Open AccessPosted Content
The Corporate Governance of Banks
Jonathan R. Macey,Maureen O'Hara +1 more
TLDR
In this paper, the authors argue that commercial banks pose unique corporate governance problems for managers and regulators, as well as for claimants on the banks' cash flows, such as investors and depositors.Abstract:
The study argues that commercial banks pose unique corporate governance problems for managers and regulators, as well as for claimants on the banks' cash flows, such as investors and depositors The authors support the general principle that fiduciary duties should be owed exclusively to shareholders However, in the special case of banks, they contend that the scope of the fiduciary duties and obligations of officers and directors should be broadened to include creditors In particular, the authors call on bank directors to take solvency risk explicitly and systematically into account when making decisions or else face personal liability for failure to do soread more
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L’influence des mécanismes de gouvernance sur la performance des institutions de microfinance d’Afrique Sub-saharienne
TL;DR: The authors verifies empiriquement the effets des mecanismes internes and externes de gouvernance on the performance of the IMF de l'Afrique sub-saharienne.
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Stakeholder Perception of the Determinants of Audit Committee Effectiveness in a Developing Economy: Evidence from the Libyan Banking Sector
TL;DR: In this paper, the authors explored the firm-level and national-level determinants of Audit Committee Effectiveness (ACE) in the Libyan banking sector (LBS), and found that AC authority, financial expertise, and diligence are positively and significantly attributed to ACE, although AC independence and resources are not significantly related to ACE.
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Organizational form as a source of systemic risk
David Bholat,Joanna Gray +1 more
TL;DR: In this paper, an appraisal of Northern Rock illustrates the consequences of its transformation from mutually owned building society to publicly held company on organisational culture, as profit-maximisation and shareholder value became the driving forces within the firm, as in much of the rest of the UK banking sector.
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Employee Treatment and Bank Default Risk during the Credit Crisis
Tu Nguyen,Sandy Suardi,Jing Zhao +2 more
TL;DR: This article examined whether banks' interest in the well-being of their workforce, measured by an index of employee relations strengths, explains their default risk during the recent credit crisis, using a sample of 179 U.S. banks.
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Ownership Monitoring Mechanism over Sukuk Credit Rating
TL;DR: In this paper, the effect of ownership structure as one of the corporate governance monitoring mechanism to Sukuk rating was examined and the results showed that institutional investors have a non-significant effect with a mix positive and negative directions.
References
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Book
The Modern Corporation and Private Property
TL;DR: Weidenbaum and Jensen as mentioned in this paper reviewed the impact of developments not fully anticipated by Berle and Means, such as the rise of the service sector, and the significant role played by institutional investors in the owner/manager equation.
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Bank Runs, Deposit Insurance, and Liquidity
TL;DR: The authors showed that bank deposit contracts can provide allocations superior to those of exchange markets, offering an explanation of how banks subject to runs can attract deposits, and showed that there are circumstances when government provision of deposit insurance can produce superior contracts.
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Agency Problems and the Theory of the Firm
TL;DR: In this article, the authors explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization, and set aside the presumption that a corporation has owners in any meaningful sense.
Book
A Monetary History of the United States
Milton Friedman,Anna J. Schwartz +1 more
TL;DR: The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement as discussed by the authors, and the treatment of innumerable issues, large and small, have been brought to bear on the solution of complex and subtle economic issues.
Journal Article
Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
TL;DR: In this paper, the authors integrate elements from the theory of agency, property rights and finance to develop a theory of the ownership structure of the firm and define the concept of agency costs, show its relationship to the separation and control issue, investigate the nature of the agency costs generated by the existence of debt and outside equity, demonstrate who bears costs and why and investigate the Pareto optimality of their existence.