European Banks' Legal Provisions and Financial Crises: The Influence of Corporate Governance and Institutional Environment

被引：0
|
作者：
Gallud Cano, Jorge [1 ]
Lopez-Iturriaga, Felix J. [1 ,2 ]
Lopez-de-Foronda Perez, Oscar [3 ]
机构：
[1] Univ Valladolid, Valladolid, Spain
[2] Natl Res Univ Higher Sch Econ, Perm, Russia
[3] Univ Burgos, Burgos, Spain
来源：
FINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE | 2020年 / 70卷 / 01期
关键词：
legal provisions; risk; corporate governance; institutional framework; European banks; LOAN LOSS PROVISIONS; FREE CASH FLOW; RISK-TAKING; EARNINGS MANAGEMENT; EMPIRICAL-EVIDENCE; OVER-INVESTMENT; BOARD DIVERSITY; PERFORMANCE; LIQUIDITY; DIRECTORS;
D O I：
暂无
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We study the legal provisions of 92 European systemic banks from 18 countries over the years 2008-2017. Since legal provisions may be viewed as a mechanism for disclosing information to capital markets, the creation of legal provisions is determined by the risk taken by the bank and the managerial incentives to disclose information. Our results show an initial negative relationship between managers' discretionary investments and legal provisions, even when we control for risk taking. We also find that board of director independence has a moderating effect in order to guard against future lawsuits. Similarly, a better institutional framework amplifies the positive influence of the board of directors.
引用
收藏
页码：70 / 93
页数：24
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