Corporate Governance and Access to Finance - ESBG

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COMPOSITE MEASURE OF ACCESS TO FINANCIAL SERVICESEthiopia 14 Liberia 11Fiji 39 Libya 27Finland s 99 Lithuania s 70France s 96 Luxembourg s 99Gabon 39 Macao, China [14]Gambia 21 Macedonia, FYR 20Georgia 15 Madagascar 21Germany s 97 Malawi 21Ghana 16 Malaysia 57Greece s 83 Mali 22Grenada 37 Malta s 90Guatemala s 32 Mauritania 16Guinea 20 Mauritius 60Guyana s 14 Mexico s 25Haiti 15 Moldova 13Honduras 25 Mongolia 25Hong Kong, Chn 38 Morocco 39Hungary s 66 Mozambique 12India 48 Myanmar 19Indonesia 40 Namibia s 28Iran, Isl. Rep. 31 Nepal 20Iraq 17 Netherlands 100Ireland s 88 Nicaragua s 5Italy s 75 Niger 31Jamaica 59 Nigeria 15Jordan 37 Norway 84Kazakhstan 48 Oman 33Kenya s 10 Pakistan 12Korea, Rep. 63 Panama 46Kyrgyz Republic 1 Papua New Guinea 8Latvia 64 Paraguay 30Lebanon [79] Peru 26Lesotho 17 Philippines 26158
COMPOSITE MEASURE OF ACCESS TO FINANCIAL SERVICESPoland s 66 Sweden s 99Portugal s 84 Switzerland 88Romania 23 Syrian A.R. 17Russian Federation 69 Tajikistan 16Rwanda 23 Tanzania 5Samoa 19 Thailand 59Saudi Arabia 62 Timor-Leste 13Sao Tome & Principe 15 Togo 28Senegal 27 Trinidad & Tobago 53Seychelles 41 Tunisia 42Sierra Leone 13 Turkey 49Singapore 98 Uganda 20Slovak Republic 83 Ukraine 24Slovenia 97 United Kingdom s 91Solomon Islands 15 United States s 91South Africa 46 Uruguay 42Spain s 95 Uzbekistan 16Sri Lanka 59 Venezuela 28St. Kitts and Nevis 49 Vietnam 29St. Lucia 40 West Bank & Gaza 14St. Vincent & Gren. 45 Yemen, Rep. 14Sudan 15 Yugoslavia, FR 21Suriname 32 Zambia 15Swaziland 35 Zimbabwe 34159
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BoxesBox 1. German Sparkassen 27Box
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EXECUTIVE SUMMARYBackground and obj
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nnAccess to Finance in enshrined in
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Chart A.Corporate Governance, Acces
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nThe study also shows that Corporat
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1. INTRODUCTION1.1. Focus and objec
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WSBI members are by definition acco
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For the particular case of developi
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2. THE LINK BETWEENCORPORATE GOVERN
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Table 2. Main features of the Missi
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Access to financeSparkassen promote
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All these examples illustrate how p
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In the case of Peru, the profits th
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Among the WSBI institutions that re
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BOX 2. KENYA POST OFFICE SAVINGS BA
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The fact that the banking system is
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3. CORPORATE GOVERNANCE -CONCEPTUAL
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Figure 2. Sound Governance of Finan
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As can be seen in the figure above,
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nnnAt the same time, the distance a
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The first two elements (the ownersh
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nHowever, this does not mean denyin
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Cooperatives are similar to mutuals
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3.4. FoundationsFoundations do not
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3.5. Good Corporate Governance prac
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F. DISCLOSURE AND TRANSPARENCYPrinc
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4. ACCESS TO FINANCE -CONCEPTUAL FR
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4.1. Financial deepening and improv
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The board does not have any executi
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In other words, sustainable financi
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The following table shows how the W
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The fourth dimension refers to the
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Table 8. Access to Finance in the f
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Only 27 members established in 21 c
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nnDCI (Depth of credit information
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5.2. Corporate Governance and Acces
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5.2.1. Corporate Governance and Ave
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Chart 8.Specific Corporate Governan
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5.2.2. Corporate Governance and Ave
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Chart 13. Corporate Governance comp
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Chart 16. Corporate Governance Inde
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Chart 19. Specific Corporate Govern
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ANNEX 1: REVIEW OFTHE LITERATUREThe
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Even among the relatively narrow un
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Figure A.1. Structure of agents' re
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The table captures the essence of s
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A case study built by Clarke et al
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A very recent contribution to the d
Page 107 and 108: For example, in Latin America, WSBI
Page 109 and 110: The paper examines whether a poor e
Page 111 and 112: For the survival of microfinance in
Page 113 and 114: ANNEX 2: CASE STUDIES 32CASE STUDY
Page 115 and 116: It is one of the major characterist
Page 117 and 118: Although Sparkassen are legally and
Page 119 and 120: Figure A.2. Corporate Loans Market
Page 121 and 122: Financial education is also an impo
Page 123 and 124: Corporate GovernanceKPOSB is wholly
Page 125 and 126: Among the initiatives that the gove
Page 127 and 128: Related to the concession of credit
Page 129 and 130: OPERATIONS1. Deposit Base: It was p
Page 131 and 132: Corporate GovernanceThe Central Ban
Page 133 and 134: To address the problem of capital,
Page 135 and 136: Financial inclusion ranges very hig
Page 137 and 138: CASE STUDY 4:SPANISH SAVINGS BANKS
Page 139 and 140: The uniform financial regulation of
Page 141 and 142: Figure A.3. Governing Bodies - Span
Page 143 and 144: The web-based tool www.rededucacion
Page 145 and 146: On the liability side, CMAC offer m
Page 147 and 148: A specificity of CMAC is that the m
Page 149 and 150: Table A.3.MissionMissionCMAC AREQUI
Page 151 and 152: As of September of 2009, the twelve
Page 153 and 154: Furthermore, the consensus culture
Page 155 and 156: ANNEX 3: QUESTIONNAIREQUESTIONI. Ge
Page 157: ANNEX 4:THE HONOHAN INDEX 43COMPOSI
Page 161 and 162: ANNEX 5:QUANTITATIVE RESULTSCountry
Page 163 and 164: Overall Corporate Governance IndexO
Page 165 and 166: REFERENCES- Andrianova, S., Demetri
Page 167 and 168: - FSD Kenya (2009), Financial Secto
Page 169 and 170: - World Bank (2006) The Role of Pos
Page 172: WSBI - ESBG - The Global Voice of S
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