Working Papers (Economia i Empresa)

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Browsing Working Papers (Economia i Empresa) by Author "Moreno Gené, Jordi"

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    Análisis mediante ratios financieros de la propiedad bancaria en los nuevos miembros de la UE
    (Edicions de la Universitat de Lleida, 2011) Moreno Gené, Jordi; Gallizo Larraz, José Luis; Salvador Figueras, Manuel
    El objetivo de este trabajo es analizar como ha evolucionado y los efectos que el tipo de propiedad tiene sobre el desempeño de los bancos en aquellos países de la Europa Central y del Este, que en los últimos años han experimentado con gran intensidad el proceso de integración europea. Con este fin, hemos analizado 242 bancos correspondientes a 12 países (10 nuevos miembros de la UE y 2 en fase de negociación). Para verificar la existencia de un efecto derivado del tipo de propiedad, analizamos las dimensiones de la eficiencia bancaria, rentabilidad, costes, e intermediación, mediante la aplicación de distintas técnicas, tanto paramétricas como no paramétricas. Los resultados muestran la existencia de ciertos efectos derivados del tipo de propiedad. Así, entre los principales resultados, destaca que los bancos privatizados tienden a presentar unos niveles de rentabilidad superiores a los presentados por otros tipos de propiedad, mientras que a su vez, los bancos de origen extranjero son los que de media presentan unos menores niveles de costes, si bien esta diferencia no es estadísticamente significativa. Analizamos también la importancia que supone la presencia de un inversor estratégico en la propiedad de los bancos, obteniendo una mejoría que si bien no es significativa en los ratios de rentabilidad, si lo es en relación a los gastos generales de gestión.
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    How does board characteristics and insider ownership affect non-performing loans (NPLS) in European banking?
    (Edicions de la Universitat de Lleida, 2018) Akwaa Sekyi, Ellis Kofi; Moreno Gené, Jordi; Miglietta, Federica; Roncone, Valeria
    Manuscript type Empirical Research question/issue The state of non-performing loans (NPLs) poses serious threat to the European financial market and this has increased pressure on board of directors to intensify their monitoring functions to safeguard shareholder assets. Yet there is a dearth of research that complement board characteristics with managerial incentives to address NPLs. We examine 102 banks from 22 European countries to ascertain how board characteristics and insider ownership affect NPLs. Research findings/insight We find that whilst gender diversity, board size and insider ownership have negative relation with NPLs, average board age and board tenure show positive relation. The inclusion of insider ownership improves the significance of board characteristics therefore confirming a complementary instead of substitutable approaches in addressing NPLs. We report significant differences in the intrinsic board characteristics of diversified and non-diversified banks. Theoretical/academic implications We contribute to existing literature by providing empirical support for the stakeholder and agency theories in safeguarding assets of shareholders and indirect stakeholders (society). Practitioner/policy implications Our study adopts an incentivizing approach to risk management and provides a framework for dealing with moral hazards in bank management, which lead to loan losses. Again, our findings justify the European Banking Authority’s policy of the mandatory 40% female independent directors among member countries.
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    Ownership change and banking efficiency in the new EU members
    (Edicions de la Universitat de Lleida, 2013) Moreno Gené, Jordi; Gallizo Larraz, José Luis; Salvador Figueras, Manuel
    The aim of this study is to analyze how European integration and, especially, changes in ownership, has affected banking efficiency in Central and Eastern European countries which have recently experimented this process more intensely. Using a stochastic frontier approach (SFA) applied to panel data, we have estimated bank efficiency levels in a sample of 189 banks from 12 countries during the period 2000 to 2008 and we have analyzed the influence of some bank characteristics on these efficiency levels. The results show that European integration has significantly improved the cost efficiency of banks in these countries but profit efficiency has significantly decreased. We have found very small differences between different ownership types and only a very small impact of foreign ownership on cost efficiency, showing that the entry of foreign ownership is not enough to explain the significant variations in banking efficiency after the accession.