Multiple Goals and Ownership Structure
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1 Frankfurt, November 18, 2006 Multiple Goals and Ownership Structure Effects on the Performance of Spanish Savings Banks Miguel García-Cestona Universitat Autònoma de Barcelona Jordi Surroca Universidad Carlos III Public vs Private Ownership of Financial Institutions
2 Multiple Goals and Ownership: The Performance of Spanish Savings Banks MOTIVATION CG and SPANISH SAVINGS BANKS METHODOLOGY: index, preferences, hypotheses, variables and data EMPIRICAL RESULTS FINAL COMMENTS
3 I. MOTIVATION Why should we care? Spanish banks are well positioned in general Large private banks Presence of Savings Banks: many and some quite large 50% of the Financial System Non-profit Organizations, subject to private law Isolated from the market for corporate control No shareholders, stakeholders and WIDE Mission Property Rights Paradox
4 THE BANKER No. Bank B or SB a 1 Banco Santander Central Hispano B 2 Banco Bilbao Vizcaya Argentaria B 3 Caja de Ahorros y Pensiones de Barcelona SB 4 Caja Madrid SB 5 Banco Popular B 6 Banco Sabadell B 7 Bilbao Biskaia Kutxa SB 8 Grupo Bancaja SB 9 Caja Gipuzkoa San Sebastián SB 10 Caixa de Catalunya SB 11 Bankinter B 12 Caja de Ahorros del Mediterráneo SB 13 Ibercaja SB 14 Banca March B 15 Caixa Galicia SB 16 Caja Laboral CB 17 Unicaja SB 18 Caja de Ahorros de Vigo, Ourense y Pontevedra SB 19 Caja de Ahorros de Navarra SB 20 Caja de Ahorros de Cordoba SB 21 Caja España de Inversiones SB 22 Banco Pastor B 23 Caja Duero SB 24 Caja de Asturias SB 25 Caja de Ahorros de Murcia SB 26 Caja de Ahorros de Huelva y Sevilla SB 27 Caja Inmaculada SB 28 Caja de Burgos SB 29 Sa Nostra - Caixa de Baleares SB
5 I. MOTIVATIO TION: Issues 1) Who controls/takes the decisions in the Cajas? Corporate Governance Issues Foundations: decision rights and residual rents are separated TRUST 2) Can/must we maintain different organizations within the financial sist? Public vs Private? Privatization? Would CG improve?
6 I. MOTIVATIO TION: Issues -2 1) From an economic point of view, the relevant issue becomes to understand how organizations with no owners successfully compete against others which are subject to owners, market discipline and maximize profits 2) Can we maintain that biodiversity? different types, but no difference in regulation, products or control mechanisms * Asymmetry: Ley financiera*
7 I. MOTIVATIO TION: Issues -3 Observation: practically all works on efficiency evaluation for savings banks invoke the same indicators used for private banks, measuring economic efficiency. But... economic efficiency is just one of the goals to be achieved by savings banks. Furthermore... To achieve other goals we may have to make adjustments in economic efficiency. Is that poor management? Universal financial services Promote regional development Facilitate competition Economic efficiency decreases
8 II. CORPORATE GOVERNANCE AND CAJAS Corporate Governance alternatives: Shareholder value vs. Stakeholder value Shleifer &Vishny (1997) Tirole (2001), Zingales 1998, 2000 Jensen (2001) enlightened value maximization Allen, Carletti and Marquez (2006), Crespi et al. (2004) Implementation Problem Mission Diversity of goals
9 II.... and Savings Banks Fundación empresa, non-profit (ambiguous nature). No Cooperatives, no mutual, no public banks No explicit owners (but Stakeholders) Wide Mission versus profit maximization (conflicts) On average 25% of the profits go to Social Dividend Obra Social Remaining profits go to Reserves History matters
10 La Caixa General Assembly Composition Founders + Social-Interest O. 12.5%+17.5% Depositors 36.25% Employees 12.5% Town Halls + Regional Ad % + 10% General Assembly 160 seats
11 Bancaixa General Assembly Composition Founders 5% Depositors 28% Employees 11% Town Halls + Regional Ad. 28% + 28% General Assembly 160 seats
12 II. CORPORATE GOVERNANCE: Mission Make financial services a universal service rendered in conditions of economic efficiency and without abuses of dominant positions. At the same time, they make a contribution to a sustained regional development and to welfare improvement for the less-favored people.
13 Table 2. Mission and Stakeholders for the Spanish Savings Banks Mission goals Description Stakeholders y 1 : Universal access to financial services y 2 : Economic efficiency y 3 : Promote competition and prevent monopoly abuse y 4 : Make a contribution to social welfare and wealth distribution y 5 : Make a contribution to the regional development Promotion of popular savings and exclusion prevention from the financial system Collect savings and make investments under safe and profitable terms Fight usury Provide services of a not-forprofit and charitable nature Take notice of the genuine interests of the territory Founders Public Authorities Depositors Regulator Founders Public Authorities Founders Public Authorities
14 QUESTIONS Do differences in OWNERSHIP structure imply differences in PRIORITIES? Is the order of PRIORITIES implying changes in the level of ECONOMIC EFFICIENCY? Is a lower level of ECONOMIC EFFICIENCY always linked to poor governance?
15 III. METHODOLOGY... DATA Time Period: bank/year observations, banks per year Sources: CECA (Confederación Española Cajas de Ahorro) Economic Bulletin (Banco de España), the Green Book of Financial Institutitons and Annual Reports.
16 Table 1. General Meeting vote distribution for Savings Banks (by region and in %) Year (1) (2) (3) (4) (5) (6) LORCA Andalucía Aragón Asturias Baleares Canarias Cantabria Castilla Mancha Castilla-León Cataluña Extremadura Galicia Madrid Murcia Navarra País Vasco La Rioja Valencia (1) Depositors (2) Employees (3) Founders (4) Town Halls (5) Other PA (6) Parliament
17 Table 3. Descriptive Statistics Inputs Outputs Full sample Controlled by insiders Under public control Personnel expenses Operating expenses Amortization expenses 97214* 46559* 18150* (154036) (72127) (34691) (231753) (107731) (53006) (61594) (30308) (10357) Average balance of deposits 5,57* 5,18 5,82 (1,63) (1,41) (1,72) Herfindahl index 0,27 0,31 0,25 (0,22) (0,25) (0,19) Profits after taxes 65060* (90376) (130633) (47090) Interest Rates for overdrafts 21,33* 20,22 22,02 (5,23) (6,43) (4,20) Benefic-social programs 17500* (25633) (37069) (13344) Loans to PA * (401145) (597776) (172874) Number of banks
18 III. METHODOLOGY... Variables Legislator Preferences Different Indexes DEA technique
19 Figure 2b. Comparison between DEA aggregate performance indexes Savings Bank A RIP IP AE = = = OA OD OA OB OB OD
20 CAJAS AND CORPORATE GOVERNANCE: Ownership Structure We distinguish two models of control PA Control (more than 50% of the votes). Insider-Controlled banks (employees and depositors have more than 50% of the votes). Insiders capture the depositors vote.
21 Bancaixa General Assembly Composition Founders 5% Depositors 28% Employees 11% Town Halls + Regional Ad. 28% + 28% General Assembly 160 seats
22 RESULTS 1)Differences in OWNERSHIP STRUCTURE (as defined by the legislator) imply differences in PRIORITIES and performance. Insider-controlled SBs favor profit maximization and growth (universal access). Perform better. Public Administrations favor regional development and universal access.
23 RESULTS 2)The order of PRIORITIES may imply losses in the level of ECONOMIC EFFICIENCY. This lower level of ECONOMIC EFFICIENCY is not necessarily linked to poor governance. In fact, it is induced by the legislator.
24 IV. EMPIRICAL RESULTS
25 Table 4. Statistical test of equality of efficiency measures between savings banks subsamples ANOVA Kruskal-Wallis Wilcoxon F (Prob > F) x (Prob > x) Z (Prob > Z) IPR 23,620 (0,000) 25,395 (0,000) -12,131 (0,000) IP 13,502 (0,000) 12,663 (0,000) -11,177 (0,000) AE 34,404 (0,000) 31,693 (0,001) -8,678 (0,000)
26 Table 5. Aggregate performance indexes RIP IP AE Controlled by insiders Under public control Mean 89,90%* 83,53% (St.Dev.) (11,61%) (15,73%) # SBs on the frontier (% over the total) 29 (32,58%) 45 (32,85%) Mean 90,32%* 85,09% (St.Dev.) (11,60%) (15,39%) # SBs on the frontier (% over the total) 31 (34,83%) 49 (35,77%) Mean 99,53% 98,09% (St.Dev.) (0,92%) (3,06%) # SBs on the frontier (% over the total) 59 (66,29%) 72 (52,55%)
27 Table 2. Mission and Stakeholders for the Spanish Savings Banks Mission goals Description Stakeholders y 1 : Universal access to financial services y 2 : Economic efficiency y 3 : Promote competition and prevent monopoly abuse y 4 : Make a contribution to social welfare and wealth distribution y 5 : Make a contribution to the regional development Promotion of popular savings and exclusion prevention from the financial system Collect savings and make investments under safe and profitable terms Fight usury Provide services of a not-forprofit and charitable nature Take notice of the genuine interests of the territory Founders Public Authorities Depositors Regulator Founders Public Authorities Founders Public Authorities
28 Table 6. Goals relative weights Ex-ante (adding legislator preferences) Ex-post (private negotiation among stakeholders) Controlled by insiders Under public control μ 1 0,8152 1,0866 μ 2 1,1922 0,1407 μ 3 0,0844 0,5104 μ 4 0,1403 0,1869 μ 5 0,1188 0,9450 μ 1 0,6658 0,9224 μ 2 1,0530 0,2693 μ 3 0,1467 0,3160 μ 4 0,2028 0,2806 μ 5 0,2099 0,8966
29 RESULTS Differences in OWNERSHIP STRUCTURE (as defined by the legislator) affects the SB PRIORITIES and the performance level. The order of PRIORITIES may imply losses in the level of ECONOMIC EFFICIENCY. This lower level of ECONOMIC EFFICIENCY is not necessarily linked to poor governance. In fact, it is induced by the legislator himself.
30 Finally... If the current situation is a competitive one and creates wealth, why should we change it? Organizational Diversity Maybe competition is the main issue rather than the organizational form.
31 CHALLENGES AHEAD What kind of role do we want for Cajas? Wide Mission and social activities but cultural activities redistribution Each firm must be more explicit about their mission and objectives (accountability) More Transparency, Independence, and Participation
32 CHALLENGES AHEAD What can we learn from these organizations without formal owners unlisted but competitive nevertheless? Many non-profit firms in other sectors: health, education, social goals. A theoretical model with a stakeholder approach and participation?
33 MOTIVATIO TION Possible explanations a) Maybe banks need more control, after all b) Wide Mission but, in fact, the Cajas only pursue economic efficiency c) Competition (and the Bank of Spain) is enough to discipline the firms d) This organizational form provides advantages in terms of customers, employees, etc
34 V. OTHER EUROPEAN SAVINGS BANKS Changes, Diversity, Missions? ITALY: privatization FRANCE: cooperatives and role of the state GERMANY: Landesbanks and the EU NORWAY: 128 cajas, PCCs, Closeness AUSTRIA?
35 Frankfurt, November 18, 2006 Multiple Goals and Ownership Structure Effects on the Performance of Spanish Savings Banks Miguel García-Cestona Universitat Autònoma de Barcelona Jordi Surroca Universidad Carlos III Public vs Private Ownership of Financial Institutions
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