On the informative content of sanctions

Guerello, Chiara; Murè, Pina; Rovo, Natasha; Spallone, Marco

doi:10.1016/j.najef.2018.07.013

Cited by 5 publications

(14 citation statements)

References 18 publications

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“…The scaling‐down process is carried on conditionally on the representativeness of each key area. We estimated the baseline model using the explanatory variables selected in order to keep as much as possible the relative weight of each economic area that are considered in as in Guerello et al (2018). Since selection is based on key economic areas, and therefore each variable belongs to small groups composed at most by two or three variables, the statistical significance is based only on the t ‐test.…”

Section: Econometric Analysismentioning

confidence: 99%

“…Regarding sanctions, most of the literature has investigated the relationship between financial penalties and banks' performance in terms of efficiency and productivity (Danisewicz, McGowan, Onali, & Schaeck, 2018; Guerello et al, 2018; Koster & Pelster, 2017; Murè, Pesic, & Lo, 2011), while others have examined the role of financial penalties from a macroeconomic point of view, and in particular their impact on banks' failures (Delis, Staikouras, & Tsoumas, 2017) and on liquidity and credit channels (Deli, Delis, Hasan, & Liu, 2016). As for governance, Cotugno, D'Amato, Gallo, and Stefanelli (2017) proves that financial penalties increase board's member expertise.…”

Section: Literature Reviewmentioning

confidence: 99%

“…In order to carry out the impact of ESG on the probability of a sanction, we need to control for other variables that may have affect it and are. Therefore, we make use of a set of accounting items (source: Bureau van Dijk Bankscope) among those selected by Guerello et al (2018) according to their relevance in determining the probability of a sanction.…”

Section: Econometric Analysismentioning

confidence: 99%

“…Explanatory variables other than ESG scores include a subset of key variables in the spirit of the research carried on in Guerello et al (2018). In particular, the selection is based on a stepwise procedure aimed at reducing the total number of regressors face to a limited number of available observations.…”

Section: Econometric Analysismentioning

confidence: 99%

“…In particular, the selection is based on a stepwise procedure aimed at reducing the total number of regressors face to a limited number of available observations. As a first step in selecting the most relevant variables in explaining the probability of a sanction, Guerello et al (2018) identify nine key economic areas. Such areas are defined in order to cover the main operational activities the of Italian regulatory framework focuses on.…”

Section: Econometric Analysismentioning

confidence: 99%

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ESG and reputation: The case of sanctioned Italian banks

Murè

Spallone

Mango

et al. 2020

Corp Soc Responsibility Env

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The aim of this paper is to investigate whether banks adopt Environmental, Social, and Governance (ESG) practices to reduce reputational damage due to financial penalties and whether the adoption of ESG factors can reduce the probability to receive sanctions. This study extends a previous research (Guerello et al., North American Journal of Economics and Finance, 2018, 48, 591–612) by including ESG scores as determinant of the probability to be sanctioned. The econometric analyses in this paper are based on a sample of 13 Italian banks for the years 2008–2018 and includes ESG scores provided by both Thomson Reuters and Bloomberg. The research shows that ESG score and the probability of sanctions are positively related. However, a careful analysis of causal directions clarifies the meaning of such positive relationship: receiving financial penalties is detrimental for banks reputations, therefore it's necessary for banks to improve their reputation through the adoption of ESG practices.

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Section: Econometric Analysismentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Econometric Analysismentioning

confidence: 99%

Section: Econometric Analysismentioning

confidence: 99%

Section: Econometric Analysismentioning

confidence: 99%

See 3 more Smart Citations

ESG and reputation: The case of sanctioned Italian banks

Murè

Spallone

Mango

et al. 2020

Corp Soc Responsibility Env

Self Cite

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“Санкции За Нарушение Санкций”: Принудительные Меры Министерства Финансов США Против Компаний Финансового Сектора

Тимофеев¹

2020

Полис

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В России и за рубежом накоплен большой массив литературы, посвященной политике санкций США. Многие работы выполнены в логике “государство – государство”, т.е. рассматривают ограничительные меры как инструмент влияния страны-инициатора на политический курс страны-цели. Однако власти США ведут активную политику и в отношении бизнеса, целью которой является принуждение американских и зарубежных компаний к исполнению режимов санкций США, т.е. в политике санкций присутствует и связка “государство – бизнес”. Она исследована в гораздо меньшей степени, между тем бизнес может сыграть важную роль в эффективности санкций, способствуя или препятствуя изоляции стран-целей. Для самого бизнеса режимы санкций представляют серьезный политический риск: их нарушение может привести к материальным и репутационным потерям. Особенно уязвим финансовый сектор. В работе изучается практика использования штрафных мер Министерством финансов США против финансовых компаний. Выявлены следующие закономерности: (1) финансовый сектор наиболее уязвим в силу значительного числа и широкого охвата совершаемых трансакций; часто к нарушениям ведут недостатки систем внутреннего контроля соблюдения режимов санкций; (2) большинство компаний допускают нарушения непреднамеренно; (3) банки не спешат добровольно раскрывать нарушения, но сотрудничают с властями США, совершенствуя систему отслеживания возможных нарушений. Это говорит об эффективности американских властей в принуждении международного финансового сектора к соблюдению режимов ограничений, а значит и поддержке финансовой блокады стран, находящихся под санкциями США. Выводы проверяются на основе анализа 54 случаев штрафных мер против финансовых компаний в 2009-2020 гг. Они сравниваются с закономерностями аналогичных штрафов по выборке из 215 случаев по всем секторам экономики за тот же период.

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Securitization of (bad) loans to Italian SMES: The role of the public guarantee

Bittucci

Marzioni

Murè

et al. 2021

Banks and Bank Systems

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This study investigates the main factors driving the evolution of the securitization of loans to Italian small and medium-sized enterprises (SMEs). The value of securitization increased in last two years, even though it has not been used as collateral for central banks. The disposal of non-performing loans (NPLs) may have been rather triggered by increasing attention of the international institutions to such an issue, within the general purpose of financial stability. The purpose of this paper is to interpret such a phenomenon focusing on Italian banks and restricting the analysis to the case of securitizations backed with loans to small and medium-sized enterprises (SMEs). The interesting result that emerges, supported by econometrically tested empirical evidence, is that given the orientation of international financial institutions, such as the ECB and the EBA, and reacting to incentives coming from the fiscal policy authorities for the public guarantee of loans, banks have been using securitization to reduce the burden on their bad balance sheets due to (NPLs). It was found that the public guarantee had a positive impact on SME securitization, whereas securitization in other sectors has not been affected significantly. Such evidence suggests that, in the absence of a public guarantee, the financial stability target would have been at risk, and the effectiveness of collateral-based policies in the recent past must be improved to enhance access to credit for SMEs.

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On the informative content of sanctions

Cited by 5 publications

References 18 publications

ESG and reputation: The case of sanctioned Italian banks

ESG and reputation: The case of sanctioned Italian banks

“Санкции За Нарушение Санкций”: Принудительные Меры Министерства Финансов США Против Компаний Финансового Сектора

Securitization of (bad) loans to Italian SMES: The role of the public guarantee

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