Cooperative Banking: Innovations and Developments PDF
Preview Cooperative Banking: Innovations and Developments
Palgrave Macmillan Studies in Banking and Financial Institutions Series Editor: Professor Philip Molyneux The Palgrave Macmillan Studies in Banking and Financial Institutions are international in orientation and include studies of banking within particular countries or regions, and studies of particular themes such as Corporate Banking, Risk Management, Mergers and Acquisitions, etc. The books’ focus is on research and practice, and includes up-to-date and innovative studies on contemporary topics in banking that will have global impact and influence. Titles include: Yener Altunbas¸, Blaise Gadanecz and Alper Kara SYNDICATED LOANS A Hybrid of Relationship Lending and Publicly Traded Debt Yener Altunbas¸, Alper Kara and Öslem Olgu TURKISH BANKING Banking under Political Instability and Chronic High Inflation Elena Beccalli IT AND EUROPEAN BANK PERFORMANCE Paola Bongini, Stefano Chiarlone and Giovanni Ferri (editors) EMERGING BANKING SYSTEMS Vittorio Boscia, Alessandro Carretta and Paola Schwizer COOPERATIVE BANKING: INNOVATIONS AND DEVELOPMENTS Santiago Carbó, Edward P. M. Gardener and Philip Molyneux FINANCIAL EXCLUSION Allessandro Carretta, Franco Fiordelisi and Gianluca Mattarocci (editors) NEW DRIVERS OF PERFORMANCE IN A CHANGING FINANCIAL WORLD Violaine Cousin BANKING IN CHINA Franco Fiordelisi and Philip Molyneux SHAREHOLDER VALUE IN BANKING Hans Genberg and Cho-Hoi Hui THE BANKING CENTRE IN HONG KONG Competition, Efficiency, Performance and Risk Carlo Gola and Alessandro Roselli THE UK BANKING SYSTEM AND ITS REGULATORY AND SUPERVISORY FRAMEWORK Elisabetta Gualandri and Valeria Venturelli (editors) BRIDGING THE EQUITY GAP FOR INNOVATIVE SMEs Munawar Iqbal and Philip Molyneux THIRTY YEARS OF ISLAMIC BANKING History, Performance and Prospects Kimio Kase and Tanguy Jacopin CEOs AS LEADERS AND STRATEGY DESIGNERS Explaining the Success of Spanish Banks M. Mansoor Khan and M. Ishaq Bhatti DEVELOPMENTS IN ISLAMIC BANKING The Case of Pakistan Mario La Torre and Gianfranco A. Vento MICROFINANCE Philip Molyneux and Munawar Iqbal BANKING AND FINANCIAL SYSTEMS IN THE ARAB WORLD Philip Molyneux and Eleuterio Vallelado (editors) FRONTIERS OF BANKS IN A GLOBAL WORLD Anastasia Nesvetailova FRAGILE FINANCE Debt, Speculation and Crisis in the Age of Global Credit Dominique Rambure and Alec Nacamuli PAYMENT SYSTEMS From the Salt Mines to the Board Room Catherine Schenk (editor) HONG KONG SAR’s MONETARY AND EXCHANGE RATE CHALLENGES Historical Perspectives Andrea Schertler THE VENTURE CAPITAL INDUSTRY IN EUROPE Alfred Slager THE INTERNATIONALIZATION OF BANKS Noël K. Tshiani BUILDING CREDIBLE CENTRAL BANKS Policy Lessons for Emerging Economies Palgrave Macmillan Studies in Banking and Financial Institutions Series Standing Order ISBN 978-1-4039-4872-4 You can receive future titles in this series as they are published by placing a standing order. Please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address, the title of the series and the ISBN quoted above. Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire RG21 6XS, England Cooperative Banking: Innovations and Developments Edited by Vittorio Boscia Alessandro Carretta Paola Schwizer Editorial matter and selection © Vittorio Boscia, Alessandro Carretta and Paola Schwizer 2009 Individual chapters © their respective authors 2009. Softcover reprint of the hardcover 1st edition 2009 978-1-4039-9669-5 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6-10 Kirby Street, London EC1N 8TS. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2009 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-54563-6 ISBN 978-0-230-23578-6 (eBook) DOI 10.1057/9780230235786 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Co-operative banking: innovations and developments/[edited by] Vittorio Boscia, Alessandro Carretta, Paola Schwizer. p. cm.—(Palgrave Macmillan studies in banking and financial institutions) Includes index. 1. Banks and banking, Cooperative. I. Boscia, Vittorio. II. Carretta, Alessandro. III. Schwizer, Paola. HG2035.C6 2009 334’.2—dc22 2008041042 10 9 8 7 6 5 4 3 2 1 18 17 16 15 14 13 12 11 10 09 Contents List of Figures vii List of Tables viii Notes on Contributors ix About the Editors xi Preface xii 1 Introduction 1 V. Boscia, A. Carretta and P. Schwizer Part One Overview of Cooperative Banking 2 T he Theory and Experience of Cooperative Banking 9 V. Boscia and R. Di Salvo 3 I nstitutional Models, Role of Shareholders (Member and Customers), Governance 40 P. Schwizer and V. Stefanelli 4 M erger and Acquisition in the Cooperative Banking Sector 60 V. Stefanelli 5 Outsourcing Policies in Cooperative Banking 73 A. Carretta 6 S hareholder Value and Efficiency of Cooperative Banks in Europe 80 F. Fiordelisi 7 Rating Methodology for Cooperative Banks 133 C. Giannotti Part Two S pecific Features and Innovations in Cooperative Banking 8 The Impact of Basel 2 on Cooperative Banking 159 S. Cosma v vi Contents 9 Internal Controls and Cooperative Banks 191 V. Stefanelli 10 The Impacts of IAS–IFRS on Cooperative Banking 209 M. Cotugno 11 Concluding Remarks 228 V. Boscia, A. Carretta and P. Schwizer Index 233 Figures 6.1 Economic Value Added (EVA) for banks: Our calculation procedure 86 6.2 Input and outputs used in estimating cost efficiency in European banking 103 10.1 Balance Sheet: The different aims 212 vii Tables 4.1 Effects of a concentration on the cooperative bank involved in the operation 67 6.1 T he number of banks in samples used for estimating efficiency with SFA and DEA, 1995–2002 87 6.2 Profitability and shareholder value created in French banking systems, 1995–2002 89 6.3 Profitability and shareholder value created in German banking systems, 1995–2002 94 6.4 Profitability and shareholder value created in Italian banking systems, 1995–2002 108 6.5 SFA cost X-efficiency mean levels in European banking, 1995–2002 114 6.6 DEA cost efficiency mean levels in European banking, 1995–2002 117 7.1 Determinants of the propensity to support banks 137 7.2 Support ratings 137 7.3 Individual ratings 138 7.4 Ratings assigned in the presence of a formal support mechanism 143 10.1 Financing system 211 10.2 The classification of financial assets and financial liabilities 216 viii Notes on Contributors Simona Cosma is Lecturer in Banking and Finance at the University of Salento (Italy). She holds a Ph.D. in Banking and Finance from the University of Rome Tor Vergata. Her research interests and publica- tions include risk management and bank organization and marketing. She has been also coordinator and lecturer in professional training courses for banks, and has acted as a consultant for the Italian Bankers’ Association. Email: [email protected] Matteo Cotugno is a Postdoctoral Fellow in Banking and Finance in the Department of Management at University of Bologna. He holds a Ph.D. in Banking and Finance from the University of Rome Tor Vergata. His research interests and publications include corporate and investment banking, financial accounting, performance management and measure- ment in banking. Email: [email protected] Roberto Di Salvo, economist, M.Phil. in Banking and Finance, is Deputy General Manager at Federcasse – Credito Cooperativo. He super- vises several offices dealing with economic research, financial regula- tion analysis and implementation, international relations and strategic projects. He is also editor of the quarterly journal Cooperazione di Credito and frequently writes papers and essays on banking and cooperative issues. Email: [email protected] Franco Fiordelisi (MA, Ph.D.) is Professor in Banking and Finance at the Faculty of Economics ‘Federico Caffè’ of the University of Rome III, Italy. He is a member of the academic board for Ph.D.s in Banking and Finance at the University of Rome Tor Vergata. He is also Visiting Research Fellow at the University of Essex, UK. His main research inter- est is the economics of the banking and other financial institutions focusing on efficiency, productivity and shareholder value creation. His research has been published in the Journal of Banking and Finance, Applied Economics, OMEGA - The International Journal of Management Science ix
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