The Influence of Managerial Ownership on Bank Market Value, Performance, and Risk: Evidence from Banks Listed on the Stoxx Global Index
作者： Mohamed Azzim Gulamhussen , Carlos Pinheiro , Rui Sousa
DOI: 10.1111/J.1467-646X.2012.01056.X
关键词: Accounting 、 Monetary economics 、 Global financial system 、 Index (economics) 、 Reverse causality 、 Principal–agent problem 、 Bank risk 、 Market value 、 Economics 、 Systemic risk
摘要: We follow agency theory to assess the influence of managerial ownership on market value, performance, and risk 123 listed banks in 23 countries included STOXX Global Index 2007 2010. After controlling for bank characteristics, regulatory restrictions, macroeconomic conditions, our findings show a positive relation between both value (Tobin's Q) performance (ROA ROE). Moreover, we find negative (EDF, NPL/L, Z-SCORE). Bank is non-linear, inverse U-shaped function ownership. The also non-linear U-shaped. Our results remain robust reverse causality. In their effort immunize global financial system from systemic risks, central practitioners should relevant regulation purposes.
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