haku: @journal_id 1385 / yhteensä: 458
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| Tekijä: | Cook, D.O. Hogan, A. Kieschnick, R. |
| Otsikko: | A study of the corporate governance of thrifts |
| Lehti: | Journal of Banking and Finance
2004 : JUN, VOL. 28:6, p. 1247-1271 |
| Asiasana: | Corporate governance Management Turnover Regulations Control |
| Kieli: | eng |
| Tiivistelmä: | This paper studies corporate governance within the thrift industry during a period of industry distress and regulatory vigilance. The evidence is found consistent with the Office of Thrift Supervision displacing the disciplinary role of takeovers in the market for thrift (hereafter as: thr.) control. Poorer prior thr. performance (here as: perf.) is associated with a greater likelihood (hereafter as: assoc-w-g-l.) of censure while better prior perf. is assoc-w-g-l. of acquisition. For thrifts that are not censured or acquired, there is no relationship btw. current perf. and managerial turnover. Replacement due to retirement rather than board discipline explains most of these turnovers. This result is consistent with the notion that regulation may deter board disciplinary behaviour, also suggested by Kole and Lehr. |
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