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- Supervisory boards, financial crisis and bank performance: do board characteristics matter?Publication . Fernandes, Catarina; Farinha, Jorge; Martins, Francisco Vitorino; Mateus, CesárioFailures in governance, especially in regard to boards of directors, have been blamed for the 2007-2008 financial crisis. The increased public scrutiny regarding the actions and role of the board of directors in banks, following the crisis, inspires to examine whether and to what extent the characteristics of banks’ boards influence their performance in the crisis. Using a sample of 72 publicly listed European banks, we find that banks with more independent and busy boards experienced worse stock returns during the crisis. Conversely, the better performing banks had more banking experts serving as supervisory directors. Additionally, we find that gender and age diversity improved banks’ performance during the crisis; hence, diversity matters. We also construct a governance quality index on the basis of board characteristics and conclude that governance quality positively affects banks’ returns during the crisis. Overall, we find evidence that banks’ performance during the financial crisis is a function of their boards’ characteristics.
- Bank governance and performance: a survey of the literaturePublication . Fernandes, Catarina; Farinha, Jorge; Martins, Francisco Vitorino; Mateus, CesárioThis paper seeks to review the theoretical and empirical literature on the relationship between bank governance and performance, providing a comprehensive understanding of the existing research and offering guidance for investors and regulators on the major points of consensus and disagreement among researchers on this issue. Although the question of what determines the levels of firms’ performance, with special emphasis on the role of the corporate governance, has long been the subject of substantial academic research, it gained increased attention in the banking industry in the last decade due to a series of financial scandals and, more recently, to the global financial crisis. In fact, in the wake of the 2007–2008 financial crisis, bank corporate governance mechanisms received heightened attention, accompanied by the renewed interest in the degree of effectiveness of such mechanisms, and their impact on performance. Given the vast number of influences on corporate performance, such as the numerous characteristics of the board of directors, there is an abundant literature on the determinants of performance. Thus, this paper tries to bring together this diverse body of knowledge into a coherent whole. Banks have unique attributes that interfere with the way in which the usual corporate governance mechanisms work. Thus, the main differences between banks and non-financial firms, which justify that some of the regularities found in the literature on the relationship between a set of corporate governance mechanisms and performance do not hold for banks, are also analysed. Then, we extensively review the literature on the board of directors and its impact on performance in the financial crisis and non-financial crisis periods. Finally, we also survey the (very) scarce research on the relationship between board characteristics and bank failures.
- Unpacking the “black box” of innovativeness and innovation: focus on tourism researchPublication . Fernandes, Catarina; Pires, Rui A.R.The main purpose of this paper is to provide a comprehensive analysis of innovativeness and innovation, differences and relationship, with particular focus on tourism research. The terms innovativeness and innovation are frequently used as synonyms, although they substantially differ, which leads studies to provide inconsistent and sometimes contradictory results. Innovation is an outcome of a firm´s permanent endeavor to explore and exploit new ideas. Therefore, innovativeness is a precondition for innovation. None of the previous studies, to the best of our knowledge, has provided a clear examination of them. Also, we go further and extend the analysis to the tourism industry and propose an integrative conceptual model for the study of innovativeness and innovation.
- Political connections and performance: a bibliographic coupling analysisPublication . Fernandes, Catarina; Pires, Rui A.R.The main purpose of this paper is to map the current research front (i.e., to identify the more recent contributions and detect the current trends) on political connections and performance field based on a systematic review of 112 papers published in refereed journals indexed to the Scopus database. Applying the bibliographic coupling method and using the VOSviewer software for the construction and visualisation of scientific maps of papers, journals and authors, the analysis conducted allows to establish how research has evolved in this area. The results show that numerous studies were developed in China and analyse the impact of political connections on performance in privatisation, initial public offering (IPO), and financing processes. Also, several research examines the influence of contextual factors in this relationship. The findings presented in this paper will enable future authors studying the influence of political connections on performance to focus their studies more effectively.