How corporate governance and ownership affect banks’ risk-taking in the MENA countries?

Referencias bibliográficas

• Abedifar, P., Molyneux, P. and Tarazi, A. (2013), “Risk in Islamic banking”, Review of Finance, Vol. 17 No. 6, pp. 2035-2096.
• Abedifar, P., Ebrahim, S.M., Molyneux, P. and Tarazi, A. (2015), “Islamic banking and finance: recent empirical literature and directions for future research”, Journal of Economic Surveys, Vol. 29 No. 4, pp. 637-670.
• Aggarwal, R., Erel, I., Ferreira, M. and Matos, P. (2011), “Does governance travel around the world? Evidence from institutional investors”, Journal of Financial Economics, Vol. 100 No. 1, pp. 154-181.
• Anderson, R.C., Duru, A. and Reeb, D.M. (2012), “Investment policy in family-controlled firms”, Journal of Banking & Finance, Vol. 36 No. 6, pp. 1744-1758.
• Anginer, D., Demirguc-Kunt, A. and Zhu, M. (2014), “How does deposit insurance affect bank risk? Evidence from the recent crisis”, Journal of Banking & Finance, Vol. 48 No. C, pp. 312-321.
• Angkinand, A. and Wihlborg, C. (2010), “Deposit insurance coverage, ownership, and banks’ risk-taking in emerging markets”, Journal of International Money and Finance, Vol. 29 No. 2, pp. 252-274.
• Arellano, M. and Bond, S. (1991), “Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations”, The Review of Economic Studies, Vol. 58 No. 2, pp. 277-297.
• Arellano, M. and Bover, O. (1995), “Another look at the instrumental variable estimation of error-components models”, Journal of Econometrics, Vol. 68 No. 1, pp. 29-51.
• Barro, R.J. (1991), “Economic growth in a cross section of countries”, The Quarterly Journal of Economics, Vol. 106 No. 2, pp. 407-443.
• Barth, J.R., Lee, C. and Phumiwasana, T. (2006), Deposit Insurance Schemes, Encyclopedia of Finance, Springer, Boston, MA, pp. 299-306.
• Basel Committee on Banking Supervision (2014), Corporate Governance Principles for Banks, Bank for International Settlements, Basel.
• Bashir, A.-H.M. (1999), “Risk and profitability measures in Islamic banks: the case of two Sudanese banks”, Islamic Economic Studies, Vol. 6 No. 2, pp. 1-24.
• Becht, M., Bolton, P. and Röell, A. (2011), “Why bank governance is different”, Oxford Review of Economic Policy, Vol. 27 No. 3, pp. 437-463.
• Beck, T., Demirgüç-Kunt, A. and Merrouche, O. (2013), “Islamic vs. conventional banking: business model, efficiency and stability”, Journal of Banking & Finance, Vol. 37 No. 2, pp. 433-447.
• Beltratti, A. and Stulz, R.M. (2009), Why did some Banks Perform Better during the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation, National Bureau of Economic Research, Cambridge, MA.
• Berg, A.S. and Di Benedetta, P. (2009), “Kingdom of Saudi Arabia – Report on the Observance of Standards and Codes (ROSC): corporate governance country assessment (English)”, Paper No. 62577, World Bank, Washington, DC.
• Berger, A.N., Clarke, G.R., Cull, R., Klapper, L. and Udell, G.F. (2005), Corporate Governance and Bank Performance: A Joint Analysis of the Static, Selection, and Dynamic Effects of Domestic, Foreign, and State Ownership, The World Bank. 194
• Berglof, E. (2011), “A European perspective on the global financial crisis”, Corporate Governance: An International Review, Vol. 19 No. 5, pp. 497-501.
• Berrone, P., Cruz, C. and Gomez-Mejia, L.R. (2012), “Socioemotional wealth in family firms: theoretical dimensions, assessment approaches, and agenda for future research”, Family Business Review, Vol. 25 No. 3, pp. 258-279.
• Blundell, R. and Bond, S. (1998), “Initial conditions and moment restrictions in dynamic panel data models”, Journal of Econometrics, Vol. 87 No. 1, pp. 115-143.
• Bolton, P., Mehran, H. and Shapiro, J. (2015), “Executive compensation and risk taking”, Review of Finance, Vol. 19 No. 6, pp. 2139-2181.
• Boubaker, S., Nguyen, P. and Rouatbi, W. (2016), “Multiple large shareholders and corporate risk-taking: evidence from French family firms”, European Financial Management, Vol. 22 No. 4, pp. 697-745.
• Boyd, J.H. and Graham, S.L. (1986), “Risk, regulation, and bank holding company expansion into nonbanking”, Quarterly Review, Federal Reserve Bank of Minneapolis, Spring, pp. 2-17.
• Boyd, J.H. and Runkle, D.E. (1993), “Size and performance of banking firms: testing the predictions of theory”, Journal of Monetary Economics, Vol. 31 No. 1, pp. 47-67.
• Burkart, M., Panunzi, F. and Shleifer, A. (2003), “Family firms”, The Journal of Finance, Vol. 58 No. 5, pp. 2167-2202, doi: 10.1111/1540-6261.00601.
• Chang, S. (1998), “Takeovers of privately held targets, methods of payment, and bidder returns”, The Journal of Finance, Vol. 53 No. 2, pp. 773-784.
• Čihák, M. and Hesse, H. (2010), “Islamic banks and financial stability: an empirical analysis”, Journal of Financial Services Research, Vol. 38 Nos 2-3, pp. 95-113.
• Cordell, L.R., Mac Donald, G.D. and Wohar, M.E. (1993), “Corporate ownership and the thrift crisis”, The Journal of Law and Economics, Vol. 36 No. 2, pp. 719-756.
• Cornett, M.M., Guo, L., Khaksari, S. and Tehranian, H. (2010), “The impact of state ownership on performance differences in privately-owned versus state-owned banks: an international comparison”, Journal of Financial Intermediation, Vol. 19 No. 1, pp. 74-94.
• Daher, H., Masih, M. and Ibrahim, M. (2015), “The unique risk exposures of Islamic banks’ capital buffers: a dynamic panel data analysis”, Journal International Financial Markets, Institutions & Money, Vol. 36 No. C, pp. 36-52.
• De Long, J.B. and Summers, L.H. (1991), “Equipment investment and economic growth”, The Quarterly Journal of Economics, Vol. 106 No. 2, pp. 445-502.
• Demirgüç-Kunt, A., Kane, E.J. and Laeven, L. (2014), Deposit Insurance Database (No. w20278), National Bureau of Economic Research, Cambridge, MA.
• Demirgüç-Kunt, A., Karacaovali, B. and Laeven, L. (2005), “Deposit insurance around the world: a comprehensive database”, World Bank Policy Research Working Paper No. 3628, World Bank, Washington, DC.
• Eichler, S. and Sobański, K. (2012), “What drives banking sector fragility in the Eurozone? Evidence from stock market data”, JCMS: Journal of Common Market Studies, Vol. 50 No. 4, pp. 539-560.
• Erkens, D.H., Hung, M. and Matos, P. (2012), “Corporate governance in the 2007–2008 financial crisis: evidence from financial institutions worldwide”, Journal of Corporate Finance, Vol. 18 No. 2, pp. 389-411.
• Federal Reserve System, Department of the Treasury, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Department of the Treasury (2010), “Guidance on sound incentive compensation policies”, Federal Register, Vol. 75 No. 122, pp. 36395-36414.
• García-Marco, T. and Robles-Fernández, M.D. (2008), “Risk-taking behaviour and ownership in the banking industry: the Spanish evidence”, Journal of Economics and Business, Vol. 60 No. 4, pp. 332-354.
• Garriga, A.C. (2017), “Regulatory lags, liberalization and vulnerability to banking crisis”, Regulation & Governance, Vol. 11 No. 2, pp. 143-165. 195 Banks’ risktaking in the MENA countries?
• George, G., Wiklund, J. and Zahra, S.A. (2005), “Ownership and the internationalization of small firms”, Journal of Management, Vol. 31 No. 2, pp. 210-233.
• Gomez-Mejia, L.R., Haynes, K., Nunez-Nickel, M., Jacobson, K. and Moyano-Fuentes, J. (2007), “Family-owned firms: risk loving or risk averse”, Administrative Science Quarterly, Vol. 52 No. 1, pp. 106-137.
• González, L.O., Razia, A., Búa, M.V. and Sestayo, R.L. (2017), “Competition, concentration and risk taking in banking sector of MENA countries”, Research in International Business and Finance, Vol. 42, December, pp. 591-604.
• Hansen, L.P. (1982), “Large sample properties of generalized method of moment’s estimators”, Econometrica: Journal of the Econometric Society, Vol. 50 No. 4, pp. 1029-1054.
• Haque, F. (2019), “Ownership, regulation and bank risk-taking: evidence from the Middle East and North Africa (MENA) region”, Corporate Governance: The International Journal of Business in Society, Vol. 19 No. 1, pp. 23-43.
• Hassan, I., Kobeissi, N. and Song, L. (2011), “How stock exchange M&As affect their competitors’ shareholder value? Evidence from the world and MENA region”, The Economic Research Forum (ERF), Working Paper No. 648, Giza.
• Hassan, M.K. and Mollah, S. (2018), “Corporate governance, risk-taking and firm performance of Islamic banks during global financial crisis”, May, available at: http://cbagccu.org/files/pdf/3/2.pdf
• Helmy, M. (2012), “Risk management in Islamic banks”, Master’s Dissertation, ESLSCA Business School, MPRA Paper No. 38706, Giza.
• Holtz-Eakin, D., Newey, W. and Rosen, H.S. (1988), “Estimating vector autoregressions with panel data”, Econometrica: Journal of the Econometric Society, Vol. 56 No. 6, pp. 1371-1395.
• Iannotta, G., Nocera, G. and Sironi, A. (2007), “Ownership structure, risk and performance in the European banking industry”, Journal of Banking & Finance, Vol. 31 No. 7, pp. 2127-2149.
• Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-360.
• John, K., Litov, L. and Yeung, B. (2008), “Corporate governance and risk-taking”, The Journal of Finance, Vol. 63 No. 4, pp. 1679-1728.
• John, K., Saunders, A. and Senbet, L.W. (2001), “A theory of banking regulation and management compensation”, Review of Financial Studies, Vol. 13, pp. 95-125.
• Kaufmann, D., Kraay, A. and Mastruzzi, M. (2009), “Governance matters VIII: aggregate and individual governance indicators, 1996-2008”, World Bank Policy Research Working Paper No. 4978, Washington, DC.
• Kaufmann, D., Kraay, A. and Zoido, P. (1999), “Aggregating governance indicators”, World Bank Policy Research Working Paper No. 2195, Washington, DC.
• Kellermanns, F.W., Eddleston, K.A., Barnett, T. and Pearson, A. (2008), “An exploratory study of family member characteristics and involvement: effects on entrepreneurial behaviour in the family firm”, Family Business Review, Vol. 21 No. 1, pp. 1-14.
• Kumar, P. and Zattoni, A. (2017), “Advancing the literature on ownership structure and corporate governance”, Corporate Governance: An International Review, Vol. 25 No. 1, pp. 2-3.
• La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A. and Vishny, R. (2002), “Investor protection and corporate valuation”, The Journal of Finance, Vol. 57 No. 3, pp. 1147-1170.
• Laeven, L. (1999), “Risk and efficiency in East Asian banks”, World Bank Policy Research Working Paper No. 2255, Washington, DC.
• Laeven, L. and Levine, R. (2009), “Bank governance, regulation and risk taking”, Journal of Financial Economics, Vol. 93 No. 2, pp. 259-275.
• Lee, C. and Chung, K.H. (2016), “Antitakeover statutes and internal corporate governance”, Corporate Governance: An International Review, Vol. 24 No. 5, pp. 468-489. 196
• Lel, U. (2012), “Currency hedging and corporate governance: a cross-country analysis”, Journal of Corporate Finance, Vol. 18 No. 2, pp. 221-237.
• Macey, J.R. and O’Hara, M. (2003), “The corporate governance of banks”, Federal Reserve Bank of New York Economic Policy Review, Vol. 9, pp. 91-107.
• Magalhaes, R., Gutiérrez Urtiaga, M. and Tribó, J.A. (2010), “Banks’ ownership structure, risk and performance”, Social Science Research Network (SSRN), New York, NY, available at: http://dx. doi.org/10.2139/ssrn.1102390
• Mehran, H., Morrison, A.D. and Shapiro, J.D. (2011), “Corporate governance and banks: what have we learned from the financial crisis?”, FRB of New York Staff Report (502), New York, NY.
• Miller, D., Breton‐Miller, L. and Lester, R.H. (2011), “Family and lone founder ownership and strategic behaviour: social context, identity, and institutional logics”, Journal of Management Studies, Vol. 48 No. 1, pp. 1-25.
• Miralles-Marcelo, J.L., del Mar Miralles-Quirós, M. and Lisboa, I. (2014), “The impact of family control on firm performance: evidence from Portugal and Spain”, Journal of Family Business Strategy, Vol. 5 No. 2, pp. 156-168.
• Mollah, S., Hassan, M.K., Al Farooque, O. and Mobarek, A. (2017), “The governance, risk-taking, and performance of Islamic banks”, Journal of Financial Services Research, Vol. 51 No. 2, pp. 195-219.
• Morck, R. and Steier, L. (2005), The Global History of Corporate Governance: An Introduction. A History of Corporate Governance around the World: Family Business Groups to Professional Managers, University of Chicago Press, Chicago, IL, pp. 1-64.
• Naceur, S.B. and Omran, M. (2011), “The effects of bank regulations, competition, and financial reforms on banks’ performance”, Emerging Markets Review, Vol. 12 No. 1, pp. 1-20.
• Nguyen, P. (2011), “Corporate governance and risk-taking: evidence from Japanese firms”, Pacific-Basin Finance Journal, Vol. 19 No. 3, pp. 278-297.
• Orozco, L., Vargas, J. and Galindo-Dorado, R. (2018), “Trends on the relationship between board size and financial and reputational corporate performance: the Colombian case”, European Journal of Management and Business Economics, Vol. 27 No. 2, pp. 183-197, available at: https://doi.org/ 10.1108/EJMBE-02-2018-0029
• Otero, G., Gil, L.I.R., Cunill, O.M. and Lindahl, J.M.M. (2016), “The effect of financial innovation on European banks’ risk”, Journal of Business Research, Vol. 69 No. 11, pp. 4781-4786.
• Otero, G.L., Ashour, S.O., Redondo-López, J.A. and Rodríguez Gil, L.I. (2017), “Country risk, regulation, and liquidity transformation in Palestine and neighboring countries”, Emerging Markets Finance and Trade, Vol. 54 No. 6, pp. 1375-1390.
• Paligorova, T. (2010), “Corporate risk taking and ownership structure”, Bank of Canada, Working Paper No. 3, Ottawa.
• Prowse, S. (1997), “Corporate control in commercial banks”, Journal of Financial Research, Vol. 20 No. 4, pp. 509-527.
• Roe, M.J. (2003), Political Determinants of Corporate Governance: Political Context, Corporate Impact, Oxford University Press.
• Safiullah, M. and Shamsuddin, A. (2018), “Risk in Islamic banking and corporate governance”, Pacific-Basin Finance Journal, Vol. 47, February, pp. 129-149.
• Setiyono, B. and Tarazi, A. (2014), “Disclosure, ownership structure and bank risk: evidence from Asia”, 27th Australasian Finance and Banking Conference 2014 Paper, available at: http://ssrn. com/abstract=2395315
• Shleifer, A. and Vishny, R.W. (1986), “Large shareholders and corporate control”, Journal of Political Economy, Vol. 94 No. 3, pp. 461-488.
• Srairi, S. (2013), “Ownership structure and risk-taking behaviour in conventional and Islamic banks: evidence for MENA countries”, Borsa Istanbul Review, Vol. 13 No. 4, pp. 115-127.
• Srivastav, A. and Hagendorff, J. (2016), “Corporate governance and bank risk-taking”, Corporate Governance: An International Review, Vol. 24 No. 3, pp. 334-345. 197 Banks’ risktaking in the MENA countries?
• Stulz, R.M. (2005), “The limits of financial globalization”, The Journal of Finance, Vol. 60 No. 4, pp. 1595-1638.
• Tirole, J. (2001), “Corporate governance”, Econometrica, Vol. 69 No. 1, pp. 1-35.
• Villalonga, B. and Amit, R. (2006), “How do family ownership, control and management affect firm value?”, Journal of Financial Economics, Vol. 80 No. 2, pp. 385-417.
• Wilson, N., Wright, M. and Scholes, L. (2013), “Family business survival and the role of boards”, Entrepreneurship Theory and Practice, Vol. 37 No. 6, pp. 1369-1389.
• Worrell, M.D., Maechler, A.M. and Mitra, M.S. (2007), Decomposing Financial Risks and Vulnerabilities in Eastern Europe, International Monetary Fund, Washington, DC.
• Zheng, C., Moudud-Ul-Huq, S., Rahman, M.M. and Ashraf, B.N. (2017), “Does the ownership structure matter for banks’ capital regulation and risk-taking behavior? Empirical evidence from a developing country”, Research in International Business and Finance, Vol. 42, December, pp. 404-421.