Bank governance and acquisition performance

Corporate Governance: An International Review

Volumn 15, Issue 5, 2007, Pages 957-968

  Hagendorff, Jens ^b   Collins, Michael ^b   Keasey, Kevin ^a  

^a UNIVERSITY OF LEEDS   (United Kingdom)

^b NONE

Author keywords

Bank acquisitions; Board composition; Board diversity; Performance

Indexed keywords

EID: 34748866096     PISSN: 09648410     EISSN: 14678683     Source Type: Journal    
DOI: 10.1111/j.1467-8683.2007.00601.x     Document Type: Conference Paper

References (52)

1. Adams, R. Mehran, H. (2003) Is Corporate Governance Different for Bank Holding Companies? Economic Policy Review, 9, 123 142.
2. Agrawal, A., Jaffe, J. F. Mandelker, G. N. (1992) The Post-Merger Performance of Acquiring Firms - a Reexamination of an Anomaly, Journal of Finance, 47, 1605 1621.
3. Allen, F. Song, W. L. (2005) Financial Integration and EMU, European Financial Management, 11 (1 7 24.
4. Amel, D., Barnes, C., Panetta, F. Salleo, C. (2004) Consolidation and Efficiency in the Financial Sector: A Review of the International Evidence, Journal of Banking & Finance, 28 (10 2493 2519.
5. Amihud, Y. Lev, B. (1981) Risk Reduction as a Managerial Motive for Conglomerate Mergers, Bell Journal of Economics, 12, 605 617.
6. Anderson, C. W., Becher, D. A., Campbell, I. Terry L. (2004) Bank Mergers, the Market for Bank CEOs, and Managerial Incentives, Journal of Financial Intermediation, 13, 6 27.
7. Baker, G. P., Jensen, M. C. Murphy, K. J. (1988) Compensation and Incentives: Practice vs. Theory, Journal of Finance, 43, 593 616.
8. Bantel, K. A. Jackson, S. E. (1989) Top Management and Innovations in Banking: Does the Composition of the Top Team Make a Difference? Strategic Management Journal, 10, 107 124.
9. Becher, D. A. Campbell, T. L. (2004) Corporate Governance of Bank Mergers, Proceedings - Federal Reserve Bank of Chicago, 267 287.
10. Beitel, P., Schiereck, D. Wahrenburg, M. (2004) Explaining M&A Success in European Banks, European Financial Management, 10 (1 109 139.
11. Bliss, R. T. Rosen, R. J. (2001) CEO Compensation and Bank Mergers, Journal of Financial Economics, 61, 107 138.
12. Booth, J. R., Cornett, M. M. Tehranian, H. (2002) Boards of Directors, Ownership, and Regulation, Journal of Banking & Finance, 26 (10 1973 1996.
13. Brickley, J. A. James, C. M. (1987) The Takeover Market, Corporate Board Composition, and Ownership Structure: The Case of Banking, Journal of Law & Economics, 30, 161 180.
14. Byrd, J. W. Hickman, K. A. (1992) Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids, Journal of Financial Economics, 32, 195 221.
15. Campa, J. M. Hernando, I. (2006) M&As Performance in the European Financial Industry, Journal of Banking & Finance, 30 (12 3367 3392.
16. Collins, M. Baker, M. (2003) Commercial Banks and Industrial Finance in England and Wales, 1860-1913. Oxford : Oxford University Press.
17. Cornett, M. M., Hovakimian, G., Palia, D. Tehranian, H. (2003) The Impact of the Manager-Shareholder Conflict on Acquiring Bank Returns, Journal of Banking & Finance, 27, 103 131.
18. Cybo-Ottone, A. Murgia, M. (2000) Mergers and Shareholder Wealth in European Banking, Journal of Banking & Finance, 24 (6 831 859.
19. Diamond, D. W. (1984) Financial Intermediation and Delegated Monitoring, Review of Economic Studies, 51, 393 414.
20. Dwyer, S., Richard, O. C. Chadwick, K. (2003) Gender Diversity in Management and Firm Performance: The Influence of Growth Orientation and Organizational Culture, Journal of Business Research, 56 (12 1009 1019.
21. Ely, R. J. Thomas, D. A. (2001) Cultural Diversity at Work: The Effects of Diversity Perspectives on Work Group Processes and Outcomes, Administrative Science Quarterly, 46, 229 273.
22. Erhardt, N. L., Werbel, J. D. Shrader, C. B. (2003) Board of Director Diversity and Firm Financial Performance, Corporate Governance: An International Review, 11, 102 111.
23. Fama, E. F. (1980) Agency Problems and the Theory of the Firm, The Journal of Political Economy, 88, 288 307.
24. Fama, E. F. Jensen, M. C. (1983) Separation of Ownership and Control, Journal of Law & Economics, 26, 301 325.
25. Farrell, K. A. Hersch, P. L. (2005) Additions to Corporate Boards: The Effect of Gender, Journal of Corporate Finance, 11 (1 2 85 106.
26. Financial Times (2006) The Wisdom of Promoting Diversity Financial Times London edn, 6 January, p. 14.
27. Goodstein, J., Gautam, K. Boeker, W. (1994) The Effects of Board Size and Diversity on Strategic Change, Strategic Management Journal, 15, 241 250.
28. Hayward, M. L. A. Hambrick, D. C. (1997) Explaining the Premium Paid for Large Acquisitions: Evidence of CEO Hubris, Administrative Science Quarterly, 42, 103 127.
29. Heffernan, S. A. (2005) Modern Banking. Chichester : Wiley.
30. Hermalin, B. E. Weisbach, M. S. (2003) Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature, Economic Policy Review, 9, 7 26.
31. Hughes, J. P., Lang, W. W., Mester, L. J., Moon, C. G. Pagano, M. S. (2003) Do Bankers Sacrifice Value to Build Empires? Managerial Incentives, Industry Consolidation, and Financial Performance, Journal of Banking & Finance, 27, 417 447.
32. James, C. M. Weir, P. (1987) Returns to Acquirers and Competition in the Acquisition Market: The Case of Banking, Journal of Political Economy, 95, 355 370.
33. Kini, O., Kracaw, W. Mian, S. (2004) The Nature of Discipline by Corporate Takeovers, Journal of Finance, 59 (4 1511 1552.
34. Kostiuk, P. F. (1990) Firm Size and Executive-Compensation, Journal of Human Resources, 25 (1 90 105.
35. La Porta, R., Lopez-De-Silanes, F., Shleifer, A. Vishny, R. (2000) Investor Protection and Corporate Governance, Journal of Financial Economics, 58 (1-2 3 27.
36. Levine, R. (1997) Financial Development and Economic Growth: Views and Agenda, Journal of Economic Literature, 35, 688 726.
37. Levine, R. (2002) Bank-Based or Market-Based Financial Systems: Which Is Better? Journal of Financial Intermediation, 11 (4 398 428.
38. Madura, J. Wiant, K. J. (1994) Long-Term Valuation Effects of Bank Acquisitions, Journal of Banking & Finance, 18 (6 1135 1154.
39. Maznevski, M. L. (1994) Understanding Our Differences: Performance in Decision-Making Groups with Diverse Members, Human Relations, 47, 531 552.
40. Moeller, S. B., Schlingemann, F. P. Stulz, R. M. (2005) Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave, Journal of Finance, 60 (2 757 782.
41. Morck, R., Shleifer, A. Vishny, R. W. (1990) Do Managerial Objectives Drive Bad Acquisitions? Journal of Finance, 45, 31 48.
42. Morgan, D. P. (2002) Rating Banks: Risk and Uncertainty in an Opaque Industry, The American Economic Review, 92, 874 888.
43. OECD (2004) Bank Profitability. Financial Statements of Banks. Paris : Organisation for Economic Co-operation and Development.
44. Pilloff, S. J. (1996) Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions, Journal of Money, Credit, and Banking, 28 (3 294 310.
45. Richard, O. C. (2000) Racial Diversity, Business Strategy, and Firm Performance: A Resource-Based View, Academy of Management Journal, 43, 164 177.
46. Roll, R. (1986) The Hubris Hypothesis of Corporate Takeovers, Journal of Business, 59, 197 216.
47. Rossi, S. Volpin, P. F. (2004) Cross-Country Determinants of Mergers and Acquisitions, Journal of Financial Economics, 74, 277 304.
48. Shleifer, A. Vishny, R. W. (1997) A Survey of Corporate Governance, Journal of Finance, 52, 737 783.
49. Shrader, C. B., Blackburn, V. B. Iles, P. (1997) Women in Management and Firm Financial Performance: An Exploratory Study, Journal of Managerial Issues, 9, 355 372.
50. Smith, J. C. W. Watts, R. L. (1992) The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies, Journal of Financial Economics, 32 (3 263 292.
51. Subrahmanyam, V., Rangan, N. Rosenstein, S. (1997) The Role of Outside Directors in Bank Acquisitions, Financial Management, 26, 23 36.
52. Wright, P., Kroll, M., Lado, A. van Ness, B. (2002) The Structure of Ownership and Corporate Acquisition Strategies, Strategic Management Journal, 23, 41 53.