Corporate board;
default risk;
distance to default;
European banks;
Merton model;
D O I:
10.1080/1331677X.2021.1909490
中图分类号:
F [经济];
学科分类号:
02 ;
摘要:
This paper analyses the impact of corporate board structure on default risk of European banking firms. We focus on four core aspects of boards that have been addressed in Directive 2013/36/EU to strengthen the corporate governance of banks: the size of boards, their independence, the participation of female directors and CEO duality. We employ panel data analysis to study the 109 European listed banks between 2002 and 2019. Default risk is estimated by Merton's (1974) distance to default. We take into account the presence of unobservable heterogeneity, simultaneity and dynamic endogeneity and estimate the model using the dynamic difference and dynamic system GMM methodologies. The results show that the size of the board influences banks' default risk. Furthermore, bank size, firm profitability and GDP also exert a considerable influence.
机构:
Univ Queensland, UQ Business Sch, Brisbane, Qld 4072, Australia
European Corp Governance Inst, B-1180 Brussels, BelgiumUniv Queensland, UQ Business Sch, Brisbane, Qld 4072, Australia
Adams, Renee B.
Ferreira, Daniel
论文数: 0引用数: 0
h-index: 0
机构:
Univ London London Sch Econ & Polit Sci, London WC2A 2AE, England
European Corp Governance Inst, B-1180 Brussels, Belgium
Ctr Econ Policy Res, London EC1V 0DG, EnglandUniv Queensland, UQ Business Sch, Brisbane, Qld 4072, Australia
机构:
Bangor Univ, Business Sch, Coll Rd, Bangor LL57 2DG, Gwynedd, WalesBangor Univ, Business Sch, Coll Rd, Bangor LL57 2DG, Gwynedd, Wales
Altunbas, Yener
Thornton, John
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h-index: 0
机构:
US Dept Treasury, Off Tech Assistance, 1750 Penn Ave NW, Washington, DC 20006 USABangor Univ, Business Sch, Coll Rd, Bangor LL57 2DG, Gwynedd, Wales
Thornton, John
Uymaz, Yurtsev
论文数: 0引用数: 0
h-index: 0
机构:
Univ East Anglia, Norwich Business Sch, Norwich Res Pk, Norwich NR4 7TJ, Norfolk, EnglandBangor Univ, Business Sch, Coll Rd, Bangor LL57 2DG, Gwynedd, Wales
机构:
World Bank, 1818 H St NW, Washington, DC 20433 USAWorld Bank, 1818 H St NW, Washington, DC 20433 USA
Anginer, Deniz
Demirguc-Kunt, Asli
论文数: 0引用数: 0
h-index: 0
机构:
World Bank, 1818 H St NW, Washington, DC 20433 USAWorld Bank, 1818 H St NW, Washington, DC 20433 USA
Demirguc-Kunt, Asli
Huizinga, Harry
论文数: 0引用数: 0
h-index: 0
机构:
Tilburg Univ, POB 90153, NL-5000 LE Tilburg, Netherlands
Ctr Econ Policy Res, 33 Great Sutton St, London EC1V 0DX, EnglandWorld Bank, 1818 H St NW, Washington, DC 20433 USA
Huizinga, Harry
Ma, Kebin
论文数: 0引用数: 0
h-index: 0
机构:
Univ Warwick, Warwick Business Sch, Coventry CV4 7AL, W Midlands, EnglandWorld Bank, 1818 H St NW, Washington, DC 20433 USA
机构:
Univ Queensland, UQ Business Sch, Brisbane, Qld 4072, Australia
European Corp Governance Inst, B-1180 Brussels, BelgiumUniv Queensland, UQ Business Sch, Brisbane, Qld 4072, Australia
Adams, Renee B.
Ferreira, Daniel
论文数: 0引用数: 0
h-index: 0
机构:
Univ London London Sch Econ & Polit Sci, London WC2A 2AE, England
European Corp Governance Inst, B-1180 Brussels, Belgium
Ctr Econ Policy Res, London EC1V 0DG, EnglandUniv Queensland, UQ Business Sch, Brisbane, Qld 4072, Australia
机构:
Bangor Univ, Business Sch, Coll Rd, Bangor LL57 2DG, Gwynedd, WalesBangor Univ, Business Sch, Coll Rd, Bangor LL57 2DG, Gwynedd, Wales
Altunbas, Yener
Thornton, John
论文数: 0引用数: 0
h-index: 0
机构:
US Dept Treasury, Off Tech Assistance, 1750 Penn Ave NW, Washington, DC 20006 USABangor Univ, Business Sch, Coll Rd, Bangor LL57 2DG, Gwynedd, Wales
Thornton, John
Uymaz, Yurtsev
论文数: 0引用数: 0
h-index: 0
机构:
Univ East Anglia, Norwich Business Sch, Norwich Res Pk, Norwich NR4 7TJ, Norfolk, EnglandBangor Univ, Business Sch, Coll Rd, Bangor LL57 2DG, Gwynedd, Wales
机构:
World Bank, 1818 H St NW, Washington, DC 20433 USAWorld Bank, 1818 H St NW, Washington, DC 20433 USA
Anginer, Deniz
Demirguc-Kunt, Asli
论文数: 0引用数: 0
h-index: 0
机构:
World Bank, 1818 H St NW, Washington, DC 20433 USAWorld Bank, 1818 H St NW, Washington, DC 20433 USA
Demirguc-Kunt, Asli
Huizinga, Harry
论文数: 0引用数: 0
h-index: 0
机构:
Tilburg Univ, POB 90153, NL-5000 LE Tilburg, Netherlands
Ctr Econ Policy Res, 33 Great Sutton St, London EC1V 0DX, EnglandWorld Bank, 1818 H St NW, Washington, DC 20433 USA
Huizinga, Harry
Ma, Kebin
论文数: 0引用数: 0
h-index: 0
机构:
Univ Warwick, Warwick Business Sch, Coventry CV4 7AL, W Midlands, EnglandWorld Bank, 1818 H St NW, Washington, DC 20433 USA