Corporate governance e a tomada de risco nas instituições bancárias: o caso português

• Autor(a) principal: Caetano, André Luís Fernandes
• Data de Publicação: 2022
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.22/21282
• topic: Corporate governance; Risco bancário; Crise; Dados em painel; Bank risk; Crisis; Panel data; Economia

The relation between Corporate Governance and bank risk-taking is a widely discussed topic in literature, but the conclusions continue to show ambiguity. Therefore, the main purpose of this research is to empirically study the impact of several governance mechanisms on Portuguese banks risk-taking. We collected data on the 11 major Portuguese banks, based on the mean of individual balance sheets, for each semester between the periods of 2008 and 2020. The methodology used consists in performing multiple linear regressions using OLS, Fixed Effects and GMM estimators. The empirical results show the effect which a strong Corporate Governance presents in bank risk-taking is significant. However, the individual characteristics of Corporate Governance have mixed results. Empirical evidence highlights the positive relation of board size with risktaking, in addition to the negative relation between the number of foreign directors and risk. Conflicting results in the two risk measures are revealed regarding the relation with the Board of Directors independence ratio, CEO power and gender diversity. There was no evidence of a significant relation between meetings’ frequency and risk. The results also showed us the negative influence of the Portuguese crisis in bank risk-taking, as well as the imbalanced impact of Corporate Governance at different points in the economic cycle.