Access the full text.
Sign up today, get DeepDyve free for 14 days.
B. Boyd (1994)
Board control and ceo compensationStrategic Management Journal, 15
(2012)
EACB contribution to the consultation by the high level expert group on reforming the structure of the EU banking sector
Alessandro Beber, Daniela Fabbri (2015)
UvA-DARE ( Digital Academic Repository ) Who times the foreign exchange market ? Corporate speculation and CEO characteristics
Stephen Bond, Anke Hoeffler, J. Temple (2001)
GMM Estimation of Empirical Growth ModelsEconometrics eJournal
Thorsten Beck, Patrick Behr, André Güttler (2009)
Gender and Banking: Are Women Better Loan Officers?Monetary Economics
Journal of Banking and Finance, 34
Journal of Banking & Finance, 44
M. Nakano, P. Nguyen (2012)
Board Size and Corporate Risk Taking: Further Evidence from JapanMicroeconomics: Decision-Making under Risk & Uncertainty eJournal
Erich Battistin, Clara Graziano, Bruno Parigi (2012)
Connections and performance in bankers’ turnover ☆European Economic Review, 56
René Stulz (2010)
Financial Valuation and Risk Management Working Paper No . 603 Bank CEO Incentives and the Credit Crisis
Journal of Corporate Finance, 18
H. Groeneveld, B. Vries (2009)
European co-operative banks: First lessons of the subprime crisis
L. Becchetti, M. Garcia, G. Trovato (2011)
Credit Rationing and Credit View: Empirical Evidence from an Ethical Bank in ItalyJournal of Money, Credit and Banking, 43
The Journal of Finance, 65
Isabelle Allemand, Bénédicte Brullebaut, S. Raimbault (2013)
Exploring the Role of the Board of Directors in Cooperatives: Lessons for MicrofinanceStrategic Change, 22
SSRN Electronic Journal
Review of Finance, 17
Mitja Stefancic (2014)
Investigating Management Turnover in Italian Cooperative BanksRegulation of Financial Institutions eJournal
Mikhail Pevzner, Feixue Xie, Xiangang Xin (2012)
When Firms Talk, Do Investors Listen? The Role of Trust in Stock Market Reactions to Corporate Earnings AnnouncementsAccounting
Judith Miller (2002)
The Board as a Monitor of Organizational Activity: The Applicability of Agency Theory to Nonprofit BoardsNonprofit Management and Leadership, 12
Tim King, Abhishek Srivastav, Jonathan Williams (2016)
What’s in an education? Implications of CEO education for bank performanceJournal of Corporate Finance, 37
L. Laeven, Ross Levine (2008)
Bank Governance, Regulation, and Risk TakingCGEF: Finance (Topic)
I. Dyck, Adair Morse, Luigi Zingales (2007)
Who Blows the Whistle on Corporate Fraud?
Journal of International Financial Markets, Institutions and Money, 26
K. Leonard, T. Miller (2003)
Too intelligent for the job? The validity of upper limit cognitive test scores in selectionSAM Advanced Management Journal, 68
Journal of Financial Economics, 76
Marianne Bertrand, S. Mullainathan (2003)
Enjoying the Quiet Life? Corporate Governance and Managerial PreferencesJournal of Political Economy, 111
Allen Berger, Thomas Kick, K. Schaeck (2014)
Executive Board Composition and Bank Risk Taking
David Wheelock, P. Wilson (2000)
Why do Banks Disappear? The Determinants of U.S. Bank Failures and AcquisitionsReview of Economics and Statistics, 82
J. Harrison, David Torres, Sal Kukalis (1988)
The Changing of the Guard: Turnover and Structural Change in the Top-Management Positions.Administrative Science Quarterly, 33
Journal of Entrepreneurial and Organizational Diversity, 3
D.P. Forbes, F.J. Milliken (2008)
Cognition and corporate governance: understanding boards of directors as strategic decision making groups
Colin Camerer, D. Lovallo (1999)
Overconfidence and Excess Entry: An Experimental ApproachThe American Economic Review, 89
M. Young, Ann Buchholtz, D. Ahlstrom (2003)
How Can Board Members Be Empowered If They Are Spread Too ThinSAM Advanced Management Journal, 68
Jun-Koo Kang, Anil Shivdasani (1995)
Firm performance, corporate governance, and top executive turnover in JapanJournal of Financial Economics, 38
(2015)
Guidelines on corporate governance principles for banks
Karen Bantel, S. Jackson (1989)
Top management and innovations in banking: Does the composition of the top team make a difference?Southern Medical Journal, 10
Journal of Econometrics, 87
S. Borgen (2004)
Rethinking incentive problems in cooperative organizationsJournal of Socio-economics, 33
Biao Xie, Wallace Davidson, Peter Dadalt (2001)
Earnings Management and Corporate Governance: The Roles of the Board and the Audit CommitteeCorporate Finance: Governance
D. Audretsch, Erik Lehmann (2005)
The Effects of Experience, Ownership, and Knowledge on IPO Survival: Empirical Evidence from GermanyReview of Accounting and Finance, 4
journal homepage: www.elsevier.com/locate/jbf
Richard Lester, S. Certo, Catherine Dalton, Dan Dalton, Albert Cannella (2006)
Initial Public Offering Investor Valuations: An Examination of Top Management Team Prestige and Environmental UncertaintyJournal of Small Business Management, 44
R. Blundell, Stephen Bond (1998)
Initial Conditions and Moment Restrictions in Dynamic Panel Data Models
Journal of Banking and Finance, 33
Henry Hansmann (1996)
The Ownership of Enterprise
Matthias Köhler (2015)
Which Banks Are More Risky? The Impact of Business Models on Bank StabilityJournal of Financial Stability, 16
J. Boyd, Gianni Nicoló, A. Jalal (2007)
Bank Risk-Taking and Competition Revisited: New Theory and New EvidenceInternational Monetary Fund (IMF) Research Paper Series
L. Shaw (2006)
Overview of Corporate Governance Issues for Co-operatives
M. Harris, A. Raviv (2008)
A Theory of Board Control and SizeIO: Firm Structure
Yunshi Liu, Linda Wang, Li Zhao, D. Ahlstrom (2013)
Board turnover in Taiwan’s public firms: An empirical studyAsia Pacific Journal of Management, 30
P. Andrés, Eleuterio Vallelado (2008)
Corporate Governance in Banking: The Role of the Board of DirectorsJournal of Banking and Finance, 32
P. Davis (2001)
The Governance of Co-operatives under Competitive Conditions: Issues, Processes and CultureCorporate Governance, 1
M. Delis, Panagiotis Staikouras (2011)
Supervisory Effectiveness and Bank RiskReview of Finance, 15
Journal of Financial Economics, 117
(2018)
Statistical database
J. Boyd, Gianni Nicolò (2005)
The Theory of Bank Risk Taking and Competition RevisitedJournal of Finance, 60
K. Schaeck, M. Čihák (2012)
Competition, Efficiency, and Stability in BankingMonetary Economics eJournal
W. Fonteyne (2007)
Cooperative Banks in Europe - Policy IssuesEuropean Economics: Macroeconomics & Monetary Economics eJournal
A. Bellucci, A. Borisov, A. Zazzaro (2009)
Does Gender Matter in Bank-Firm Relationships? Evidence from Small Business LendingBehavioral & Experimental Economics eJournal
W. Schulze, M. Lubatkin, Richard Dino, Ann Buchholtz (2001)
Agency Relationships in Family Firms: Theory and EvidenceOrganization Science, 12
Bernadette Minton, Jérôme Taillard, Rohan Williamson (2012)
Financial Expertise of the Board, Risk Taking, and Performance: Evidence from Bank Holding CompaniesJournal of Financial and Quantitative Analysis, 49
P. Schwizer, Valeria Stefanelli (2012)
Governance e controlli interni
Andriy Boytsun, M. Deloof, P. Matthyssens (2010)
Social Norms, Social Cohesion, and Corporate GovernanceERN: Governance & Ownership (Topic)
Karl Lins, P. Volpin, Hannes Wagner (2013)
Does Family Control Matter? International Evidence from the 2008-2009 Financial CrisisCorporate Governance: Actors & Players eJournal
M. Sobel (1982)
Asymptotic Confidence Intervals for Indirect Effects in Structural Equation ModelsSociological Methodology, 13
A.M. Tarantola (2009)
Le banche popolari cooperative: profili Italian ed europei
L. Guiso, Paola Sapienza, Luigi Zingales (2009)
Chapter 2 Does Local Financial Development Matter
Econometrica, 82
Journal of Financial Economics, 93
L. Guiso, Paola Sapienza, Luigi Zingales (2002)
Does Local Financial Development Matter?NBER Working Paper Series
C. Cornforth (2004)
The Governance of Cooperatives and Mutual Associations: A Paradox PerspectiveWiley-Blackwell: Annals of Public & Cooperative Economics
L. Baran, Arno Forst (2015)
Disproportionate insider control and board of director characteristicsJournal of Corporate Finance, 35
Hamid Mehran, Alan Morrison, Joel Shapiro, Morrison, Saïd, Shapiro, Renee Adams, Bernadette Minton, Jérôme Taillard, Rohan Williamson (2011)
Federal Reserve Bank of New York Staff Reports Corporate Governance and Banks: What Have We Learned from the Financial Crisis? Corporate Governance and Banks: What Have We Learned from the Financial Crisis?
M. Huse (2009)
The Value Creating Board : Corporate Governance and Organizational Behaviour
Journal of Banking and Finance, 32
Franco Fiordelisi, D. Mare
Journal of International Financial Markets, Institutions & Money Probability of Default and Efficiency in Cooperative Banking
Marcello Bofondi, G. Gobbi (2006)
Informational Barriers to Entry into Credit MarketsReview of Finance, 10
D. Hambrick, P. Mason (1984)
Upper Echelons: The Organization as a Reflection of Its Top ManagersAcademy of Management Review, 9
H. Grove, L. Patelli, Lisa Victoravich, P. Xu (2011)
Corporate Governance and Performance in the Wake of the Financial Crisis: Evidence from US Commercial BanksGovernance
F. Chaddad, M. Cook (2004)
Understanding New Cooperative Models: An Ownership–Control Rights TypologyApplied Economic Perspectives and Policy, 26
E. Fama (2007)
Agency Problems and the Theory of the Firm Author ( s ) :
M. Konishi, Y. Yasuda (2004)
Factors affecting bank risk taking: Evidence from JapanJournal of Banking and Finance, 28
T. Beck, H. Hesse, T. Kick, N. von Westernhagen (2009)
Bank ownership and stability: evidence from Germany
Benjamin Hermalin, M. Weisbach (2000)
Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic LiteratureERN: Governance & Ownership (Topic)
Gabriel Jiménez, S. Ongena, J. Peydró, Jesus Salas (2007)
Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking?ERN: Duration Analysis (Topic)
G. Dionne, Narjess Boubakri, Thouraya Triki (2006)
Consolidation and Value Creation in the Insurance Industry: The Role of GovernanceLaw
Murray Frank, V. Goyal (2007)
Corporate Leverage: How Much Do Managers Really Matter?Corporate Finance: Capital Structure & Payout Policies
April Klein (1998)
Firm Performance and Board Committee Structure1The Journal of Law and Economics, 41
Praveen Kumar, Alessandro Zattoni (2018)
Corporate governance, boards of directors, and firm performance: Avenues for future researchCorporate Governance: An International Review
Nadège Jassaud (2014)
Reforming the Corporate Governance of Italian BanksInternational Monetary Fund (IMF) Research Paper Series
Review of Financial Studies
M. Delis, Panagiotis Staikouras (2009)
On-site audits, sanctions, and bank risk-taking: An empirical overture towards a novel regulatory and supervisory philosophy
M. Cook, C. Iliopoulos (1999)
Beginning to Inform the Theory of the Cooperative Firm: Emergence of the New Generation Cooperative
E. Fama, M. Jensen (1983)
Agency Problems and Residual ClaimsThe Journal of Law and Economics, 26
Gary Gorton, F. Schmid (1999)
Corporate governance, ownership dispersion and efficiency: Empirical evidence from Austrian cooperative bankingJournal of Corporate Finance, 5
R. Baron, D. Kenny (1986)
The moderator-mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations.Journal of personality and social psychology, 51 6
Ronald Anderson, D. Fraser (2000)
Corporate control, bank risk taking, and the health of the banking industry☆Journal of Banking and Finance, 24
G. Roodman, M. Arellano, Christopher Baum, Michael Clemens, Francisco Ciocchini, Decio Coviello (2006)
How to do Xtabond2: An Introduction to Difference and System GMM in StataThe Stata Journal, 9
M. Delis, I. Hasan, E. Tsionas (2014)
The Risk of Financial IntermediariesMonetary Economics eJournal
A. Saunders, E. Strock, N. Travlos (1990)
Ownership Structure, Deregulation, and Bank Risk TakingJournal of Finance, 45
Rajeswararao Chaganti, V. Mahajan, Subhash Sharma (1985)
CORPORATE BOARD SIZE, COMPOSITION AND CORPORATE FAILURES IN RETAILING INDUSTRY[1]Journal of Management Studies, 22
J. Wincent, S. Anokhin, Daniel Örtqvist (2010)
Does network board capital matter? A study of innovative performance in strategic SME networksJournal of Business Research, 63
M. Delis, Georgios Kouretas (2011)
Interest rates and bank risk-takingFuel and Energy Abstracts
Victoria Krivogorsky, John Eichenseher (2005)
Effects of Top Management Replacement on Firms' Behavior: Empirical Analysis of Russian CompaniesManagement International Review, 45
S. Kaplan (1993)
Top Executives, Turnover and Firm Performance in GermanyNBER Working Paper Series
Sanjai Bhagat, Bernard Black (1998)
The Non-Correlation between Board Independence And Long-Term Firm PerformanceSPGMI: Compustat Fundamentals (Topic)
Keeling Bond, J. Jennifer (2004)
Lessons in Cooperative Failure: The Rice Growers Association Experience
(2015)
EACB note on BCBS guidelines on corporate governance principles for banks
C. Cornforth, C. Edwards (1999)
Board Roles in the Strategic Management of Non-profit Organisations: theory and practicCorporate Governance: An International Review, 7
P. Vitaliano (1983)
Cooperative Enterprise: An Alternative Conceptual Basis for Analyzing a Complex InstitutionAmerican Journal of Agricultural Economics, 65
Rebel Cole, L. Goldberg, L. White (2004)
Cookie Cutter vs. Character: The Micro Structure of Small Business Lending by Large and Small BanksJournal of Financial and Quantitative Analysis, 39
R. Spear (2004)
Governance in Democratic Member-Based OrganisationsWiley-Blackwell: Annals of Public & Cooperative Economics
Journal of Financial Intermediation, 22
P. Herrmann, Deepak Datta (2005)
Relationships between Top Management Team Characteristics and International Diversification: An Empirical InvestigationBritish Journal of Management, 16
Mark Lang, Karl Lins, Mark Maffett (2011)
Transparency, Liquidity, and Valuation: International Evidence on When Transparency Matters MostKenan Institute of Private Enterprise Research Paper Series
Allen Berger, Nathan Miller, M. Petersen, R. Rajan, J. Stein (2002)
Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small BanksBanking & Financial Institutions
M. Wiersema, Karen Bantel (1992)
Top Management Team Demography and Corporate Strategic ChangeAcademy of Management Journal, 35
(1967)
Property rights and behavior: stock versus mutual savings and loan associations: some evidence of differences in behavior
O. Hart, John. Moore (1998)
Cooperatives vs. Outside OwnershipIO: Firm Structure
J. Franks, C. Mayer, L. Renneboog (2001)
Who Disciplines Management in Poorly Performing Companies?IO: Firm Structure
Shermain Hardesty (2005)
Cooperatives as Marketers of Branded ProductsJournal of food distribution research, 36
George Mellman (2002)
Who Disciplines Management in Poorly Performing Companies
C. Giagnocavo, Silvia Gerez, Jacopo Sforzi (2012)
Cooperative Bank Strategies for Social‐Economic Problem Solving: Supporting Social Enterprise and Local DevelopmentPublic Economics: Taxation
Teresa Marco (2008)
Risk-taking behaviour and ownership in the banking industry: The Spanish evidenceJournal of Economics and Business, 60
Alessandra Colombelli (2015)
Top management team characteristics and firm growthInternational Journal of Entrepreneurial Behaviour & Research, 21
M. Mizruchi, L. Stearns (1988)
A Longitudinal Study of the Formation of Interlocking DirectoratesAdministrative Science Quarterly, 33
Journal of Financial Economics, 99
Yi Jiang, Mike Peng (2011)
Are family ownership and control in large firms good, bad, or irrelevant?Asia Pacific Journal of Management, 28
Thorsten Beck, Olivier Jonghe, G. Schepens (2012)
Bank Competition and Stability: Cross-Country HeterogeneityAmerican Finance Association Meetings (AFA)
Ajay Palvia, Emilia Vähämaa, Sami Vähämaa (2014)
Are Female CEOs and Chairwomen More Conservative and Risk Averse? Evidence from the Banking Industry During the Financial CrisisJournal of Business Ethics, 131
Roselia Servin, R. Lensink, M. Berg (2012)
Ownership and technical efficiency of microfinance institutions: Empirical evidence from Latin AmericaJournal of Banking and Finance, 36
L. Eldenburg, Benjamin Hermalin, M. Weisbach, M. Wosinska (2004)
Governance, performance objectives and organizational form: Evidence from hospitalsJournal of Corporate Finance, 10
The Quarterly Journal of Economics, 118
Leire San-Jose, J. Retolaza, J. Gutiérrez-Goiria (2011)
Are Ethical Banks Different? A Comparative Analysis Using the Radical Affinity IndexJournal of Business Ethics, 100
H. Hung (1998)
A typology of the theories of the roles of governing boardsCorporate Governance: An International Review, 6
Francesco Vallascas, Sabur Mollah, K. Keasey (2017)
Does the impact of board independence on large bank risks change after the global financial crisisJournal of Corporate Finance, 44
Journal of Political Economy, 88
Marianne Bertrand, A. Schoar (2003)
THE EFFECT OF MANAGERS ON FIRM POLICIES
I. Kesner (1988)
Directors' Characteristics and Committee Membership: An Investigation of Type, Occupation, Tenure, and GenderAcademy of Management Journal, 31
This paper aims to analyze the relationship between bank institutional setting and risk-taking by exploring whether board education and turnover are drivers of the risk propensity of cooperative banks compared to joint-stock banks.Design/methodology/approachBased on a comprehensive data set of Italian banks over the 2011-2017 period, this paper examines whether these board characteristics affect the risk propensity of cooperative and joint-stock banks. Bank risk is measured by the Z-index, profit volatility and the ratio of non-performing loans to total gross loans.FindingsThe findings show that cooperatives take less risk than joint-stock banks and have lower board turnover and education. Furthermore, this study finds that while board education mediates the relationship between the cooperative model and bank risk-taking, there is no evidence for board turnover. Thus, the lower educational level of cooperative directors contributes to explaining the lower risk-taking of cooperative banks.ImplicationsThe findings have several implications. In terms of the more general policy debate, the results point to the need to strengthen the governance model for both joint-stock and cooperative banks while supporting the view that a more ad hoc perspective on the best models and practices for each type of institutional setting would be preferable. In particular, the study reveals how board education’s effects on bank risk-taking should be carefully monitored.Originality/valueThrough a mediation framework, this study provides empirical evidence on the relationship between bank institutional setting (by distinguishing between cooperative and joint-stock banks) and risk-taking behavior by exploring the underlying mechanisms at the board level, which is novel in the literature.
Corporate Governance – Emerald Publishing
Published: Aug 13, 2019
Keywords: Corporate governance; Cooperative banks; Bank ownership; Board of directors; Bank risk
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.