메뉴 건너뛰기




Volumn 18, Issue 5, 2010, Pages 381-395

Board monitoring, regulation, and performance in the banking industry: Evidence from the market for corporate control

Author keywords

Acquisitions; Banks; Corporate Governance; Mergers; Performance; Regulation

Indexed keywords


EID: 77956608650     PISSN: 09648410     EISSN: 14678683     Source Type: Journal    
DOI: 10.1111/j.1467-8683.2010.00815.x     Document Type: Article
Times cited : (48)

References (66)
  • 1
    • 41149140309 scopus 로고    scopus 로고
    • Corporate performance, board structure, and its determinants in the banking industry: European Finance Association Meeting Proceedings
    • Adams R B, Mehran H. Corporate performance, board structure, and its determinants in the banking industry: European Finance Association Meeting Proceedings. 2005
    • (2005)
    • Adams, R.B.1    Mehran, H.2
  • 4
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
    • Barber B M, Lyon J D. Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics 1997, 43:341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.M.1    Lyon, J.D.2
  • 5
    • 0003094963 scopus 로고    scopus 로고
    • Banking systems around the globe: Do regulation and ownership affect performance and stability?
    • Mishkin F S. Ed., Chicago, University of Chicago Press
    • Barth J R, Caprio G, Levine R. Banking systems around the globe: Do regulation and ownership affect performance and stability? Prudential supervision: What works and what doesn't 2001, Mishkin F S, Ed., Chicago, University of Chicago Press
    • (2001) Prudential supervision: What works and what doesn't
    • Barth, J.R.1    Caprio, G.2    Levine, R.3
  • 6
    • 18844378211 scopus 로고    scopus 로고
    • Governing the financial or bank holding company: How legal infrastructure can facilitate consolidated risk management
    • Baxter T C. Governing the financial or bank holding company: How legal infrastructure can facilitate consolidated risk management. Federal Reserve Bank of New York: Current Issues in Economics and Finance 2003, 9:1-7.
    • (2003) Federal Reserve Bank of New York: Current Issues in Economics and Finance , vol.9 , pp. 1-7
    • Baxter, T.C.1
  • 8
    • 34748902655 scopus 로고    scopus 로고
    • Corporate governance of bank mergers: Proceedings - Federal Reserve Bank of Chicago
    • Becher D A, Campbell T L. Corporate governance of bank mergers: Proceedings - Federal Reserve Bank of Chicago. 2004, 267-287.
    • (2004) , pp. 267-287
    • Becher, D.A.1    Campbell, T.L.2
  • 9
    • 77956576149 scopus 로고    scopus 로고
    • Does regulation substitute or complement governance? Drexel University Working Paper
    • Becher D A, Frye M. Does regulation substitute or complement governance? Drexel University Working Paper. 2009
    • (2009)
    • Becher, D.A.1    Frye, M.2
  • 15
    • 39549104702 scopus 로고    scopus 로고
    • Do weak supervisory systems encourage bank risk-taking?
    • Buch C M, DeLong G. Do weak supervisory systems encourage bank risk-taking? Journal of Financial Stability 2008, 4:23-39.
    • (2008) Journal of Financial Stability , vol.4 , pp. 23-39
    • Buch, C.M.1    DeLong, G.2
  • 16
    • 0000106797 scopus 로고
    • Do outside directors monitor managers? Evidence from tender offer bids
    • Byrd J W, Hickman K A. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics 1992, 32:195-221.
    • (1992) Journal of Financial Economics , vol.32 , pp. 195-221
    • Byrd, J.W.1    Hickman, K.A.2
  • 18
    • 77956588069 scopus 로고    scopus 로고
    • The diversity of corporate board committees and financial performance: Financial Management Association Meeting Proceedings
    • Carter D A, D'Souza F, Simkins B J, Simpson W G. The diversity of corporate board committees and financial performance: Financial Management Association Meeting Proceedings. 2007
    • (2007)
    • Carter, D.A.1    D'Souza, F.2    Simkins, B.J.3    Simpson, W.G.4
  • 20
    • 33745938367 scopus 로고    scopus 로고
    • Performance changes around bank mergers: Revenue enhancements versus cost reductions
    • Cornett M M, McNutt J J, Tehranian H. Performance changes around bank mergers: Revenue enhancements versus cost reductions. Journal of Money, Credit, and Banking 2006, 38:1013.
    • (2006) Journal of Money, Credit, and Banking , vol.38 , pp. 1013
    • Cornett, M.M.1    McNutt, J.J.2    Tehranian, H.3
  • 21
    • 67649460614 scopus 로고    scopus 로고
    • Corporate governance and earnings management at large U.S. Bank holding companies
    • Cornett M M, McNutt J J, Tehranian H. Corporate governance and earnings management at large U.S. Bank holding companies. Journal of Corporate Finance 2009, 15:412-430.
    • (2009) Journal of Corporate Finance , vol.15 , pp. 412-430
    • Cornett, M.M.1    McNutt, J.J.2    Tehranian, H.3
  • 22
    • 0001301086 scopus 로고    scopus 로고
    • Stockholder gains from focusing versus diversifying bank mergers
    • DeLong G. Stockholder gains from focusing versus diversifying bank mergers. Journal of Financial Economics 2001, 59:221-252.
    • (2001) Journal of Financial Economics , vol.59 , pp. 221-252
    • DeLong, G.1
  • 23
    • 33846251198 scopus 로고    scopus 로고
    • Learning by observing: Information spillovers in the execution and valuation of commercial bank M&As
    • DeLong G, DeYoung R. Learning by observing: Information spillovers in the execution and valuation of commercial bank M&As. Journal of Finance 2007, 62:181-216.
    • (2007) Journal of Finance , vol.62 , pp. 181-216
    • DeLong, G.1    DeYoung, R.2
  • 24
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz H, Lehn K. The structure of corporate ownership: Causes and consequences. The Journal of Political Economy 1985, 93:1155-1177.
    • (1985) The Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 25
    • 0001163995 scopus 로고
    • On corporate governance - a study of proxy contests
    • Dodd P, Warner J B. On corporate governance - a study of proxy contests. Journal of Financial Economics 1983, 11:401-438.
    • (1983) Journal of Financial Economics , vol.11 , pp. 401-438
    • Dodd, P.1    Warner, J.B.2
  • 26
    • 1842445955 scopus 로고    scopus 로고
    • Private benefits of control: An international comparison
    • Dyck A, Zingales L. Private benefits of control: An international comparison. Journal of Finance 2004, 59:537-600.
    • (2004) Journal of Finance , vol.59 , pp. 537-600
    • Dyck, A.1    Zingales, L.2
  • 28
    • 0035539617 scopus 로고    scopus 로고
    • Cultural diversity at work: The effects of diversity perspectives on work group processes and outcomes
    • Ely R J, Thomas D A. Cultural diversity at work: The effects of diversity perspectives on work group processes and outcomes. Administrative Science Quarterly 2001, 46:229-273.
    • (2001) Administrative Science Quarterly , vol.46 , pp. 229-273
    • Ely, R.J.1    Thomas, D.A.2
  • 30
    • 0346207692 scopus 로고    scopus 로고
    • Market efficiency, long-term returns, and behavioral finance
    • Fama E F. Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics 1998, 49:283-306.
    • (1998) Journal of Financial Economics , vol.49 , pp. 283-306
    • Fama, E.F.1
  • 32
    • 12344281903 scopus 로고    scopus 로고
    • Additions to corporate boards: The effect of gender
    • Farrell K A, Hersch P L. Additions to corporate boards: The effect of gender. Journal of Corporate Finance 2005, 11:85-106.
    • (2005) Journal of Corporate Finance , vol.11 , pp. 85-106
    • Farrell, K.A.1    Hersch, P.L.2
  • 33
    • 33644891336 scopus 로고    scopus 로고
    • Are busy boards effective monitors?
    • Fich E M, Shivdasani A. Are busy boards effective monitors? Journal of Finance 2006, 61:689-724.
    • (2006) Journal of Finance , vol.61 , pp. 689-724
    • Fich, E.M.1    Shivdasani, A.2
  • 35
    • 0042169005 scopus 로고    scopus 로고
    • Chief executive officer careers in regulated environments: Evidence from electric and gas utilities
    • Hadlock C J, Lee D S, Parrino R. Chief executive officer careers in regulated environments: Evidence from electric and gas utilities. The Journal of Law and Economics 2002, 45:535-563.
    • (2002) The Journal of Law and Economics , vol.45 , pp. 535-563
    • Hadlock, C.J.1    Lee, D.S.2    Parrino, R.3
  • 38
    • 0012583968 scopus 로고    scopus 로고
    • Boards of directors as an endogenously determined institution: A survey of the economic literature
    • Hermalin B E, Weisbach M S. Boards of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review 2003, 9:7-26.
    • (2003) Economic Policy Review , vol.9 , pp. 7-26
    • Hermalin, B.E.1    Weisbach, M.S.2
  • 39
    • 0034147825 scopus 로고    scopus 로고
    • The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change
    • Hillman A J, Cannella A A, Paetzold R L. The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies 2000, 37:235-256.
    • (2000) Journal of Management Studies , vol.37 , pp. 235-256
    • Hillman, A.J.1    Cannella, A.A.2    Paetzold, R.L.3
  • 40
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen M C. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review 1986, 76:323-329.
    • (1986) The American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 41
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen M C. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 1993, 48:831-880.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.C.1
  • 42
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen M C, Meckling W H. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 1976, 3:305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 43
    • 0002762762 scopus 로고    scopus 로고
    • Deregulation and the adaptation of governance structure: The case of the US airline industry
    • Kole S R, Lehn K M. Deregulation and the adaptation of governance structure: The case of the US airline industry. Journal of Financial Economics 1999, 52:79-117.
    • (1999) Journal of Financial Economics , vol.52 , pp. 79-117
    • Kole, S.R.1    Lehn, K.M.2
  • 44
    • 0000917563 scopus 로고
    • Effects of board demography and directors' incentives on corporate greenmail decisions
    • Kosnik R D. Effects of board demography and directors' incentives on corporate greenmail decisions. Academy of Management Journal 1990, 33:129-150.
    • (1990) Academy of Management Journal , vol.33 , pp. 129-150
    • Kosnik, R.D.1
  • 47
    • 34447637109 scopus 로고    scopus 로고
    • Is there a diversification discount in financial conglomerates?
    • Laeven L, Levine R. Is there a diversification discount in financial conglomerates? Journal of Financial Economics 2007, 85:331-367.
    • (2007) Journal of Financial Economics , vol.85 , pp. 331-367
    • Laeven, L.1    Levine, R.2
  • 48
    • 18044402220 scopus 로고    scopus 로고
    • The common law and economic growth: Hayek might be right
    • Mahoney P G. The common law and economic growth: Hayek might be right. The Journal of Legal Studies 2001, 30:503-525.
    • (2001) The Journal of Legal Studies , vol.30 , pp. 503-525
    • Mahoney, P.G.1
  • 51
    • 84977702683 scopus 로고
    • Do managerial objectives drive bad acquisitions?
    • Morck R, Shleifer A, Vishny R W. Do managerial objectives drive bad acquisitions? Journal of Finance 1990, 45:31-48.
    • (1990) Journal of Finance , vol.45 , pp. 31-48
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 52
    • 0041195241 scopus 로고    scopus 로고
    • Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institutions
    • Pilloff S J. Performance changes and shareholder wealth creation associated with mergers of publicly traded banking institutions. Journal of Money, Credit, and Banking 1996, 28:294-310.
    • (1996) Journal of Money, Credit, and Banking , vol.28 , pp. 294-310
    • Pilloff, S.J.1
  • 53
    • 84989072165 scopus 로고
    • CEO duality and organizational performance - A longitudinal analysis
    • Rechner P L, Dalton D R. CEO duality and organizational performance - A longitudinal analysis. Strategic Management Journal 1991, 12:155-160.
    • (1991) Strategic Management Journal , vol.12 , pp. 155-160
    • Rechner, P.L.1    Dalton, D.R.2
  • 54
    • 0034340867 scopus 로고    scopus 로고
    • Racial diversity, business strategy, and firm performance: A resource-based view
    • Richard O C. Racial diversity, business strategy, and firm performance: A resource-based view. Academy of Management Journal 2000, 43:164-177.
    • (2000) Academy of Management Journal , vol.43 , pp. 164-177
    • Richard, O.C.1
  • 56
    • 7444246169 scopus 로고    scopus 로고
    • Cross-country determinants of mergers and acquisitions
    • Rossi S, Volpin P F. Cross-country determinants of mergers and acquisitions. Journal of Financial Economics 2004, 74:277-304.
    • (2004) Journal of Financial Economics , vol.74 , pp. 277-304
    • Rossi, S.1    Volpin, P.F.2
  • 57
  • 59
    • 0041594449 scopus 로고    scopus 로고
    • Women in management and firm financial performance: An exploratory study
    • Shrader C B, Blackburn V B, Iles P. Women in management and firm financial performance: An exploratory study. Journal of Managerial Issues 1997, 9:355-372.
    • (1997) Journal of Managerial Issues , vol.9 , pp. 355-372
    • Shrader, C.B.1    Blackburn, V.B.2    Iles, P.3
  • 61
    • 61849129102 scopus 로고    scopus 로고
    • Anticipation, acquisitions, and bidder returns: American Finance Association Meeting Proceedings
    • Song M H, Walkling R A. Anticipation, acquisitions, and bidder returns: American Finance Association Meeting Proceedings. 2006
    • (2006)
    • Song, M.H.1    Walkling, R.A.2
  • 63
    • 0001155473 scopus 로고    scopus 로고
    • Board meeting frequency and firm performance
    • Vafeas N. Board meeting frequency and firm performance. Journal of Financial Economics 1999, 53:113-142.
    • (1999) Journal of Financial Economics , vol.53 , pp. 113-142
    • Vafeas, N.1
  • 66
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation of companies with a small board of directors
    • Yermack D. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 1996, 40:185-211.
    • (1996) Journal of Financial Economics , vol.40 , pp. 185-211
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.