P . Hasan, I . and Wachtel, P. (2005b). Privatization matters: Bank efficiency in transition countries. Journal of Banking and Finance 29, 2155-2178.10.1016/j.jbankfin.2005.03.012Search in Google Scholar

31. Brewer , E. Jackson , W. and Jagtiani, J. (2000). Impact of independent directors and the regulatory environment on bank merger prices: evidence from takeover activity in the 1990s. Federal Reserve Bank of Chicago Emerging Issues, 12, 2000.Search in Google Scholar

32. Brickley, J. and James, C. (1987). The takeover market, corporate board composition and ownership structure. Journal of Law and Economics, 30, 161-180.10.1086/467134Search in Google Scholar

33. Bruce, A . Buck, T . and Main, B. G. M. (2005). Top executive remuneration: A view from Europe. Journal of Management Studies 42 (7), 1493-1506.10.1111/j.1467-6486.2005.00553.xSearch in Google Scholar

34. Byrd, J . Fraser, D . Lee, D . and Williams, T. (2001). Financial crises, natural selection and governance structure: evidence from the thrift crisis. Working paper, Texas A andM University, 2001.Search in Google Scholar

35. Carlin, W . and Mayer, C. (2003). Finance, investment, and growth. Journal of Financial Economics 69, 191-226.10.1016/S0304-405X(03)00112-0Search in Google Scholar

36. Carter, R.B . and Stover, R.D. (1991). Management ownership and firm compensation policy: Evidence from converting savings and loan associations. Financial Management, 80-90.10.2307/3665714Search in Google Scholar

37. Carter, D. A . Simkins, B. J . and Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review. 38, 33-53.10.1111/1540-6288.00034Search in Google Scholar

38. Cheng, I.H . Hong, H . and Scheinkman, J.A.(2010). Yesterday’s heroes: compensation and creative risk taking. NBER Working Paper, 16176.10.3386/w16176Search in Google Scholar

39. Cheng, S. (2008). Board size and the variability of corporate performance. Journal of Financial Economics, 87, 157-176.10.1016/j.jfineco.2006.10.006Search in Google Scholar

40. Ciancanelli, P . Gonzalez J.A.R. (2000). Corporate Governance in Banking: A Conceptual Framework. European Financial Management Association Conference, Athens, June 2000.10.2139/ssrn.253714Search in Google Scholar

41. Ciancanelli, P . and Reyes, J. (2001). Corporate Governance in Banking: A conceptual framework. Working Paper, SSRN.Search in Google Scholar

42. Claessens, S. (2006). Corporate governance and economic development. World Bank Research Observer, 21(1), 91-122.10.1093/wbro/lkj004Search in Google Scholar

43. Clarke, T. E. (2004). Theories of Corporate Governance. Rutledge: New York.Search in Google Scholar

44. Coles, J. L . Daniel, N. D . and Naveen, L . 2008. Boards: Does one size fit all?. Journal of Financial Economics 87, 329-356.Search in Google Scholar

45. Cotter, J . A. Shivdasani, and M. Zenner. Do Independent Directors Enhance Target Shareholder Wealth during Tender Offers?. Journal of Financial Economics, 43, 195-218. 10.1016/S0304-405X(96)00886-0Search in Google Scholar

46. Crespi, R . Garcia-Cestona, M.A. and Salas, V. (2004). Governance mechanisms in Spanish banks. Does ownership matter?. Journal of Banking and Finance 28, 2311-2330.10.1016/j.jbankfin.2003.09.005Search in Google Scholar

47. Cyert, R . and March,J. (1963). A Behavioral Theory of the Firm. Englewood Cliffs, NJ: Prentice-Hall.Search in Google Scholar

48. Delgado, J . Salas, V . and Saurina, J. (2007). Joint size and ownership specialization in bank lending. Journal of Banking and Finance 31, 3563-358310.1016/j.jbankfin.2007.01.009Search in Google Scholar

49. Demsetz, R.S . Saidenberg, M.R . Strahan, P.E. (1997). Agency Problems and Risk Taking at Banks. Staff Reports, No. 29. Federal Reserve Bank of New York.10.2139/ssrn.943507Search in Google Scholar

50. Demirguc-Kunt, A . and Huizinga, H. (1999). Determinants of Commercial Bank Interest Margins and Profitability: some International Evidence. World Bank Economic Review 13 (2), 379-408.10.1093/wber/13.2.379Search in Google Scholar

51. Demirguc-Kunt, A . and Maksimovic, V. (1998). Law, finance and firm growth, Journal of Finance, 53(6), 2107-213710.1111/0022-1082.00084Search in Google Scholar

52. Devriese, J . Dewatripont,M . Heremans,D . and Nguyen,G. (2004). Corporate governance, regulation and supervision of banks. Financial Stability Review, ed. National Bank of Belgium 95-120. Brussels.Search in Google Scholar

53. Doidge, C. (2004). US cross-listings and the private benefits of control: evidence from dual-class firms. Journal of Financial Economics 72, 519-553.10.1016/S0304-405X(03)00208-3Search in Google Scholar

54. Donaldson, T . and Preston, V.E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review 20 (1): 65-91.Search in Google Scholar

55. Drakos, K. (2002). The efficiency of the Banking Sector in Central and Eastern Europe. Russian and East European Finance and Trade, 38(2), 33-44.Search in Google Scholar

56. Erhardt, N . Werbel, J . Shrader, S.( 2003). Board of director diversity and firm financial performance. Corporate Governance 11(2), 102-111.10.1111/1467-8683.00011Search in Google Scholar

57. Erkens, D . Hung, M . and Matos, P. P. (2010). Corporate Governance in the 2007-2008 Financial Crisis: Evidence from Financial Institutions Worldwide. ECGI-Finance Working Paper No. 249, 2009.Search in Google Scholar

58. Eisenberg, T . Sundgren, S. and Wells, M. T. (1998) Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48, 35-54.10.1016/S0304-405X(98)00003-8Search in Google Scholar

59. Ellul, A . and Yerramilli, V. (2013). Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies. Journal of Finance. 68 (5). 1757-1803Search in Google Scholar

60. Fahlenbrach, R . and Stulz, R.M. (2011). Bank CEO Incentives and the Credit Crisis. Journal of Financial Economics, 99, 11-26. 10.1016/j.jfineco.2010.08.010Search in Google Scholar

61. Fama, E.(1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, Vol. 88, 288-307.10.1086/260866Search in Google Scholar

62. Fama, E. (1985). What’s different about banks?. Journal of Monetary Economics. 15 (1), 29-39.10.1016/0304-3932(85)90051-0Search in Google Scholar

63. Fama, E . and Jensen,M. (1983). Separation of Ownership and Control. Journal of Law and Economic, Vol. 26, 301-325.10.1086/467037Search in Google Scholar

64. Farrell, K . and Hersch, P. (2005). Additions to corporate boards: the effect of gender. Journal of Corporate Finance, 11, 85-106.10.1016/j.jcorpfin.2003.12.001Search in Google Scholar

65. Fenghu,S. and Thakor, A. (2007). Relationship banking, fragility, and the asset-liability matching problem. Review of Financial Studie, 20-6, 2129-2177Search in Google Scholar

66. Fernandes, N . and Fich, E. (2009). Does Financial Experience Help Banks during Credit Crises?, Unpublished Working Paper, IMD-Lausanne, Switzerland.Search in Google Scholar

67. Freeman, R. E. (1984). Strategic Management: A stakeholder approach. Boston: Pitman.Search in Google Scholar

68. Freeman, R. E. (1994). The politics of stakeholder theory. Business Ethics Quarterly, Vol. 4, No. 4, 409-421.Search in Google Scholar

69. Fligstein, N. (1990). The transformation of corporate control. Cambridge, Mass.: Harvard University Press.Search in Google Scholar

70. Fligstein, N. (2001). The architecture of markets: an economic sociology of twenty-first century capitalist societies. Princeton: Princeton University Press.Search in Google Scholar

71. Fries, S . and Taci, A. (2005). Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries. Journal of Banking and Finance. Vol. 29, 55-81.Search in Google Scholar

72. Furfine, C. H. (2001). Banks as monitors of other banks: Evidence from the overnight federal funds market. Journal of Business. 74(1). 33-57.10.1086/209662Search in Google Scholar

73. Garicano, L . and Cuñat, V. (2009). Did good Cajas extend bad loans? Governance, human capital, and loan portfolios. London School of Economics. Mimeo.Search in Google Scholar

74. Gompers, P.A . Ishii, J. and Metrick, A. (2003). Corporate Governance and equity prices, Quarterly Journal of Economics, 118(1), 107-155.10.1162/00335530360535162Search in Google Scholar

75. Gorton, G . and Rosen, R.(1995). Corporate control, portfolio choice, and the decline of banking. Journal of Finance, 50, 509-527.10.1111/j.1540-6261.1995.tb05183.xSearch in Google Scholar

76. Graham, J. R . Harvey,C. R . and S. Rajgopal. 2005. The Economic Implications of Corporate Financial Reporting. Journal of Accounting and Economics, 40, 3-73.Search in Google Scholar

77. Grigorian, D . and Manole, V. (2002). Determinants of commercial bank performance in transition: An application of data envelopment analysis. World Bank Policy Research Working Paper, 2850, June 2002 10.1596/1813-9450-2850Search in Google Scholar

78. Hall, P. A . and Soskice, D. (2001). Varieties of Capitalism. The Institutional Foundations of Comparative Advantage. (eds.), Oxford: Oxford University Pres.10.1093/0199247757.001.0001Search in Google Scholar

79. Hansmann, H. (1996). The Ownership of Enterprise. Cambridge: Harvard University Press.Search in Google Scholar

80. Harris, M . and A. Raviv, (2008). A Theory of Board Control and Size Review of Financial Studies, 21, 1797-1832.10.1093/rfs/hhl030Search in Google Scholar

81. Hart, O. (1995). Corporate Governance: some theories and implications. The Economic Journal, 105 (430), 678-689.10.2307/2235027Search in Google Scholar

82. Hartzell, J.C. and Starks. L.T. (2003). Institutional Investors and Executive Compensation, Journal of Finance 58(6), 2351-2374.10.1046/j.1540-6261.2003.00608.xSearch in Google Scholar

83. Hasan, I . and Marton, K . (2003). Development and efficiency of the banking sector in a transitional economy. Journal of Banking and Finance, 27, 2249-2271.10.1016/S0378-4266(02)00328-XSearch in Google Scholar

84. Hau, H . and M. Thum. (2009). Subprime crisis and Board (In-) Competence: Private vs. Public banks in Germany. Economic Policy 24 (60), 701-51.Search in Google Scholar

85. Heremans, D. (2007). Corporate governance issue for banks: A financial stability perspective. SSRN Working Paper, Center for Economic Studies, Catholic University of Leuven.10.2139/ssrn.1024693Search in Google Scholar

86. Hermalin, E . and Weisbach,M.S. (2003). Boards of directors as an endogenously determined institution: A survey of the economic literature. Federal Reserve Bank of New York Economic Policy Review, 9(1): 7-26.Search in Google Scholar

87. Hopt, K. (2012). Corporate governance of banks after the financial crisis. Financial regulation and supervision - A post-crisis analysis. In E. Wymeersch, K. Hopt, G. Ferrarini, (eds), Oxford University Press, Oxford.10.1093/acprof:osobl/9780199660902.003.0011Search in Google Scholar

88. Houston, J.F . and James, C. (1995). CEO Compensation and bank risk: is compensation in banking structured to promote risk taking?. Journal of Monetary Economics, 36, 405-431.10.1016/0304-3932(95)01219-2Search in Google Scholar

89. Iannotta, G . Nocera, G . and Sironi, A. (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking and Finance 31 (7), 2127-2149.10.1016/j.jbankfin.2006.07.013Search in Google Scholar

90. Jemric, I . and Vujcic, B. (2002). Efficiency of banks in Croatia: A DEA approach. Comparative Economic Studies 44, 169-193.10.1057/ces.2002.13Search in Google Scholar

91. Jensen, M.C . and Meckling, W.H. (1976). Theory of the firm: managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics 3, 305-360.10.1016/0304-405X(76)90026-XSearch in Google Scholar

92. Jensen, M. C. (2000). Theory of the Firm: Governance, Residual Claims, and Organizational Forms. Harvard University Press. Cambridge.Search in Google Scholar

93. Jensen, M.C. (1993). The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems. Journal of Finance 48, 831-880. 10.1111/j.1540-6261.1993.tb04022.xSearch in Google Scholar

94. Kern, A. (2004). UK Corporate governance and banking regulation: The regulators role as stakeholder. Stetson Law Review 33, 991-1034.Search in Google Scholar

95. Kern, A. (2006). Corporate governance and banks: The role of regulation in reducing the principal-agent problem. Journal of Banking Regulation, 7, 17-40.10.1057/palgrave.jbr.2340003Search in Google Scholar

96. Keys, B. J . Mukherjee, T . Seru, A . and Vig,V. (2009). Financial regulation and securitization: Evidence from subprime loans. Journal of Monetary Economics, 56(5), 700-720.10.1016/j.jmoneco.2009.04.005Search in Google Scholar

97. Kirkpatrick, G. ( 2009). The corporate governance lessons from the financial crisis. Financial Markets Trends 96 (1), 52-81.10.1787/fmt-v2009-art3-enSearch in Google Scholar

98. Klein, A . (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33, 375-400.10.1016/S0165-4101(02)00059-9Search in Google Scholar

99. Köhler, M.(2012). Ownership Structure, Regulation and the Market for Corporate Control in the EU Banking Sector. European Journal of Law and Economics, 34(1), 173-196.10.1007/s10657-010-9174-ySearch in Google Scholar

100. Kole, S. and Lehn, K. (1997). Deregulation, the evolution of corporate governance structure, and survival. American Economic Review 87, 421-425.Search in Google Scholar

101. Kose, J. and Qian,Y. (2003). Incentive Features in CEO Compensation in the Banking Industry. FRBNY Economic Policy Review, 9, 109-121.Search in Google Scholar

102. Kostyuk, A.N . Pizzo, M. and Mizuno, M. (2012). Corporate Governance in the United States Banking System. Corporate Governance Evolution in Banks, (eds) Virtus Interpress, pp, 15-33.Search in Google Scholar

103. Kraft, E . and Tirtiroglu, D. (1998). Bank efficiency in Croatia: A stochastic frontier analysis. Journal of Comparative Economics, 26, 282-300.10.1006/jcec.1998.1517Search in Google Scholar

104. Macey, R.M. and O’Hara, M. (2003). The corporate governance of banks. Economic Policy Review 9 (1), 91-107.Search in Google Scholar

105. Manne, H. G. (1965). Mergers and the market for corporate control. Journal of Political Economy, 73(2), 110-120.10.1086/259000Search in Google Scholar

106. Mateos de Cabo, R . Gimeno, R . and Nieto, M. J. (2012). Gender diversity on European Banks’ Boards of Directors. Journal of Business Ethics, 109:145-162.Search in Google Scholar

107. Matousek, R . and Taci, A. (2002), Banking efficiency in transition economies: Empirical evidence from the Czech Republic. Discussion Paper No 02-3, Centre for International Capital Markets, London Metropolitan University.Search in Google Scholar

108. McNutt, P.A. (2010). Edited ethics: corporate governance and Kant’s philosophy. International Journal of Social Economics, 37(10), 741- 754.10.1108/03068291011070417Search in Google Scholar

109. Micco, A . Panizza, U . and Yanez, M. 2007. Bank ownership and performance. Does politics matter?. Journal of Banking and Finance 31 (1), 219-241. Search in Google Scholar

110. Minton, B . Taillard, J . and Williamson, R. (2011). Do independence and financial expertise of the board matter for risk taking and performance?. Working Paper, The Ohio State University.10.2139/ssrn.1787126Search in Google Scholar

111. Mintzberg, H. (1983). The case for corporate social responsibility. Journal of Business Strategy, 4 (2), 3 - 1510.1108/eb039015Search in Google Scholar

112. Morck, R . Shleifer.s . and Vishny.R. (1988). Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics. 20: ½, 293-315.10.1016/0304-405X(88)90048-7Search in Google Scholar

113. Mullineux, A. (2006). The corporate governance of banks. Journal of Financial Regulation and Compliance, 14, 375-382.10.1108/13581980610711144Search in Google Scholar

114. Nikiel, E.M . and Opiela, T.P. (2002). Customer type and bank efficiency in Poland: Implications for emerging banking market. Contemporary Economic Policy 20, 255-271.10.1093/cep/20.3.255Search in Google Scholar

115. North, D. (1990). Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.10.1017/CBO9780511808678Search in Google Scholar

116. Lehn, K . Patro, S . and Zhao, M . (2008). Determinants of the size and composition of U.S. corporate boards. Working Paper. University of Pittsburgh.Search in Google Scholar

117. Laeven, L . and Levine, R. (2008). Corporate governance, regulation, and bank risk taking. Journal of Financial Economics, 93 (2009), 259-275.Search in Google Scholar

118. La Porta, R . Lopez-de-Salines, F . Shleifer, A . andVishny, R. (1998). Law and finance. Journal of Political Economy, 106, 1113-1155.10.1086/250042Search in Google Scholar

119. La Porta, R . Lopez-de-Salines, F . Shleifer, A . andVishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58, 3-27.10.1016/S0304-405X(00)00065-9Search in Google Scholar

120. La Porta, R . Lopez-de-Salines, F . Shleifer, A. (2002). Government ownership of banks. Journal of Finance, 57(1), 265-301.10.1111/1540-6261.00422Search in Google Scholar

121. La Porta, R . Lopez-de-Salines, F . Shleifer, A. (1999b). Corporate ownership around the World. Journal of Finance ,Vol 54, pp471-518.10.1111/0022-1082.00115Search in Google Scholar

122. La Porta, R . Lopez-de-Salines, F . Shleifer, A . andVishny, R. (1997a). Legal determinants of external finance. Journal of Finance, 52, 1131-1150.10.1111/j.1540-6261.1997.tb02727.xSearch in Google Scholar

123. La Porta, R . Lopez-de-Salines, F . Shleifer, A . and Vishny, R.(1997b). Trust in Large Organizations. AEA Papers and Proceedings 87, 333-338.10.3386/w5864Search in Google Scholar

124. Levine, R. (1997). Financial development and growth: Views and agenda. Journal of Economic Literature, 35, 688-726.Search in Google Scholar

125. Levine, R. (2005). Finance and growth: Theory and evidence. In P. Aghion and S. Durlauf (Eds.), Handbook of economic growth. Netherlands: Elsevier Science.Search in Google Scholar

126. Levine, R. (2004). The Corporate Governance of Banks: A Concise Discussion of Concepts and Evidence. World Bank Policy Research Working Paper no. 3404. 10.1596/1813-9450-3404Search in Google Scholar

127. Linck, J . Netter, J . and Yang, T. (2008). The determinants of board structure. Journal of Financial Economics 87, 308-328.10.1016/j.jfineco.2007.03.004Search in Google Scholar

128. Pathan, S. (2009). Strong boards, CEO power and bank risk-taking. Journal of Banking and Finance 33, 1340-1350.10.1016/j.jbankfin.2009.02.001Search in Google Scholar

129. Pathan, S . and Faff, R. (2013). Does board structure in banks really affect their performance?. Journal of Banking and Finance 37 (5), 1573-158910.1016/j.jbankfin.2012.12.016Search in Google Scholar

130. Polo, A. (2007). Corporate Governance of Banks: The Current State of the Debate. SSRN Working Paper, Said Business School, University of Oxford.10.2139/ssrn.958796Search in Google Scholar

131. Popov, A . and Udell, G. (2012). Cross-border banking, credit access, and the financial crisis. Journal of International Economics, 87(1), 147-61.10.1016/j.jinteco.2012.01.008Search in Google Scholar

132. Prowse, S. (1997). The Corporate Governance System in Banking: What Do We Know?. Banca del Lavoro Quarterly Review: 11-40.Search in Google Scholar

133. Raheja, G. (2005). Determinants of board size and composition: A theory of corporate boards. Journal of Financial and Quantitative Analysis, 40, 307-329.10.1017/S0022109000002313Search in Google Scholar

134. Reyes, B . and Zhao, R. (2010). A Comparison Between One-Tier and Two-Tier Board Structures in France. Journal of International Financial Management and Accounting, 21(3).Search in Google Scholar

135. Roe, M.J. (2003). Political Determinants of Corporate Governance: Political Context, Corporate Impact. Oxford University Press. Oxford/New York.Search in Google Scholar

136. Rosenstein, S . and Wyatt, J.G. (1990) . Outside directors, board independence, and shareholder wealth. Journal of Financial Economics 26, 175-191.10.1016/0304-405X(90)90002-HSearch in Google Scholar

137. Rowe,W. Shi,W. Wang, C. (2011). Board governance and performance of Chinese bank. Banks and Bank System. No.1, 2011.Search in Google Scholar

138. Saunders, A . Strock, E . and Travlos, N. (1990). Ownership structure, deregulation and bank risk taking. Journal of Finance 45, 643-654.10.1111/j.1540-6261.1990.tb03709.xSearch in Google Scholar

139. Shleifer, A. and Vishny, R. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, Vol. 95, pp.461-488.10.1086/261385Search in Google Scholar

140. Shleifer, A. and Vishny, R. (1997).A Survey of Corporate Governance. Journal of Finance, 52 (2), 737-783.10.1111/j.1540-6261.1997.tb04820.xSearch in Google Scholar

141. Solomon, J . and Solomon, A. (2004). Corporate Governance and Accountability (1st ed.). Chichester :Wiley.Search in Google Scholar

142. Spong, K . and Sullivan, R. (2007). Corporate Governance and Bank Performance. SSRN Working Paper, Federal Reserve Bank of Kansas City .10.4337/9781847208675.00008Search in Google Scholar

143. Tandelilin, E . Kaaro, H . Mahadwartha, P. A . and Supriyatna. (2007). Corporate governance, risk management and bank performance: Does Type of Ownership matter? EADN Working Paper No. 34.Search in Google Scholar

144. Ungureanu, M. (2008). Banks: Regulation and Corporate Governance Framework. Journal of Ownership and Control , 5 (2008). 10.22495/cocv5i2c4p6Search in Google Scholar

145. Weill, L. (2003). Banking efficiency in transition economies: The role of foreign ownership. Economics of Transition 11, 569-592.10.1111/1468-0351.00155Search in Google Scholar

146. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40, 185-211. 10.1016/0304-405X(95)00844-5Search in Google Scholar

Recommended articles from Trend MD

Plan your remote conference with Sciendo