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Excess Control Rights, Financial Crisis and Bank Profitability and Risk 超额控制权、金融危机与银行盈利能力和风险
Pub Date : 2013-08-12 DOI: 10.2139/ssrn.2311738
Amine Tarazi, Nadia Zedek
We empirically investigate the impact of shareholders' excess control rights (greater control than cash-flow rights) on bank profitability and risk before, during, and after the global financial crisis of 2007-2008. We use a unique hand-crafted dataset tracing the complete control chains of 788 European commercial banks and cover the 2002-2010 period. We find that the presence of excess control rights is associated with lower profitability, higher risk- taking and higher default risk before (2002-2006) and after (2009-2010) the crisis. Conversely, it improves profitability and no longer affects risk during the crisis (2007-2008). Further evidence shows that, regardless of the period, the effect of excess control rights on profitability and risk is accentuated in family-controlled banks and in countries with relatively weak shareholder protection rights and that such an effect is only effective at intermediate and high levels of excess control rights. Overall, our findings contribute to the literature examining the corporate governance determinants of banks' performance during the 2007- 2008 financial crisis and have several policy implications.
本文实证研究了2007-2008年全球金融危机之前、期间和之后,股东超额控制权(大于现金流控制权)对银行盈利能力和风险的影响。我们使用了一个独特的手工制作的数据集,追踪了788家欧洲商业银行的完整控制链,涵盖了2002-2010年期间。我们发现,在危机前(2002-2006年)和危机后(2009-2010年),控制权过剩的存在与较低的盈利能力、较高的风险承担和较高的违约风险相关。相反,在危机期间(2007-2008),它提高了盈利能力,不再影响风险。进一步的证据表明,无论在哪个时期,在家族控制的银行和股东保护权利相对薄弱的国家,超额控制权对盈利能力和风险的影响都是突出的,而且这种影响只在中高水平的超额控制权中有效。总体而言,我们的研究结果有助于研究2007- 2008年金融危机期间银行绩效的公司治理决定因素的文献,并具有若干政策含义。
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引用次数: 66
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Financial Institutions 2
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