出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：This paper deals with one of the most interesting topics related to corporate governance:the role of the banks in the governance of nonfinancial firms and its consequences on the value creation process.We explore the impact of bank participation in shareholding,board of directors,and financing on the governance of nonfinancial listed Spanish firms.We show that governance behavior depends on the bank's position of power within the firm,and that when banks participate in a firm where a nonbank controlling shareholder holds different control and cash flow rights,banks act as an efficient control mechanism.But if the controller is the bank and has the capacity to expropriate,then it becomes a predator.This opportunistic behavior is lessened when the bank's position as shareholder is combined with its interests as a creditor.
关键词：corporate governance;board of directors;commercial banks;control and cash flow rights.
