ORIGINAL_ARTICLE
The Moderating Role of Dividend Policy in Aligning the Accounting and Market based performance Measures with CEO Compensation
This study aims to report the results of an investigation into the effect of accounting and market based performance measures on CEO compensation along with the moderating role of dividend policy. The study has utilized hierarchical multiple regression on a sample of 66 financial companies/banks listed on Karachi Stock Exchange (KSE), for a 5-year period (2010-2014). The results indicate that there is positive and significant impact of accounting based measures (operating performance and firm size) on CEO compensation. In case of market-based measures only growth opportunities have significant and positive impact on CEO compensation. Significant negative impact of market share and insignificant effect of market performance on CEO compensation has been revealed. Contrary to agency theory, this study finds that dividend policy is not utilized as a substitute control device. Additionally, dividend policy cannot mitigate agency conflicts in financial sector of Pakistan due to its ineffective role as aligning mechanism. Overall, the results imply that inefficient dividend policy can further distort the pay-performance link.
https://www.ijmae.com/article_115291_0f5cfadb52efa766fc4e6156d106ee14.pdf
2016-06-01
354
366
Operating performance
Market Performance
Market Share
Dividend Policy
CEO compensation
Growth Opportunities
Farzan
Yahya
farzan.yahya@yahoo.com
1
PhD Scholar, School of Economics, Finance and Banking, Universiti Utara, Malaysia
AUTHOR
Zahiruddin
Ghazali
uddin@uum.edu.my
2
Senior Lecturer, Othman Yeop Abdullah Graduate School of Business, Universiti Utara, Malaysia
LEAD_AUTHOR
Alam, K. (2014). The curious case of a bank CEO’s salary. Retrieved March 14, 2016 from http://tribune.com.pk/story/672546/takeaway-the-curious-case-of-a-bank-ceos-salary/
1
Alam, K. (2015). UBL spent over Rs24 crore on CEOs in 2014. Retrieved March 14, 2016 from http://tribune.com.pk/story/872623/ubl-ceos-monthly-salary-over-rs2-crore/
2
Alam, K. (2016). The Big Five and their top executives’ total salary. Retrieved March 14, 2016 from http://tribune.com.pk/story/1056087/money-matters-the-big-five-and-their-top-executives-total-salary/
3
Anjam, Z. (2010). Determinants of CEO compensation in Pakistan from 2007 to 2009. Master’s thesis, University of Agder.
4
Banghøj, J., Gabrielsen, G., Petersen, C., & Plenborg, T. (2010). Determinants of executive compensation in privately held firms. Accounting & Finance, 50(3), 481-510.
5
Bhattacharyya, N. (2003). Good Managers Work More and Pay Less Dividends-A Model of Dividend Policy. Available at SSRN 114608.
6
Bhattacharyya, N., Mawani, A., & Morrill, C. K. (2008). Dividend payout and executive compensation: theory and Canadian evidence. Managerial Finance, 34(8), 585-601.
7
Bikker, J. A., & van Leuvensteijn, M. (2014). A New Measure of Competition in the Financial Industry: The Performance-conduct-structure Indicator (Vol. 83). Routledge.
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Chalmers, K., Koh, P. S., & Stapledon, G. (2006). The determinants of CEO compensation: Rent extraction or labour demand?. The british accounting review, 38(3), 259-275.
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Cordeiro, J. J., & Veliyath, R. (2003). Beyond pay for performance: A panel study of the determinants of CEO compensation. American Business Review, 21(1), 56-66.
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Donatiello, N., Larcker, D. F., & Tayan, B. (2016). CEO Pay, Performance, and Value Sharing. Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-53.
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Easterbrook, F. (1984). Two Agency Cost Explanations of Dividends. American Economic Review, 74, 650-659.
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Emerenciana, B. (2012). CEO Compensation: Dividends and Pay-Performance sensitivity. Erasmus University.
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Hauser, S., Salomon, O., Shohet, I., & Tanhuma, Y. (1996). What Connects Policy Regarding the CEO’s Compensation and the Control Structure of Corporations Traded on TASE and Their Financial Results? Israel Securities Authority (Hebrew).
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Haye, E. (2014). Dividend Policy and Agency Effects: A Look at Financial Firms. International Journal of Economics and Finance, 6(2), 8-18.
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Hussain, A., Obaid, Z., & Khan, S. (2014). CEO Compensation Determinants: “Is the Size or Performance of the Firm a determinant of CEO Compensation in Pakistan”. PUTAJ Humanities and Social Sciences, 21(1), 115-124.
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Kato, T., Kim, W., & Lee, J. H. (2007). Executive compensation, firm performance, and Chaebols in Korea: Evidence from new panel data. Pacific-Basin Finance Journal, 15(1), 36-55.
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Khanna, V. (2016). Determinants of CEO Compensation. International Journal of Management Excellence, 6(2), 679-683.
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La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The Journal of Finance, 55(1), 1-33.
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Lone, R. R., Hasan, F., & Afzal, M. (2015). Factors Effecting CEO Compensation: Evidence from Listed Banks in Pakistan. Proceedings of 10th Annual London Business Research Conference, Imperial College, London, UK.
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Ramaswamy, K., Veliyath, R., & Gomes, L. (2000). A study of the determinants of CEO compensation in India. MIR: Management International Review, 40(2), 167-191.
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Shah, S. Z. A., Javed, T., & Abbas, M. (2009). Determinants of CEO compensation empirical evidence from Pakistani listed companies. International Research Journal of Finance and Economics, 32(1), 149-159.
34
Shim, E. D., & Kim, E. (2015). An Empirical Examination of the Relationship between Top Executive Compensation and Firm Performance in the Post Sarbanes-Oxley Period. In Advances in Management Accounting (pp. 207-228). Emerald Group Publishing Limited.
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Usman, M., Akhter, W., & Akhtar, A. (2015). Role of Board and Firm Performance in Determination of CEO Compensation: Evidence from Islamic Republic of Pakistan. Pakistan Journal of Commerce and Social Sciences,9(2), 641-657.
37
Vemala, P., Nguyen, L., Nguyen, D., & Kommasani, A. (2014). CEO Compensation: Does Financial Crisis Matter?. International Business Research, 7(4), 125.
38
Wahyuni, S. (2014). Past Performance and Executive Compensation: Evidence from Indonesia. Asian Social Science, 10(22), 241-246.
39
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Wessa, P. (2015). Box-Cox Normality Plot (v1.1.11) in Free Statistics Software (v1.1.23-r7), Office for Research Development and Education, URL http://www.wessa.net/rwasp_boxcoxnorm.wasp/
41
Wilmer, R. (2014). Why Excessive CEO Pay Is Bad for the Economy. Retrieved March 14, 2016 from http://www.americanbanker.com/bankthink/why-excessive-ceo-pay-is-bad-for-the-economy-1066239-1.html
42
Yahya, F., & Ghazali, Z. (2015a). Beyond the conventional mechanisms of CEO compensation: Empirical evidence from the financial sector of Pakistan. International Journal of Business Research, 15(5), 71-84.
43
Yahya, F., & Ghazali, Z. (2015b). A Contemporary Approach for Mitigating Agency Conflicts: A Conceptual Review. Corporate Ownership and Control, 13(1), 633-641.
44
Yang, F., Dolar, B., & Mo, L. (2014). CEO Compensation and Firm Performance: Did the 2007-2008 Financial Crisis Matter?. Journal of Accounting and Finance, 14(1), 137-146.
45
Younas, Z. I., Mehmood, B., Ilyas, A., & Bajwa, H. A. (2012). Corporate Governance Mechanism and Firm Performance as Determinants of CEO Compensation: A Panel Data Analysis of Pakistani Listed Companies. Journal of Global Economy, 8(4), 307-314.
46
ORIGINAL_ARTICLE
Intellectual Capital Efficiency Impact on European Small and Large Listed Banks Financial Performance
The purpose of the study is to analyze the impact of intellectual capital efficiency impact on the European listed banks performance. In this paper concept of intellectual capital and its components is analyzed and empirical research is performed testing the impact of intellectual capital efficiency on European small and large listed banks financial performance. Data of the research cover period from 2005 -2014. Intellectual capital efficiency impact on banks financial performance is measured for the sample of 118 (52 small and 66 large banks) listed European banks according to their value of total assets. The intellectual capital is calculated by using Value Added Intellectual Capital Coefficient (VAIC) method. For measuring banks financial performance banks profitability, productivity and risk ratios are used. Results of the research support hypothesis that banks intellectual capital has an impact on the financial performance and differences are evident in large and small European listed banks. Authors conclude that intellectual capital had negative impact on large banks financial performance after the financial crisis and negative impact on small banks financial performance before the financial crisis.
https://www.ijmae.com/article_115292_394f5a0b7e2235c334cf6659448bacde.pdf
2016-06-01
367
377
Intellectual Capital Efficiency
physical capital
Human capital
Structural Capital
financial performance
financial crisis
European listed banks
Dalia
Kaupelytė
dalia.kaupelyte@vdu.lt
1
Vytautas Magnus University, Finance Department, Kaunas, Lithuania
LEAD_AUTHOR
Deimantė
Kairytė
deimantekair@gmail.com
2
Vytautas Magnus University, Finance Department, Kaunas, Lithuania
AUTHOR
Al-Musailli, M.A.K., Izah, K.N., Ismail,K. (2012). Corporate governance, bank specific characteristics, banking industry characteristics, and intellectual capital (IC) performance of banks in Arab Gulf Cooperation Council (GCC) countries. Asian Academy of Management Journal of Accounting & Finance. 2012, Vol. 8 Issue Supp1, 115-134.
1
Celenza, D., Rossi, F. (2014). Intellectual capital and performance of listed companies: empirical evidence from Italy. Measuring Business Excellence, Vol. 18 Iss 1. 22 - 35
2
Curado C., Guedes M., Bontis N. (2014). The Financial Crisis of Banks (Before, During and After): An Intellectual Capital Perspective. Knowledge & Process Management. Apr-Jun 2014, Vol. 21 Issue 2, 103-111.
3
Ghosh, S. K., Maji, S. G. (2014).The Impact of Intellectual Capital on Bank Risk: Evidence from Indian Banking Sector. IUP Journal of Financial Risk Management. Sep 2014, Vol. 11 Issue 3, 18-38.
4
Growe G., DeBruine John M., Y. Lee J., F. Maldonado T., 2014. The Profitability and Performance Measurement of U.S. Regional Banks Using the Predictive Focus of the Fundamental Analysis Research. In Advances in Management Accounting. 02 Dec 2014, 189-237.
5
Harsh P., Tandon K. (2015). Intellectual Capital, Financial Performance and Market Valuation: A Study on IT and pharmaceutical Companies in India. The IUP Journal of Knowledge Management, Vol. XIII, No. 2, 2015, 7-24.
6
Iazzolino, G., Migliano, G., Gregorace, E. (2013). Evaluating intellectual capital for supporting credit risk assessment: an empirical study. Investment Management and Financial Innovations, Volume 10, Issue 2, 114-140.
7
Kang Wang W.,Wang Y. Lu W. (2012). The relationship between bank performance and intellectual capital in East Asia. Quality & Quantity. Feb 2013, Vol. 47 Issue 2, 1041-1062.
8
Mahdi, S.,Seraj, M.,Habibi, A.,Reza, M. (2014). The Effect of Intellectual Capital on the Profitability Ratios in the Banking Industry: Evidence from Iran. IUP Journal of Bank Management. Feb 2014, Vol. 13 Issue 1, 38-52. 15p.,
9
Manzara, M., Kazemi, M., Nazemi, S & Pooya, A. (2012). Intellectual capital: Concepts, components and indicators: A literature review. Management Science Letters, 2(7), 2255-2270.
10
Mondal, A., Ghosh, S.K. (2012). Intellectual capital and financial performance of Indian banks. Journal of Intellectual Capital, Vol. 13 Iss 4, 515 – 530.
11
Morariu, C. M., (2014). Intellectual capital performance in the case of Romanian public companies. Journal of Intellectual Capital, Vol. 15 Iss 3, 392 – 410.
12
Nimtrakoon S. (2015). The relationship between intellectual capital, firms’ market value and financial performance. Journal of Intellectual Capital, Vol. 16 Iss 3, 587 – 618.
13
Sang, H. K., Dennis, T. (2014). Intellectual capital vs the book-value of assets. Journal of Intellectual Capital, Vol. 15 Iss 1, 65 – 82.
14
Sehic, D., Mujkic, A., Jusic, J., Kovasevic, J. (2014). impact of intellectual capital on profitability of banks in Bosnia and Herzegovina. Conference Proceedings: International Conference of the Faculty of Economics Sarajevo (ICES). 2014, 100-110.
15
Stankevičienė A., Liučvaitienė A. (2012). Intelektinio kapitalo vertinimo aspektai. Verslas: Teorija ir praktika, 2012 13(1), 79–93.
16
Tamošiūnaitė R., Dementjeva J., Remeikis R. (2012) . Intelektinio kapitalo koncepcija. Teorinė studija, Vilnius: Avada.
17
Vaičekauskaitė R. (2014). Intelektinis kapitalas kaip mokslo ir vertinimo bendradarbiavimo stiprinimo potencialas. Tiltai, 2014, 3, 1–16.
18
Wang, Z., Wang, N., Liang, H. (2014). Knowledge sharing, intellectual capital and firm performance. Management Decision, Vol. 52 Iss 2, 230 – 258.
19
Wee, J., Chua, A. (2014). The Communication of Intellectual Capital and its Relationship with Organizational Performance. Proceedings of the International Conference on Intellectual Capital, Knowledge Management & Organizational Learning, 2014.
20
Yong T., Christos F., 2012. Bank profitability and inflation: the case of China. Journal of Economic Studies, Vol. 39 Iss 6, 675 – 696
21
ORIGINAL_ARTICLE
The Effect of Social Marketing on Customer Satisfaction with Regard to the Moderating Role of Environmental Approach
The purpose of this study is to investigate the factors affecting customer satisfaction through social marketing features with regard to the moderating role of environmental approach in Organization of Transportation and Traffic of Mashhad Municipality. For this purpose, aspects and parameters related to the research variables were identified by referring to conducted studies and based on these variables, a questionnaire was designed based on of 28 questions whose reliability was confirmed by the elite in the field of management. The study population are all contacts of the organization of transportation and traffic of Mashhad Municipality; the sample size of which is 220 people by using Cochran formula. Also, to test the hypotheses of this research, Pearson correlation coefficient test and multiple regression are used and the results suggest that the environment moderates the correlation between social marketing and customer satisfaction in the Organization of Transportation and Traffic of Mashhad Municipality.
https://www.ijmae.com/article_115293_a50a5d22b3bbbb805331654c6f4a428a.pdf
2016-06-01
378
389
Social Marketing
Customer Satisfaction
Environment
Organization of Transportation and Traffic of Mashhad Municipality
Zahra
Saghi
zahrasaghi_88@yahoo.com
1
Department of Business Management, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran
LEAD_AUTHOR
Vahide
Lotfabadi
v.tabasi@gmail.com
2
Department of Business Management, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran
AUTHOR
Aarabi, M. and Izadi, D. (2001); marketing strategy with decision-oriented approach. Cultural Research Bureau, Third Edition.
1
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3
Andreessen, Alan (2011). Marketing Social Change: Changing Behavior to improve the health, social and environmental development, translation Nasser Baligh, Mohammad Reza Javadi Yeganeh and Mehdi Abbasi Lakhani, Tehran, Future Plans, Second Edition.
4
Banergee GC, 1988. Feeds and principles of animal nutrition Chaman. Offset. Printers, New Delhi.
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Beerli A. Martin J.D. Quintana A. (2004);"A model of customer loyalty in the retail banking market", European Journal of Marketing, Vol. 38, No. 1/2, pp. 253-275.
6
Beshly Soleimani, A. (2012). Social marketing and its role in strengthening the brand in banks, banks and economy magazine: March 2012 - No. 122. pp. 26 to 29.
7
Cao, X. (2011). Does It Pay to Be Green? An Integrated View of Environmental Marketing with Evidence from the Forest Products Industry in China. A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy.
8
Chalmers, Alan. A. (1994), what is science, translation: M. elders, corporation, publishing, printing.
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Divandari, A. and Delkhah J., "Designing and design model for measuring customer satisfaction in the banking industry and measurement of customer satisfaction based on it", Journal of Business Research, Issue 37, winter 2005, pp 185-223.
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Hallowell R. (1996);"The relationship of customer satisfaction, customer loyalty and profitability: an empirical study”, International Journal of Service Industry Management, Vol. 7, No. 4, pp. 27-42.
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Hill, Nigel, "measurement of customer satisfaction", translated by Mohammad Reza Eskandari and Munira, Rasa (2006) First Edition, Vol. I, 11.
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Hosseini, Seyed H. and Asgharpourfaz, A. and Azizi, S. (2003). Identifying and prioritizing the factors affecting customer satisfaction of IKCO cars. Tehran No. 7 and 8 of Message of Management.
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Hunt, S. D and Arnett, D. B and Madhavarm, S (2006). "The explanatory foundations of relationship marketing theory". Journal of Business & Industrial Marketing, Vol 21, No 20, pp 72- 87.
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Karimiyan Nokabary, A. (2003), providing an optimal service to bank customers using queuing models, Tehran: Tehran University students of management supervision
17
Khorshidi, G. and Moghadami, S. (2003), "explaining the concept of social marketing," Journal of Commerce, Issue 28, pp. 141-163.
18
Khyla, N. (2008), "Marketing and Social Marketing", "Journal of Social Welfare secret" Issue 35, p. 8.
19
Kordnaij A. (2003), customer satisfaction; the most important challenge of the auto industry of Iran, Tehran, Journal Gostar Saipa, No. 27-28.
20
Mirek Zadeh, A; Bahrami, M. (2011) Social marketing a new chapter in marketing politics, social science education grow 38 to 45.
21
Moeini, B., (2007) examines the effectiveness of management practices on mental health of adolescents in Tehran.
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23
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25
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26
ORIGINAL_ARTICLE
Market Discipline of Commercial Banks: Reality in the US and Viet Nam
Market discipline is considered one of the three important pillars in order to remain the stability of banking system. The financial system will work efficiently when the effectiveness of market discipline and the role of market discipline in handling problem banks are controlled and monitored. This article will approach to the aspects of participants involved in the deposits and the loans that their actions have caused turmoil on financial markets. The first part of article will consider carefully the definition of the market discipline and those who will implement the necessary preconditions for effective operation. Then, the article will discuss the indiscipline in the United States during the financial crisis and the undisciplined movement of commercial banks in Vietnam for the period 2008 – 01/2016. Hence, the article will recommend some solutions to increase the discipline in the activities of commercial banks in Vietnam, such as strengthening the leading role of central banks in regulating the economy and the monetary policy to stabilize the general price levels; raising the importance of corporate governance in financial institutions; and finally, ensuring the transparency of information systems.
https://www.ijmae.com/article_115294_7c14ae9b23acdd4c342bceca80d3d713.pdf
2016-06-01
390
398
Market discipline
Commercial Banks
deposit rate and lending rate
Nguyen
Trung
hoang.nguyen.chan@gmail.com
1
Master of Accounting and Finance – Alumni ID: 1187297, University of Adelaide, Australia
LEAD_AUTHOR
Bank for International Settements. (2001). Working paper on Pillar 3 - Market Discipline. Basel Committee on Banking Supervision.
1
Basel Committee. (2003). The New Basel Capital Accord. Consultative Document, April 2003.
2
Berger, Allen N. (1991). Market Discipline in Banking. Proceedings of a conference on bank structure and competition. Federal Reserve Bank of Chicago.
3
Birchler, U.W. & Maechler, A.M. (2001). Do Depositors Discipline Swiss Banks?. Working Paper 01.06 Schweizerischen Nationalbank.
4
Eduardo Levy Y, Maria Soledad Martinez P & Sergio S. (2004). Market Discipline in Emerging Economies: Beyond Bank Fundamentals. Business School Working Papers marketdiscipline, Universidad Torcuato Di Tella.
5
Eric, J G. (1997). Shareholder Enforced Market Discipline: How Much Is Too Much?. Annual Review of Banking Law, Vol. 16, p. 311,1997
6
Goday, V, Gruss, B & Ponce, J. (2005). Depositors’ discipline in Uruguayan banks.
7
Horne, J. (1988). Criteria of External Sustainability. IMF Working Paper WP/88/60 (July 1988).
8
Horne, J. (1991). Indicators of Fiscal Sustainability. IMF Working Paper WP/91/5 (January 1991).
9
Landskrner, Y. & Paroush, J. (2008). Bank management and market discipline. Journal of Economics and Business, 60, 395-414
10
Lane, T D. (1993). Market Discipline. IMF Staff Papers, 40 (March), 53–88
11
Llewellyn, D T. (2002a). “Comment” in Prompt Corrective Action: Ten Years Later. G.G. Kaufman, ed. Amsterdam: JAI, 321–333.
12
Satake, M & Uchida, H. (2009). Market discipline and bank efficiency. Journal of International Financial Markets, Institution & Money, 19, 792-802
13
Timothy, D L. (1992), Market discipline. International Monetary Fund
14