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Ilduara Busta

Corporate Governance in Banking A European Study

Corporate Governance in Banking
A European Study

ISSN 0906-6934 ISBN 978-87-593-8365-0

The PhD School in Economics and Business Administration CBS / Copenhagen Business School

PhD Series 15.2008

CBS PhD nr 15 Ilduara Busta - OMSLAG.indd 1

10/06/08 13:53:41

Corporate Governance in Banking

Ilduara Busta

Corporate Governance in Banking
A European Study

CBS / Copenhagen Business School The PhD School in Economics and Business Administration PhD Series 15.2008

Ilduara Busta Corporate Governance in Banking A European Study

1st edition 2008 PhD Series 15.2008

© The Author

ISBN: 978-87-593-8365-0 ISSN: 0906-6934

Distributed by: Samfundslitteratur Publishers Rosenørns Allé 9 DK-1970 Frederiksberg C Tlf.: +45 38 15 38 80 Fax: +45 35 35 78 22 forlagetsl@sl.cbs.dk www.samfundslitteratur.dk All rights reserved. No parts of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval system, without permission in writing from the publisher.

Acknowledgements
Many people have contributed to the development of this thesis and I would like to express now my gratitude to them all. First of all, I would like to thankfully acknowledge my supervisor, Professor Steen Thomsen, for his guidance, advice and support. Furthermore, I am very grateful to the three members of the evaluation committee: Professor Niels Mygind from Copenhagen Business School, Professor Bruce Rayton from University of Bath and Professor Charlotte Østergaard from BI Norwegian School of Management, for their valuable suggestions that considerably improved the quality of this thesis. Also, I would like to thank all the colleagues at the Department of International Economics and Management for many rewarding discussions and fun hours. In particular, I thank Evis Sinani, Delia Ionascu, Bersant Hobdari, Asta Dis Oladottir, Tatjana P. Kristensen and Caspar Rose for always believing in me and being there whenever I needed support and encouragement. A big thank you! On top of this, I am also very grateful to Evis, Delia and Bersant for patiently trying to answer all my statistical questions, which were not few. I want to thank as well the administrative staff at the Department for making my life easier and much more cheerful; thanks to Anne Sluhan-Reich, Marianne Christensen, Henrik G. Rasmussen and Andy Gausemel.

I would also like to express my gratitude to the Schroll family for their patience, support and understanding during these long years. My warmest thank you goes to Kristoffer, for all the carrots peeled, all the sunny Sundays at the office, and so many other things that kept me happy when it was toughest, and that he would cynically summarize as “enduring”. Tak, CdS! Finally, I want to specially thank my parents, Jose and Mary, for being (though, unwillingly) the best role models, for their faith, encouragement and their unconditional support in everything I do (even if that entails gigantic telephone bills). ¡Gracias!

Copenhagen, June 1st, 2008 Ilduara Busta

Contents
Preface
Motivation Structure of the thesis Main contributions Further issues References 1 1 4 11 14 17

Essay 1: Corporate governance in banking: a survey of the literature 1. 2. Introduction Corporate governance as a determinant of performance 2.1 What is corporate governance? 2.2 Corporate governance as a determinant of performance 2.2.1 Board of directors 2.2.2 Ownership structure 2.2.3 Incentive pay 2.2.4 Legal protection of minority investors 3. The corporate governance of banks 3.1 What is special about banks? 3.2 Regulation and supervision 3.3 What is special about the corporate governance of banks? 23 24 27 27 30 30 32 36 36 37 37 40 44

4.

Bank governance and performance 4.1 What is performance? 4.2 Determinants of bank performance 4.3 Corporate...
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