TAILIEUCHUNG - GRA 19002 Master Thesis: Governance Mechanisms and Ownership Structure

With regard to the interest rate environment, we expect that the ECB will continue to raise key rates in the near future. There are several reasons why the ECB will tighten policy somewhat. One is that inflation has remained above the target for a long time, albeit moderately, and in the recent survey reported by the ECB inflation forecasts were raised slightly compared to the previous one. Also, the monetary overhang, which the ECB interprets as one leading indicator for future inflation, increased further due to persistently high money growth. And finally, following weak growth in the last quarter. | Governance mechanisms and Ownership structure A study of Norwegian banks Master of Science in Business and Economics Major in Finance GRA 19002 Master Thesis Governance Mechanisms and Ownership Structure A study of Norwegian banks Written by Lirika Buzhala Tom A. S. Helgesen Date of submission 1st September 2009 Supervisor 0yvind Bohren Norwegian School of Management BI This thesis is a part of the MSc programme at BI Norwegian School of Management. The school takes no responsibility for the methods used results found and conclusions drawn. Governance mechanisms and Ownership structure A study of Norwegian banks Abstract This paper work is written as a master thesis being a part of our Master of Science program in Business and Economics examining the corporate governance in Norwegian banks regarding disciplinary mechanisms triggered by bad performance. Governance mechanisms considered are CEO replacement board turnover and mergers. The main attribute is ownership structure being different among banks in our sample where the purpose is to determine if there is any intervention attempt as a result of poor economic performance. Second if there is a different level of interventions in banks with different ownership structure. Our result shows a negative relationship between performance and governance intervention. However the results vary for each form of ownership and each type of intervention. For instance looking at commercial banks we observe that the intervention is highest where both CEO replacement and board turnover mechanisms are dominating. On the other hand looking at PCC1 banks and savings banks we see that they are almost identical in the use of intervention mechanisms both in type of mechanism and level of intervention. An important issue we have come across is that the mechanism of merging has not appeared that often in our observations giving us no significant results in this case. One explanation could be the restrictive regulation protecting savings .

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