IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/29535.html
   My bibliography  Save this paper

Governance in Spanish Savings Banks. A Historical Perspective

Author

Listed:
  • Maixe-Altes, J. Carles

Abstract

During the previous three decades, mutual financial firms have been experiencing a process of demutualization, and some of the non-for-profit banks have become publicly listed companies. Hence, the persistence of the Spanish Savings Banks constitutes an interesting case study. In line with recent literature, this paper attempts to reach a better understanding of the factors that have contributed to the persistence of these entities in the long run and to the maintenance of a very specific model of corporate governance. Regulatory influences, politics and political institutions have proved to be key elements of a model which has proved capable of delivering successful outcomes in increasingly competitive conditions. Nonetheless, the financial crisis would seem to have exacerbated the stresses and strains within this model and, in combination with the pressure of increasingly globalized markets, the Spanish Savings Banks find themselves in a new scenario.

Suggested Citation

  • Maixe-Altes, J. Carles, 2011. "Governance in Spanish Savings Banks. A Historical Perspective," MPRA Paper 29535, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:29535
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/29535/1/MPRA_paper_29535.pdf
    File Function: original version
    Download Restriction: no

    References listed on IDEAS

    as
    1. Rafael Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2006. "What Works in Securities Laws?," Journal of Finance, American Finance Association, vol. 61(1), pages 1-32, February.
    2. M. J. Keneley, 2009. "Organisational capabilities and the role of routines in the emergence of a modern life insurer: The story of the AMP," Business History, Taylor & Francis Journals, vol. 51(2), pages 248-267.
    3. Tirole, Jean, 2001. "Corporate Governance," Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
    4. Robin Pearson, 2002. "Mutuality Tested: The Rise and Fall of Mutual Fire Insurance Offices in Eighteenth-Century London," Business History, Taylor & Francis Journals, vol. 44(4), pages 1-28.
    5. Raghuram G. Rajan & Luigi Zingales, 1998. "Power in a Theory of the Firm," The Quarterly Journal of Economics, Oxford University Press, vol. 113(2), pages 387-432.
    6. Raghuram G. Rajan & Luigi Zingales, 1998. "The Governance of the New Enterprise," CRSP working papers 487, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    7. Hansmann, Henry, 1985. "The Organization of Insurance Companies: Mutual versus Stock," Journal of Law, Economics, and Organization, Oxford University Press, vol. 1(1), pages 125-153, Spring.
    8. J. Carles Maixe-Altes, 2009. "Enterprise and philanthropy: the dilemma of Scottish savings banks in the late nineteenth century," Accounting History Review, Taylor & Francis Journals, vol. 19(1), pages 39-59.
    9. John Walton, 2010. "New directions in business history: Themes, approaches and opportunities," Business History, Taylor & Francis Journals, vol. 52(1), pages 1-16.
    10. Robin Pearson, 2002. "Growth, crisis and change in the insurance industry: a retrospect," Accounting History Review, Taylor & Francis Journals, vol. 12(3), pages 487-504.
    11. Mark Casson, 1997. "Institutional Economics and Business History: A Way Forward?," Business History, Taylor & Francis Journals, vol. 39(4), pages 151-171.
    12. Bernardo Batiz-Lazo, 2004. "Strategic alliances and competitive edge: insights from Spanish and UK banking histories," Business History, Taylor & Francis Journals, vol. 46(1), pages 23-56.
    13. Martinez, Manuel Titos, 1989. "La Caja de Madrid en el siglo XIX: ¿Actividad asistencial o financiera?," Revista de Historia Económica, Cambridge University Press, vol. 7(03), pages 557-587, December.
    14. Manuel Illueca & Lars Norden & Gregory F. Udell, 2009. "Liberalization, Corporate Governance, and Savings Banks," Mo.Fi.R. Working Papers 17, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    corporate governance; stakeholder regime; savings banks;

    JEL classification:

    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • N84 - Economic History - - Micro-Business History - - - Europe: 1913-

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:29535. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter) or (Rebekah McClure). General contact details of provider: http://edirc.repec.org/data/vfmunde.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.