International Journal of Banking, Accounting and Finance
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International Journal of Banking, Accounting and Finance (4 papers in press)
Bank risk-taking behaviour, market power and efficiency: empirical evidence from the East African community by Moses Nyangu, Nyankomo Marwa, Ashenafi Fanta Abstract: The paper examines the impact of bank risk-taking behaviour and market power on efficiency within the East African community. Comprehensive types of risk-taking behaviour include credit risk, liquidity risk, capital risk and insolvency risk, while structural and non-structural measures of market power are employed. Unlike previous studies, bank efficiency is decomposed into technical, pure technical, scale, cost and revenue efficiency. Using a two-step system GMM on 149 banks with 1,805 observations over the period 2001-2018, the findings reveal that the effect of bank risk-taking behaviour varies depending on the type of efficiency and existing market structure. Market power is observed to precede all types of bank efficiency thus supporting the concentration-efficiency hypothesis that banks with greater market power are more efficient. Overall, reduced bank risk-taking behaviour and greater market power leads to more bank efficiency. The results present potentially important policy recommendations for bank risks, market power and efficiency. Keywords: bank risk-taking; market power; efficiency; system GMM; East African community; EAC. DOI: 10.1504/IJBAAF.2022.10044823
Why do UK firms repurchase their own shares? by Elisabeth Dedman, Shan Hua, Thanamas Kungwal Abstract: We examine the practice of share repurchases in the UK from 2000 to 2016 We find that an important regulatory reform in 2003, which relaxed previously strict rules about repurchases, was followed by a significant increase in repurchase activity by UK main-market listed firms We then examine the motivation for repurchases, testing several key hypotheses from prior literature. Our analysis of 6,228 firm years provides support, across both regulatory regimes, for both the free cash flow and the investment hypotheses. However, there are also changes in share repurchase motivations following the easing of restrictions. Important differences between UK and US payout practices are identified. Keywords: payout policy; share repurchases; regulation; UK. DOI: 10.1504/IJBAAF.2022.10046482
Spatial patterns and local banks tax behaviour: an empirical analysis in Italy by Carmelo Algeri, Antonio Fabio Forgione, Raffaele Staglianò Abstract: In this study, we consider the spatial dependence effects in an empirical model measuring local banks tax behaviour, assessing the interdependence between geographical units and the related spillover effects. Our results strongly support the existence of co-movements among banks tax avoidance policies. The findings rely on the assumption local banks compete mainly among themselves, even on the funding side, and therefore unfair tax behaviour can trigger loss of customers, which limits banks tax avoidance activities. However, neighbours adoption of opportunistic tax strategies can remove the competition hurdle in pursuing tax avoidance policies. Our findings point out a virtuous effect of customer pressure, which could take effect in other areas of bank management. Keywords: tax behaviour; spatial dependence; small cooperative banks; Lerner index; Italy. DOI: 10.1504/IJBAAF.2022.10048687
Herding behaviour in shareholder activism brokers by Konstantinos Kostaris, Andreas Andrikopoulos Abstract: This paper seeks to detect herding behaviour in public firms targeted by multiple shareholders through shareholder activism. We use beneficial ownership reports and social network analysis to depict the connections between shareholders and targets in a shareholder activism network. We concentrate on brokers and the 1% of target firms with the largest number of shareholder activists. In our model, brokers are nodes that connect shareholders and targets that are not directly connected. We find no evidence of herding behaviour in either brokers or the 1% of target firms. Our findings are important to regulators and investors affected by principal-agent conflicts in targeted firms. Keywords: shareholder activism; activism networks; connections; target firms; public firms; brokers; herding behaviour; clustered activism; beneficial ownership reports. DOI: 10.1504/IJBAAF.2022.10050791