Governance, human capital and politicization of Spanish banks

References

• Adams, R. B., Hermalin, B. E., & Weisbach, M. S. (2010). The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey. Journal of Economic Literature, 48(1), 58–107. https://doi.org/10.1257/jel.48.1.58
   Web of Science ®Google Scholar
• Adams, R. B., & Mehran, H. (2012). Bank board structure and performance: Evidence for large bank holding companies. Journal of Financial Intermediation, 21(2), 243–267. https://doi.org/10.1016/j.jfi.2011.09.002
   Web of Science ®Google Scholar
• Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), 3213–3226. https://doi.org/10.1016/j.jbankfin.2011.10.020
   Web of Science ®Google Scholar
• Ahrens, T., Filatotchev, I., & Thomsen, S. (2011). The research frontier in corporate governance. Journal of Management and Governance, 15(3), 311–325. https://doi.org/10.1007/s10997-009-9115-8
   Google Scholar
• Allen, F., Carletti, E., & Marquez, R. (2015). Stakeholder Governance, Competition, and Firm Value. Review of Finance, 19(3), 1315–1346. https://doi.org/10.1093/rof/rfu011
   Web of Science ®Google Scholar
• Altunbas, Y., Evans, L., & Molyneux, P. (2001). Bank Ownership and Efficiency. Journal of Money, Credit and Banking, 33(4), 926–954. https://doi.org/10.2307/2673929
   Web of Science ®Google Scholar
• Andrés, P., Garcia-Rodriguez, I., Romero-Merino, M. E., & Santamaría-Mariscal, M. (2021). Politicians in disguise and financial experts on the board: Evidence from Spanish cajas. Business Research Quarterly, 24(2), 174–191. https://doi.org/10.1177/2340944420924417
   Google Scholar
• Andrés, P., Garcia-Rodriguez, I., Romero-Merino, M. E., & Santamaría, M. (2018). Politicization and financial expertise in Spanish savings banks. Patterns in the configuration of their boards. Universia Business Review, 57(2018), 18–55. https://doi.org/10.3232/UBR.2018.V15.N1.01
   Google Scholar
• Ayadi, R., Schmidt, R. H., & Carbó-Valverde, S. (2009). Investigating Diversity in the Banking Sector in Europe – The Performance and Role of Savings Banks. Centre for European Policy Studies.
   Google Scholar
• Azofra-Palenzuela, V., & Santamaría-Mariscal, M. (2004). El gobierno de las cajas de ahorro españolas. Universia Business Review, 2(2004), 48–59.
   Google Scholar
• Azofra, V., & Santamaría, M. (2011). Ownership, control, and pyramids in Spanish commercial banks. Journal of Banking & Finance, 35(6), 1464–1476. https://doi.org/10.1016/j.jbankfin.2010.10.029
   Web of Science ®Google Scholar
• Bank of Spain (2011). Report on Banking Supervision in Spain 2010.
   Google Scholar
• Barry, A., Lepetit, L., & Talazi, A. (2011). Ownership structure and risk in publicly held and privately owned banks. Journal of Banking & Finance, 35(5), 1327–1340. https://doi.org/10.1016/j.jbankfin.2010.10.004
   Web of Science ®Google Scholar
• Berger, A., Imbierowicz, B., & Rauch, C. (2016). The Roles of Corporate Governance in Bank Failures during the Recent Financial Crisis. Journal of Money, Credit and Banking, 48(4), 729–770. https://doi.org/10.1111/jmcb.12316
   Web of Science ®Google Scholar
• Bøhren, Ø., Josefsen, M. G., & Steen, P. E. (2012). Stakeholder conflicts and dividend policy. Journal of Banking & Finance, 36(10), 2852–2864. https://doi.org/10.1016/j.jbankfin.2012.06.007
   Web of Science ®Google Scholar
• Bøhren, Ø., & Josefsen, M. G. (2013). Stakeholder Rights and Economic Performance: The Profitability of Nonprofits. Journal of Banking & Finance, 37(11), 4073–4086. https://doi.org/10.1016/j.jbankfin.2013.07.021
   Web of Science ®Google Scholar
• Crespí, R., García-Cestona, M., & Salas, V. (2004). Governance Mechanisms in Spanish Banks. Does Ownership matter? Journal of Banking & Finance, 28(10), 2311–2330. https://doi.org/10.1016/j.jbankfin.2003.09.005
   Web of Science ®Google Scholar
• Crook, T. R., Todd, S. Y., Combs, J. G., Woehr, D. J., & Ketchen, D. J., Jr. (2011). Does Human Capital Matter? A Meta-Analysis of the Relationship Between Human Capital and Firm Performance. Journal of Applied Psychology, 96(3), 443–456. https://doi.org/10.1037/a0022147
   PubMed Web of Science ®Google Scholar
• Cuñat, V., & Garicano, L. (2010). Did Good Cajas Extend Bad Loans? The Role of Governance and Human Capital in Cajas’ Portfolio Decisions. Working Paper. Fundación de Estudios de Economía Aplicada.
   Google Scholar
• Dass, N., Kini, O., Nanda, V., Onal, B., & Wang, J. (2013). Board expertise: Do directors from related industries help bridge the information gap? The Review of Financial Studies, 27(5), 1533–1592. https://doi.org/10.1093/rfs/hht071
   Web of Science ®Google Scholar
• Drobetz, W., Von Meyerinck, F., Oesch, D., & Schmid, M. (2015). Board industry experience, firm value, and investment behavior. Working Paper Nº 2014/01. University of St. Gallen School of Finance. http://ux-tauri.unisg.ch/RePEc/usg/sfwpfi/WPF-1401.pdf
   Google Scholar
• Erkens, D. H., Hung, M., & Matos, P. (2012). Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 18(2), 389–411. https://doi.org/10.1016/j.jcorpfin.2012.01.005
   Web of Science ®Google Scholar
• Ferri, G., Kalmi, P., & Kerola, E. (2015). Organizational Structure and Performance in European Banks: A Reassessment. Advances in the Economic Analysis of Participatory & Labor-Managed Firms, 16, 109–141.
   Google Scholar
• Fields, L. P., Fraser, D. R., & Subrahmanyam, A. (2012). Board quality and the cost of debt capital: The case of bank loans. Journal of Banking & Finance, 36(5), 1536–1547. https://doi.org/10.1016/j.jbankfin.2011.12.016
   Web of Science ®Google Scholar
• Freixas, X., & Rochet, J. C. (1997). Microeconomics of Banking. MIT Press.
   Google Scholar
• FROB (2019). 10 Años del FROB, 2009-2019. Una década por la estabilidad financiera.
   Google Scholar
• García-Cestona, M., & Surroca, J. (2008). Multiple goals and ownership structure: Effects on the performance of Spanish savings banks. European Journal of Operational Research, 187(2), 582–599. https://doi.org/10.1016/j.ejor.2007.03.028
   Web of Science ®Google Scholar
• García-Marco, T., & Robles-Fernández, M. D. (2008). Risk taking behavior and ownership in the banking industry: The Spanish evidence. Journal of Economics and Business, 60(4), 332–354. https://doi.org/10.1016/j.jeconbus.2007.04.008
   Google Scholar
• García-Meca, E., & Sánchez-Ballesta, J. P. (2014). Politicization, banking experience and risk in savings banks. European Journal of Law and Economics, 38(3), 535–553. https://doi.org/10.1007/s10657-012-9377-5
   Web of Science ®Google Scholar
• Girardone, C., Nankervis, J. C., & Velentza, E.-F. (2009). Efficiency, ownership and financial structure in European banking: A cross-country comparison. Managerial Finance, 35(3), 227–245. https://doi.org/10.1108/03074350910931753
   Web of Science ®Google Scholar
• Güner, A. B., Malmendier, U., & Tate, G. (2008). Financial expertise of directors. Journal of Financial Economics, 88(2), 323–354. https://doi.org/10.1016/j.jfineco.2007.05.009
   Web of Science ®Google Scholar
• Hannan, T., & Hanweck, G. A. (1988). Bank Insolvency Risk and the Market for Large Certificates of Deposit. Journal of Money, Credit and Banking, 20(2), 203–211. https://doi.org/10.2307/1992111
   Web of Science ®Google Scholar
• Hansmann, H. (1996). The Ownership of Enterprise. Harvard University Press.
   Google Scholar
• Hau, H., & Thum, M. (2009). Subprime crisis and board (in-) competence: Private versus public banks in Germany. Economic Policy, 24(60), 701–752. https://doi.org/10.1111/j.1468-0327.2009.00232.x
   Google Scholar
• Hermalin, B. E., & Weisbach, M. S. (2003). Boards of directors as an endogenously determined institution: A survey of the economic literature. Federal Reserve Bank of New York Economic Policy Review, 9, 7–26.
   Google Scholar
• Hesse, H., & Čihák, M., (2007). Cooperative banks and financial stability. IMF Working Paper 07/02. International Monetary Fund, Washington, DC.
   Google Scholar
• Hitt, M. A., Bierman, L., Shimizu, K., & Kochhar, R. (2001). Direct and moderating effects of human capital on strategy and performance in professional service firms: A resource-based perspective. Academy of Management Journal, 44(1), 13–28. https://doi.org/10.2307/3069334
   Web of Science ®Google Scholar
• Hopt, K. J. (2013). Corporate governance of banks and other financial institutions after the financial crisis-regulation in the light of empirics & theory. Journal of Corporate Law Studies, 13(2), 219–253. https://doi.org/10.5235/14735970.13.2.219
   Google Scholar
• Iannotta, G., Nocera, G., & Sironi, A. (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking & Finance, 31(7), 2127–2149. https://doi.org/10.1016/j.jbankfin.2006.07.013
   Web of Science ®Google Scholar
• Illueca, M., Norden, L., & Udell, G. F. (2014). Liberalization and Risk-Taking: Evidence from Government-Controlled Banks. Review of Finance, 18(4), 1217–1257. https://doi.org/10.1093/rof/rft023
   Web of Science ®Google Scholar
• Johnson, S. G., Schnatterly, K., & Hill, A. D. (2013). Board Composition Beyond Independence: Social Capital, Human Capital, and Demographics. Journal of Management, 39(1), 232–262. https://doi.org/10.1177/0149206312463938
   Web of Science ®Google Scholar
• Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003
   Web of Science ®Google Scholar
• Lepetit, L., & Strobel, F. (2013). Bank insolvency risk and time-varying Z-score measures. Journal of International Financial Markets, Institutions & Money, 25(C), 73–87. https://doi.org/10.1016/j.intfin.2013.01.004
   Web of Science ®Google Scholar
• Leung, W. S., Song, W., & Chen, J. (2019). Does bank stakeholder orientation enhance financial stability? Journal of Corporate Finance, 56(C), 38–63. https://doi.org/10.1016/j.jcorpfin.2019.01.003
   Web of Science ®Google Scholar
• Ley 26/ 2003, de 17 de julio, de Fomento de la Transparencia y Seguridad en los Mercados y Sociedades Cotizadas.
   Google Scholar
• Ley 31/ 1985, de 2 de agosto, de regulación de las normas básicas sobre Órganos Rectores de las Cajas de Ahorros (LORCA).Ley 44/2002, de 22 de noviembre, de Medidas de Reforma del Sistema Financiero.
   Google Scholar
• Martín-Oliver, A., Ruano, S., & Salas-Fumás, V. (2017). The fall of Spanish cajas: Lessons of ownership and governance for banks. Journal of Financial Stability, 33(C), 244–260. https://doi.org/10.1016/j.jfs.2017.02.004
   Web of Science ®Google Scholar
• Melle, M., & Maroto, J. A. (1999). Una aplicación del Gobierno de Empresas: Incidencia de las Administraciones Públicas en las decisiones asignativas de las Cajas de Ahorros españolas. Revista Europea de Dirección y Economía de la Empresa, 8(2), 9–40.
   Google Scholar
• Menozzi, A., Gutiérrez-Urtiaga, M., & Vannoni, D. (2012). Board composition, political connections, and performance in state-owned enterprises. Industrial and Corporate Change, 21(3), 671–698. https://doi.org/10.1093/icc/dtr055
   Web of Science ®Google Scholar
• Pathan, S., & Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking & Finance, 37(5), 1573–1589. https://doi.org/10.1016/j.jbankfin.2012.12.016
   Web of Science ®Google Scholar
• Real Decreto 1582/1988, de 29 de diciembre, de modificación del Real Decreto 1370/1985, en materia de expansión de Entidades de Depósito.
   Google Scholar
• Sagarra, M., Mar-Molinero, C., Busing, F. M. T. A., & Rialp, J. (2018). Assessing the asymmetric effects on branch rivalry of Spanish financial sector restructuring. Advances in Data Analysis and Classification, 12(1), 131–153. https://doi.org/10.1007/s11634-014-0186-2
   Web of Science ®Google Scholar
• Sagarra, M., Mar-Molinero, C., & García-Cestona, M. (2015). Spanish savings banks in the credit crunch: Could distress have been predicted before the crisis? A multivariate statistical analysis. The European Journal of Finance, 21(3), 195–214. https://doi.org/10.1080/1351847X.2013.784208
   Web of Science ®Google Scholar
• Salas, V., & Saurina, J. (2002). Credit Risk in Two Institutional Regimes: Spanish Commercial and Savings Banks. Journal of Financial Services Research, 22(3), 203–224. https://doi.org/10.1023/A:1019781109676
   Google Scholar
• Sapienza, P. (2004). The effects of government ownership on bank lending. Journal of Financial Economics, 72(2), 357–384. https://doi.org/10.1016/j.jfineco.2002.10.002
   Web of Science ®Google Scholar
• Serra-Ramoneda, A. (2011). Los Errores de las Cajas. Ediciones Invisibles.
   Google Scholar
• Von Meyerinck, F., Oesch, D., & Schmid, M. (2016). Is director industry experience valuable? Financial Management, 45(1), 207–237. https://doi.org/10.1111/fima.12089
   Web of Science ®Google Scholar
• Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606. https://doi.org/10.1016/j.jfineco.2012.03.005
   Web of Science ®Google Scholar