HOME   »  たまにはシゴトしてます   »  中東の金融システム  »  Banks, to be better prepared to face the next financial crisis, have to significantly improve the quality and profile of their risk management function, but also embed the appropriate risk governance having CEO and CRO at the same level, ideally both reporting to the board of directors(Aebi ,Vincent, Gabriele Sabato, Markus Schmid[2012])

Banks, to be better prepared to face the next financial crisis, have to significantly improve the quality and profile of their risk management function, but also embed the appropriate risk governance having CEO and CRO at the same level, ideally both reporting to the board of directors(Aebi ,Vincent, Gabriele Sabato, Markus Schmid[2012])

Aebi ,Vincent, Gabriele Sabato, Markus Schmid[2012] Risk management, corporate governance, and bank performance in the financial crisis, Journal of Banking & Finance 36, pp.3213-3226.

Abstract
The recent financial crisis has raised several questions with respect to the corporate governance of financial institutions. This paper investigates whether risk management-related corporate governance mechanisms, such as for example the presence of a chief risk officer (CRO) in a bank's executive board and whether the CRO reports to the CEO or directly to the board of directors, are associated with a better bank performance during the financial crisis of 2007/2008. We measure bank performance by buy-and-hold returns and ROE and we control for standard corporate governance variables such as CEO ownership, board size, and board independence. Most importantly, our results indicate that banks, in which the CRO directly reports to the board of directors and not to the CEO (or other corporate entities), exhibit significantly higher (i.e., less negative) stock returns and ROE during the crisis. In contrast, standard corporate governance variables are mostly insignificantly or even negatively related to the banks' performance during the crisis.
関連記事
Comment
Trackback
Trackback URL
Comment Form
管理者にだけ表示を許可する
FC2カウンター
こんな人が書いてます

じゅん

Author:じゅん
中東経済、企業金融が専門の研究者。UAE・アブダビから帰国しました。
Researcher:Middle Eastern Economy, Financial Development, and Islamic Finance
باحث: الاقتصاد في الشرق الأوسط، التنمية المالية، والتمويل الإسلامي.

■プロフィール詳細はこちら(Curriculum Vitae)
■研究成果の詳細はこちら
■研究プロジェクトの詳細はこちら

最近の記事
カレンダー
09 | 2017/10 | 11
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 - - - -
2017年7-9月のタスク
①【消費】やりたいことだけやる ②【投資】論文2本執筆 ③【空費】体重を5kg減
カテゴリ
アクセスランキング
[ジャンルランキング]
政治・経済
260位
アクセスランキングを見る>>

[サブジャンルランキング]
経済分析
23位
アクセスランキングを見る>>
原油価格チェック
Twitterはじめました
RSSフィード
リンク
ブロとも申請フォーム
ブログ内検索
メールフォーム

名前:
メール:
件名:
本文:

最近インプットしたメディア