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Did Good Corporate Governance Improve Bank Performance during the Financial Crisis?

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  • Emilia Peni

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  • Sami Vähämaa

    ()

Abstract

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Suggested Citation

  • Emilia Peni & Sami Vähämaa, 2012. "Did Good Corporate Governance Improve Bank Performance during the Financial Crisis?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 41(1), pages 19-35, April.
  • Handle: RePEc:kap:jfsres:v:41:y:2012:i:1:p:19-35 DOI: 10.1007/s10693-011-0108-9
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    References listed on IDEAS

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    1. Andres, Pablo de & Vallelado, Eleuterio, 2008. "Corporate governance in banking: The role of the board of directors," Journal of Banking & Finance, Elsevier, vol. 32(12), pages 2570-2580, December.
    2. J. Outreville, 2010. "Internationalization, Performance and Volatility: The World Largest Financial Groups," Journal of Financial Services Research, Springer;Western Finance Association, vol. 38(2), pages 115-134, December.
    3. Fahlenbrach, Rüdiger & Stulz, René M., 2011. "Bank CEO incentives and the credit crisis," Journal of Financial Economics, Elsevier, vol. 99(1), pages 11-26, January.
    4. Pornsit Jiraporn & Pandej Chintrakarn, 2009. "Staggered Boards, Managerial Entrenchment, and Dividend Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 36(1), pages 1-19, August.
    5. K. J. Martijn Cremers & Vinay B. Nair, 2005. "Governance Mechanisms and Equity Prices," Journal of Finance, American Finance Association, vol. 60(6), pages 2859-2894, December.
    6. Pathan, Shams, 2009. "Strong boards, CEO power and bank risk-taking," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1340-1350, July.
    7. Laeven, Luc & Levine, Ross, 2009. "Bank governance, regulation and risk taking," Journal of Financial Economics, Elsevier, vol. 93(2), pages 259-275, August.
    8. Caprio, Gerard & Laeven, Luc & Levine, Ross, 2007. "Governance and bank valuation," Journal of Financial Intermediation, Elsevier, vol. 16(4), pages 584-617, October.
    9. Ammann, Manuel & Oesch, David & Schmid, Markus M., 2011. "Corporate governance and firm value: International evidence," Journal of Empirical Finance, Elsevier, vol. 18(1), pages 36-55, January.
    10. Chhaochharia, Vidhi & Laeven, Luc, 2009. "Corporate governance norms and practices," Journal of Financial Intermediation, Elsevier, vol. 18(3), pages 405-431, July.
    11. Rocco Ciciretti & Iftekhar Hasan & Cristiano Zazzara, 2009. "Do Internet Activities Add Value? Evidence from the Traditional Banks," Journal of Financial Services Research, Springer;Western Finance Association, vol. 35(1), pages 81-98, February.
    12. Brown, Lawrence D. & Caylor, Marcus L., 2006. "Corporate governance and firm valuation," Journal of Accounting and Public Policy, Elsevier, vol. 25(4), pages 409-434.
    13. Jonathan R. Macey & Maureen O'Hara, 2003. "The corporate governance of banks," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 91-107.
    14. Webb Cooper, Elizabeth, 2009. "Monitoring and governance of private banks," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(2), pages 253-264, May.
    15. Gregory Sierra & Eli Talmor & James Wallace, 2006. "An Examination of Multiple Governance Forces within Bank Holding Companies," Journal of Financial Services Research, Springer;Western Finance Association, vol. 29(2), pages 105-123, April.
    16. Cornett, Marcia Millon & McNutt, Jamie John & Tehranian, Hassan, 2009. "Corporate governance and earnings management at large U.S. bank holding companies," Journal of Corporate Finance, Elsevier, vol. 15(4), pages 412-430, September.
    17. Vincenzo Chiorazzo & Carlo Milani & Francesca Salvini, 2008. "Income Diversification and Bank Performance: Evidence from Italian Banks," Journal of Financial Services Research, Springer;Western Finance Association, vol. 33(3), pages 181-203, June.
    18. Akhigbe, Aigbe & Martin, Anna D., 2008. "Influence of disclosure and governance on risk of US financial services firms following Sarbanes-Oxley," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2124-2135, October.
    19. Shane A. Johnson & Theodore C. Moorman & Sorin Sorescu, 2009. "A Reexamination of Corporate Governance and Equity Prices," Review of Financial Studies, Society for Financial Studies, vol. 22(11), pages 4753-4786, November.
    20. Bhagat, Sanjai & Bolton, Brian, 2008. "Corporate governance and firm performance," Journal of Corporate Finance, Elsevier, vol. 14(3), pages 257-273, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Ahmed Zemzem & Oumeima Kacem, 2014. "Risk Management, Board Characteristics and Performance in the Tunisian Lending Institutions," International Journal of Finance & Banking Studies, Society for the Study of Business & Finance, vol. 3(1), pages 186-200, January.
    2. Anwar Boumosleh & Brandon Cline, 2015. "Outside Director Stock Options and Dividend Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 47(3), pages 381-410, June.
    3. repec:kap:jfsres:v:52:y:2017:i:3:d:10.1007_s10693-016-0252-3 is not listed on IDEAS
    4. Jennifer O’Sullivan & Abdullah Mamun & M. Kabir Hassan, 2016. "The relationship between board characteristics and performance of bank holding companies: before and during the financial crisis," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 40(3), pages 438-471, July.
    5. Iqbal, Jamshed & Strobl, Sascha & Vähämaa, Sami, 2015. "Corporate governance and the systemic risk of financial institutions," Journal of Economics and Business, Elsevier, vol. 82(C), pages 42-61.
    6. Ender BAYKUT & Fatih ECER & Ismail KARA, 2016. "A DEA-MALMQUIST Index Application to Analyze Inefficiency Reasons of BIST Corporate Governance Index Companies," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 14-24.
    7. Battaglia, Francesca & Gallo, Angela, 2017. "Strong boards, ownership concentration and EU banks’ systemic risk-taking: Evidence from the financial crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 46(C), pages 128-146.
    8. Khadija Mnasri, 2015. "Ownership Structure, Board Structure And Performance In The Tunisian Banking Industry," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 11(2), pages 57-82.
    9. repec:ers:journl:v:xx:y:2017:i:2a:p:538-567 is not listed on IDEAS
    10. repec:eee:finsta:v:30:y:2017:i:c:p:181-191 is not listed on IDEAS
    11. Kalyvas, Antonios Nikolaos & Mamatzakis, Emmanuel, 2014. "Does business regulation matter for banks in the European Union?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 32(C), pages 278-324.
    12. Abdul Karim, Muhammad Zahisyam, 2017. "Financial Risk and Performance: Empirical Evidence from OCBC Bank (Malaysia) Berhad," MPRA Paper 78348, University Library of Munich, Germany.
    13. Iwasaki, Ichiro, 2016. "The Evolution of Corporate Governance in the Global Financial Crisis : The Case of Russian Industrial Firms," CEI Working Paper Series 2016-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    14. Hao Fang & Yang-Cheng Lu & Chi-Wei Su, 2013. "Impact of the Subprime Crisis on Commercial Banks’ Financial Performance," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(5), pages 593-614, September.
    15. repec:eee:quaeco:v:64:y:2017:i:c:p:120-129 is not listed on IDEAS
    16. Battaglia, Francesca & Gallo, Angela, 2015. "Risk governance and Asian bank performance: An empirical investigation over the financial crisis," Emerging Markets Review, Elsevier, vol. 25(C), pages 53-68.
    17. Richard W. Carney & Travers Barclay Child, 2015. "Business Networks and Crisis Performance: Professional, Political, and Family Ties," Tinbergen Institute Discussion Papers 15-135/V, Tinbergen Institute, revised 20 Feb 2015.
    18. Pichaphop Chalermchatvichien & Seksak Jumreornvong & Pornsit Jiraporn & Manohar Singh, 2014. "The Effect of Bank Ownership Concentration on Capital Adequacy, Liquidity, and Capital Stability," Journal of Financial Services Research, Springer;Western Finance Association, vol. 45(2), pages 219-240, April.
    19. Ajay Palvia & Emilia Vähämaa & Sami Vähämaa, 2015. "Are Female CEOs and Chairwomen More Conservative and Risk Averse? Evidence from the Banking Industry During the Financial Crisis," Journal of Business Ethics, Springer, vol. 131(3), pages 577-594, October.
    20. Bubbico, Rossana & Giorgino, Marco & Monda, Barbara, 2012. "The Impact of Corporate Governance on the Market Value of Financial Institutions - Empirical Evidences from Italy," MPRA Paper 45419, University Library of Munich, Germany.
    21. Zagorchev, Andrey & Gao, Lei, 2015. "Corporate governance and performance of financial institutions," Journal of Economics and Business, Elsevier, vol. 82(C), pages 17-41.
    22. Chen, Hsiao-Jung & Lin, Kuan-Ting, 2016. "How do banks make the trade-offs among risks? The role of corporate governance," Journal of Banking & Finance, Elsevier, vol. 72(S), pages 39-69.

    More about this item

    Keywords

    Corporate governance; Bank performance; Financial crisis; G01; G21; G30;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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