TAILIEUCHUNG - OrganizationalStructureandPerformanceinEuropeanBanks: A Reassessment

Empirical models for money holdings are applied for two purposes. First, they are used to guide the analysis of monetary developments, as a means of quantifying the contribution of various economic determinants to money growth in order to provide a deeper understanding of the causes of money growth. This is necessary in order to develop a view of underlying monetary expansion. Second, the models provide a normative framework to assess whether the stock of money in the economy is consistent with price stability and to interpret the nature of deviations from this norm. An understanding of why the money stock. | Organizational Structure and Performance in European Banks A Reassessment Giovanni Ferri Panu Kalmi and Eeva Kerola 1 PRELIMINARY. PLEASE DO NOT CITE Abstract Using a large panel of above 300 banks for 15 years from 19 countries we study the impact of ownership structure - profit-maximizing commercial banks vs. stake-holder oriented banks - on profitability cost-efficiency and loan-losses in European banking. We also make two refinements i re-coding several banks ii making finer distinctions among commercial banks retail vs. non-retail cooperative banks tightly vs. loosely federated and savings banks privately vs. state-owned . Contrary to some widely held beliefs on ownership and performance no significant profitability difference emerges across bank-class. Co-operatives and state-owned savings banks slightly outperform commercial retail banks at cost-efficiency and loan-losses. JEL codes G21 G32 G34 P13 Keywords profit maximizing banks vs. cooperative and savings banks performance organizational structure 1. Introduction The diversity of ownership structure is a pervasive feature of the European banking industry. Alongside with profit-maximizing commercial banks most European countries host a significant sector of stake-holder banks namely customer-owned cooperative banks and or non-profit savings banks that in some countries are privately-owned and in others government-owned. However the impact of such diversity remains under-researched. In this paper we utilize a long and wide panel of more than 300 banks - the data are taken from BankScope - for the years 1994-2008 from 19 European countries to make a long-term comparison of the performance of the banks across different organizational structures. As performance measures we use profitability cost efficiency and loan losses. To fully capture the possible impact of the ownership diversity we make two refinements i we re-code several banks ii we provide a finer classification of the banks organizational structure

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