The Corporate Governance Role of Banks: Ownership Structures and Relationship with Performances from East Asia

本研究以亞洲金融機構之股權結構為研究對象，採用里昂證劵之公司治理指數探討國有持股與法人持股在金融海嘯時期對公司治理的影響，並觀察在何種法制體系下效果更為顯著。本文更進一步探討公司治理是否有助於提升金融機構的績效。與以往研究不同之處為，本研究結果支持國有持股比例與公司治理有顯著正向影響，而在金融海嘯期間內，法人持股比例不具有穩定機制，對金融機構之公司治理有重大的影響。實證結果發現相較於大陸法體系之國家，普通法之下法人持股比例較高，因此對公司治理的影響效果更大。另外，完善的公司治理確實對金融機構之風險控管有重大影響，但在企業價值方面本文研究未取得支持之證據。In our research we intend to examine the role of East Asian ownership structure in banking industry with respect to corporate governance during the period 2007 and 2012. We present the findings using governance index from Credit Lyonnais Securities Asia (CLSA) perspective and a sample of selected developing and developed member countries of Asia, a region that is relatively familiar with active government participation. The study covers China, Hong Kong, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan and Thailand. We find that governance quality reform is positively associated with government ownership during period of crises. However, institutional ownership has detrimental impact to governance as opposed to previous studies. Our results suggest that governance reform in East Asia should focus on strengthening the role of dominant owners in upholding trust in their societies rather than adopting policies and practices from Western economies with completely different ownership, legal and financial systems.口試委員會審定書 i 摘要 ii ABSTRACT iii CONTENTS iv LIST OF FIGURES v LIST OF TABLES vi Chapter 1 Introduction 1 Chapter 2 Theoretical background and hypotheses 3 2.1 STATE OWNERSHIP VS. INSTITUTIONAL OWNERSHIP 3 2.2 REGULATIONS AND RESTRICTIONS 4 Chapter 3 Data 7 3.1 FIRM-LEVEL GOVERNANCE 7 3.2 OWNERSHIP STRUCTURE 10 3.3 FIRM-LEVEL AND COUNTRY-LEVEL CHARACTERISTICS 12 3.4 METHODOLOGY 13 Chapter 4 Empirical Results 14 4.1 GOVERNMENT OWNERSHIP AND CORPORATE GOVERNANCE QUALITY. 14 4.2 DOES CORPORATE GOVERNANCE AFFECT FIRM OUTCOMES? 23 4.3 LEGAL REGIME, DOES IT MATTER? 26 4.4 ROBUSTNESS CHECKS 29 CONCLUSION 32 APPENDIX 34 APPENDIX A1 34 APPENDIX B1 36 APPENDIX C1 39 REFERENCES 4