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The present dissertation includes three research papers dealing with the following banking topics: (dis-) incentives and risk taking, earnings management and the regulation of supervisory boards.
„Do cooperative banks suffer from moral hazard behaviour? Evidence in the context of efficiency and risk“:
We use Granger-causality techniques to evaluate the intertemporal relationships among risk, efficiency and capital. We use two different measures of bank efficiency, i.e., cost and profit efficiency, since these measures reflect different managerial abilities. One is the ability to manage costs, and the other is the ability to maximize profits. We find that lower cost and profit efficiency Granger-cause increases in liquidity risk. We also identify that credit risk negatively Granger-causes cost and profit efficiency. Most importantly, our results show a positive relationship between capital and credit risk, thus displaying that moral hazard (due to limited liability and deposit insurance) does not apply to our sample of cooperative banks. On the contrary, we find evidence that banks with low capital are able to improve their loan quality in subsequent periods. These findings may be important to regulators, who should consider banks’ business models when introducing new regulatory capital constraints.
„Earnings Management Modelling in the Banking Industry – Evaluating valuable approaches“:
Accounting research has separately studied the field of Earnings Management (EM) for non-financial and financial industries. Since EM cannot be observed directly, it is important for every research question in any setting to find a verifiable proxy for EM. However, we still lack a thorough understanding of what regressors can add value to the estimation process of EM in banks. This study tries to close this gap and analyses existing model specifications of discretionary loan loss provisions (LLP) in the banking sector to identify common pattern groups and specific patterns used. Thereupon, we use an US-dataset from 2005-2015 and apply prevalent test procedures to examine the extent of measurement errors, extreme performance and omitted-variable biases and predictive power of the discretionary proxies of each of the models. Our results indicate that a thorough understanding about the methodological modelling process of EM in the banking industry is important. The currently established models to estimate EM are appropriate yet optimizable. In particular, we identify non-performing asset patterns as the most important group, while loan loss allowances and net charge offs can add some value, though do not seem to be indispensable. In addition, our results show that non-linearity of certain regressors can be an issue, which should be addressed in future research, while we identify some omitted and possibly correlated variables that might add value to specifications in identifying non-discretionary LLP. Results also indicate that a dynamic model and endogeneity robust estimation approach is not necessarily linked to better prediction power.
„Board Regulation and its Impact on Composition and Effects – Evidence from German Cooperative Bank“:
This study employs a system GMM framework to examine the impact of potential regulatory intervention regarding the occupations of supervisory board members in cooperative banks. To achieve insights the study proceeds in two different ways. First, the author investigates the changes in board structure prior and following to the German Act to Strengthen Financial Market and Insurance Supervision (FinVAG). Second, the author estimates the influence of Ph.D. degree holders and occupational concentration on bank-risk changes in consideration of the implementation of FinVAG. Therefore, the sample consists of 246 German cooperative banks from 2006-2011. Regarding bank-risk the author applies four different measures: credit-, equity-, liquidity-risk and the Z-Score, with the former three also being addressed in FinVAG. Results indicate that the implementation of FinVAG results in structural changes in board composition, especially at the expense of farmers. In addition, the implementation affects all risk-measures and relations between risk-measures and supervisory board characteristics in a risk-reducing and therefore intended way.
To disentangle the complex relationship between board characteristics and risk measures the study utilizes a two-step system GMM estimator to account for unobserved heterogeneity, and simultaneity in order to reduce endogeneity problems. The findings may be especially relevant for stakeholders, regulators, supervisors and managers.
Protected areas are the central strategy for preserving biodiversity in the face of overexploitation and global change. To ensure their long-term survival, however, these areas may not be regarded as last havens of wilderness, but as complex social-ecological systems. Modern approaches of protected area (PA) management support this view by balancing conservation and development issues in a sustainable way and adapted to the local context. However, success of these strategies in achieving their aims so far remains limited.
This study therefore aimed at analysing processes and outcomes of PA co-management approaches implemented in a large transfrontier conservation area in West Africa. The W-Arly-Pendjari (WAP) complex spans over more than 30.000 square km in Benin, Burkina Faso and Niger and is composed of approximately 20 subunits. Due to national legal and administrative variety as well as a high diversity of local (project) implementation approaches, the general setting resembled a quasi-experimental design facilitating comparative studies.
A mix of quantitative (e.g. survey of 549 households) and qualitative (e.g. expert interviews, literature review) methods was used to evaluate the institutional and organisational differences of PA management approaches implemented in the different parts of WAP belonging to Benin and Burkina Faso. I included an analysis of contextual factors (e.g. land-cover-change) and ecological data, but concentrated on the role of local resource users within the co-management arrangements and the effectiveness of governance regimes to deliver positive socio-economic outputs. Exploring the question whether promotion of development in PA surroundings indeed stipulates conservation success (and vice versa) remained challenging: the lack of sound ecological data, a general mismatch of spatial scale in existing data sets, as well as the high complexity of realities on the ground made me refrain from using simplified proxy indicators and (statistical) modelling approaches.
I found that the Sudano-Sahelian context is a very difficult one for the implementation of effective participation approaches in the short-term. Political, demographic, socio-economic as well as ecological factors generated a very dynamic situation characterized by limited financial and natural resources as well as weak institutional and organisational settings.
Arenas of interaction were often marked rather by a high degree of distrust and competition than by cooperation among actors. Amid all rhetoric, participation in most cases was hence limited to the transfer of (sparse) information, regulated resource access and financial funds. Options for participation of local resource users in decision-making arenas were generally scarce. Underlying processes were dominated by opacity and often low accountability of actors on all levels. Negative, but also positive affection of local residents by PA existence and management hence was high.
Governance regimes of the complex performed very differently with regard to their ability of effectively empowering local village participatory bodies (vpb), generating and distributing benefits to individuals and village communities as well as providing mechanisms of conflict resolution. People around Pendjari enjoyed a relative wealth of high value benefits, while negative impacts caused by human-wildlife conflicts were widespread around the complex. Autochthonous farmers usually were better integrated in incentive schemes than were newcomers or herders.
While there was functional separation of actors’ roles in all parts of WAP, these roles differed significantly between blocks. Existence and functioning of village participatory bodies ameliorated the situation for local resource users fundamentally, as they acted as cut-points between different networks (governmental hierarchies, private concessionaires and local resource users). Vpbs in the Pendjari region proved to be most advanced in their capacity to push resource users’ claims in action arenas on the micro-level. Via their union, these associations also managed to impact arenas on the meso- and the macro scale.
Project interventions often had catalyst functions to empower local resource users and their vbps. However, they also contributed to social imbalance and intra-organisational competition.
My results represent a snapshot of an ongoing process to establish effective co-governance regimes in the WAP-area. Though I identified a large scope of shortcomings, there were also very promising initiatives underway. This work is therefore meant to foster future research and further positive development by giving guidance scholars and decision-makers form the local to the global level alike.
The global-local sustainable development and climate change adaptation policy, and the emerging political discourse on the value of local Adaptation, have positioned the local institutions and their governance space within the strategic enclaves of multilevel governance system. Such shifts have transformed the context for sustainable Nature Based Tourism (NBT) development and adaptation in Nepal in general, and its protected areas, in particular. The emerging institutional adaptation discourse suggests on the need to link tourism development, adaptation and governance within the sustainability concept, and also to recognize the justice and inclusive dimensions of local adaptation. However, sociological investigation of institutional adaptation, particularly at the interface between sustainability, justice and inclusive local adaptation is an undertheorized research topic.
This exploratory study examined the sociological process of the institutional adaptation, especially the social resilience and adaptive governance capacities of the NBT institutions, in 7 Village Development Committees of the Mustang district, a popular destination in the Annapurna Conservation Area, Nepal. Using the sphere (a dynamic social space concept) and quality of governance as the analytical framework, the integrative adaptation as the methodological approach and the case study action research method, the study investigated and generated a holistic picture on the state of the social resilience and adaptive governance capacities of the NBT institutions.
The findings show institutional social resilience capacities to be contingent on socio-political construction of adaptation knowledge and power. Factors influencing such constructions among NBT institutions include: the site and institutions specific political, economic and environmental dispositions; the associated socio-political processes of knowledge constructions and volition action; and the social relationships and interaction, operating within the spheres and at multiple governance levels. The adaptive governance capacities hinge on the institutional arrangements, the procedural aspects of adaptation governance and the governmentality. These are reflective of the diverse legal frameworks, the interiority perspective of the decision making and governance practices of the NBT institutions.
In conclusion, it is argued that effective local adaptation in the Mustang district is contingent on the adaptation and institutional dynamics of the NBT institutions, consisting of the cognitive, subjective, process and procedural aspects of the adaptation knowledge production and its use.