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Public corporate governance of state-owned enterprises: evidence from the Spanish banking industry

Author

Listed:
  • Tamyko Ysa
  • Mireia Giné
  • Marc Esteve
  • Vicenta Sierra

Abstract

This article provides a framework for public corporate governance combining two main components: traditional corporate governance (via governing bodies) and multi-level governance (via regulation). We provide evidence from the publiclyowned Spanish savings banks (‘cajas’), which have a conflict between their two main goals: operating efficiently and maximizing the reach of their welfare projects. The case may have lessons for policy-makers in the 80+ countries that have some government ownership of banks, and for managers muddling through public corporate governance.

Suggested Citation

  • Tamyko Ysa & Mireia Giné & Marc Esteve & Vicenta Sierra, 2012. "Public corporate governance of state-owned enterprises: evidence from the Spanish banking industry," Public Money & Management, Taylor & Francis Journals, vol. 32(4), pages 265-272, July.
    • Handle: RePEc:taf:pubmmg:v:32:y:2012:i:4:p:265-272
    DOI: 10.1080/09540962.2012.691305
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    References listed on IDEAS

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    3. Garcia-Cestona, Miguel & Surroca, Jordi, 2008. "Multiple goals and ownership structure: Effects on the performance of Spanish savings banks," European Journal of Operational Research, Elsevier, vol. 187(2), pages 582-599, June.
    4. Iannotta, Giuliano & Nocera, Giacomo & Sironi, Andrea, 2007. "Ownership structure, risk and performance in the European banking industry," Journal of Banking & Finance, Elsevier, vol. 31(7), pages 2127-2149, July.
    5. Manuel Illueca & Lars Norden & Gregory F. Udell, 2009. "Liberalization, Corporate Governance, and Savings Banks," Mo.Fi.R. Working Papers 17, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
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