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Droits de contrôle versus droits pécuniaires, crise financière et vulnérabilité des banques européennes

Author

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  • Nadia Saghi-Zedek

    () (LAPE - Laboratoire d'Analyse et de Prospective Economique - IR SHS UNILIM - Institut Sciences de l'Homme et de la Société - UNILIM - Université de Limoges)

  • Amine Tarazi

    () (LAPE - Laboratoire d'Analyse et de Prospective Economique - IR SHS UNILIM - Institut Sciences de l'Homme et de la Société - UNILIM - Université de Limoges)

Abstract

This article empirically investigates the impact of shareholders' excess control rights (greater control than cash-flow rights) on the default risk of European commercial banks. While the presence of excess control rights is associated with higher default risk during normal times, conversely, it contributed to enhance banks' resilience during the 2007-2008 financial crisis. Further evidence shows that, regardless of the state of the economy, the effect of excess control rights on default risk is accentuated in family-controlled banks and in countries with weak shareholder protection rights.

Suggested Citation

  • Nadia Saghi-Zedek & Amine Tarazi, 2015. "Droits de contrôle versus droits pécuniaires, crise financière et vulnérabilité des banques européennes," Working Papers hal-01134632, HAL.
  • Handle: RePEc:hal:wpaper:hal-01134632
    Note: View the original document on HAL open archive server: https://hal-unilim.archives-ouvertes.fr/hal-01134632
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    References listed on IDEAS

    as
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    Keywords

    Droits de contrôle versus droits pécuniaires;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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