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The impact of board characteristics and CEO power on banks’ risk-taking: stable versus crisis periods

2021Journal article Restricted access
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dc.contributor.authorFernandes, Catarina
dc.contributor.authorFarinha, Jorge
dc.contributor.authorMartins, Francisco Vitorino
dc.contributor.authorMateus, Cesário
dc.date.accessioned2021-12-21T15:53:46Z
dc.date.available2021-12-21T15:53:46Z
dc.date.issued2021
dc.description.abstractWe examine the impact of board structure, CEO power and other bank-specific factors on bank risk-taking for a sample of 72 publicly listed European banks in both stable and crisis periods. Using a simultaneous equations approach, our main findings indicate that the proportion of independent directors, the board size, and Chief Executive Officer (CEO) power affected bank risk-taking negatively during the recent financial crisis. On the contrary, institutional shareholder ownership and the presence of an ex-CEO as Chairman influenced bank risk-taking positively. Additionally, we separately analyse stable and crisis periods and observe that in the pre-crisis period only board independence and institutional ownership keep the same impact on risk while CEO power has no influence and the existence of an ex-CEO as Chairman reduces risk-taking by banks. We conclude that different governance characteristics have different relevance for banks’ risk-taking contingent on the economic environment being one of stability or crisis.pt_PT
dc.description.sponsorshipThis research has been financed by Portuguese public funds through FCT - Fundação para a Ciência e a Tecnologia, I.P., in the framework of the project with reference UIDB/04105/2020.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationFernandes, Catarina; Farinha, Jorge; Martins, Francisco Vitorino; Mateus, Cesario (2021). The impact of board characteristics and CEO power on banks’ risk-taking: Stable versus crisis periods. Journal of Banking Regulation. ISSN 1750-2071. 22, p. 319–341.pt_PT
dc.identifier.doi10.1057/s41261-021-00146-4pt_PT
dc.identifier.issn1750-2071
dc.identifier.urihttp://hdl.handle.net/10198/24541
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherPalgrave Macmillanpt_PT
dc.relationCenter for Economics and Finance at the University of Porto
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectCorporate governancept_PT
dc.subjectBankspt_PT
dc.subjectFinancial crisispt_PT
dc.subjectRiskpt_PT
dc.subjectSimultaneous equationspt_PT
dc.titleThe impact of board characteristics and CEO power on banks’ risk-taking: stable versus crisis periodspt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.awardTitleCenter for Economics and Finance at the University of Porto
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F04105%2F2020/PT
oaire.citation.endPage341pt_PT
oaire.citation.startPage319pt_PT
oaire.citation.titleJournal of Banking Regulationpt_PT
oaire.citation.volume22pt_PT
oaire.fundingStream6817 - DCRRNI ID
person.familyNameFernandes
person.givenNameCatarina
person.identifier.ciencia-id9E19-46B7-D5BC
person.identifier.orcid0000-0002-3160-462X
person.identifier.scopus-author-id57192082026
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsrestrictedAccesspt_PT
rcaap.typearticlept_PT
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relation.isAuthorOfPublication.latestForDiscovery8ab5a126-6c6f-4e57-9a3d-a40fbf1d80ff
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