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The Roles of Corporate Governance in Bank Failures during the Recent Financial Crisis

Journal of money, credit and banking, 2016-06, Vol.48 (4), p.729-770 [Peer Reviewed Journal]

Copyright © 2016 The Ohio State University ;2016 The Ohio State University ;Copyright Ohio State University Press Jun 2016 ;ISSN: 0022-2879 ;EISSN: 1538-4616 ;DOI: 10.1111/jmcb.12316 ;CODEN: JMCBBT

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  • Title:
    The Roles of Corporate Governance in Bank Failures during the Recent Financial Crisis
  • Author: BERGER, ALLEN N. ; IMBIEROWICZ, BJÖRN ; RAUCH, CHRISTIAN
  • Subjects: bank default ; Bank failures ; bank regulation ; Business ownership ; Chief executive officers ; Compensation plans ; Corporate governance ; Economic crisis ; G21 ; G28 ; G32 ; G34 ; Influence ; Management ; Studies
  • Is Part Of: Journal of money, credit and banking, 2016-06, Vol.48 (4), p.729-770
  • Description: We analyze the roles of bank ownership, management, and compensation structures in bank failures during the recent financial crisis. Our results suggest that failures are strongly influenced by ownership structure: high shareholdings of lower-level management and non-chief executive officer (non-CEO) higher-level management increase failure risk significantly. In contrast, shareholdings of banks' CEOs do not have a direct impact on bank failure. These findings suggest that high stakes in the bank induce non-CEO managers to take high risks due to moral hazard incentives, which may result in bank failure. We identify tail risk in noninterest income as a primary risk-taking channel of lower-level managers.
  • Publisher: Columbus: Blackwell Publishing Ltd
  • Language: English
  • Identifier: ISSN: 0022-2879
    EISSN: 1538-4616
    DOI: 10.1111/jmcb.12316
    CODEN: JMCBBT
  • Source: Alma/SFX Local Collection
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