Corporate Governance and Access to Finance - ESBG

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nnDCI (Depth of credit information index) – PRC (Public registrycoverage) and PBC (Private bureau coverage), obtained from Doingbusiness, 2009, World Bank, measure the scope, accessibility andquality of the credit information available through either public orprivate credit registries. PRC reports the number of individuals andfirms listed in a public credit registry and the indicator PBC doesthe same in a private credit bureau. The three indicators are normalizedto range between 0 and 1.FD (Financial Development), obtained from the Financial DevelopmentReport, 2009, World Economic Forum, ranks 55 countries accordingto the level of their financial development, analysing the drivers offinancial system development that support economic growth.The CGI ranges between 0 and 1. The higher the indicator, the greaterthe quality of the Corporate Governance at the country level.Chart 4 shows the positive and significant correlation between CorporateGovernance and Access to Finance at the country level (our CorporateGovernance Country Index and the Honohan index). In this sense,countries with better standards of Corporate Governance tend to havehigher levels of Access to Finance. In statistical terms, and in the absenceof a more sophisticated econometric analysis, almost one quarter of thevariation in the level of Access to Finance at the country level would beexplained by the Corporate Governance system in that country.In Chart 5, for those countries for which we have information, we plotthe size of the dots according to the market share of WSBI members.The results show that in those countries with higher levels of bothCorporate Governance and Access to Finance, WSBI members’ marketshare is bigger. This suggests that in countries with a better CorporateGovernance environment and a relatively higher presence of institutionswith an Access to Finance mission (like WSBI members) financial outreachtends to be higher.78
Chart 4.Corporate Governance and Access to Finance(country level)Source: Own elaboration. Afi, Analistas Financieros Internacionales.The tendency line helps to visualise the correlation between the Corporate Governance indexat the country level and Access to Finance.Chart 5.Corporate Governance and Access to Financewith market share (country level)Source: Own elaboration. Afi, Analistas Financieros Internacionales.The tendency line helps to visualise the correlation between the Corporate Governance indexat the country level and Access to Finance.79
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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
Page 28 and 29: Access to financeSparkassen promote
Page 30 and 31: All these examples illustrate how p
Page 32 and 33: In the case of Peru, the profits th
Page 34 and 35: Among the WSBI institutions that re
Page 36 and 37: BOX 2. KENYA POST OFFICE SAVINGS BA
Page 38 and 39: The fact that the banking system is
Page 41 and 42: 3. CORPORATE GOVERNANCE -CONCEPTUAL
Page 43 and 44: Figure 2. Sound Governance of Finan
Page 45 and 46: As can be seen in the figure above,
Page 47 and 48: nnnAt the same time, the distance a
Page 49 and 50: The first two elements (the ownersh
Page 51 and 52: nHowever, this does not mean denyin
Page 53 and 54: Cooperatives are similar to mutuals
Page 55 and 56: 3.4. FoundationsFoundations do not
Page 57 and 58: 3.5. Good Corporate Governance prac
Page 59 and 60: F. DISCLOSURE AND TRANSPARENCYPrinc
Page 61 and 62: 4. ACCESS TO FINANCE -CONCEPTUAL FR
Page 63 and 64: 4.1. Financial deepening and improv
Page 65 and 66: The board does not have any executi
Page 67 and 68: In other words, sustainable financi
Page 69 and 70: The following table shows how the W
Page 71 and 72: The fourth dimension refers to the
Page 73: Table 8. Access to Finance in the f
Page 76 and 77: Only 27 members established in 21 c
Page 80 and 81: 5.2. Corporate Governance and Acces
Page 82 and 83: 5.2.1. Corporate Governance and Ave
Page 84 and 85: Chart 8.Specific Corporate Governan
Page 86 and 87: 5.2.2. Corporate Governance and Ave
Page 88 and 89: Chart 13. Corporate Governance comp
Page 90 and 91: Chart 16. Corporate Governance Inde
Page 92 and 93: Chart 19. Specific Corporate Govern
Page 95 and 96: ANNEX 1: REVIEW OFTHE LITERATUREThe
Page 97 and 98: Even among the relatively narrow un
Page 99 and 100: Figure A.1. Structure of agents' re
Page 101 and 102: The table captures the essence of s
Page 103 and 104: A case study built by Clarke et al
Page 105 and 106: 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
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OPERATIONS1. Deposit Base: It was p
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Corporate GovernanceThe Central Ban
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To address the problem of capital,
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Financial inclusion ranges very hig
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CASE STUDY 4:SPANISH SAVINGS BANKS
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The uniform financial regulation of
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Figure A.3. Governing Bodies - Span
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The web-based tool www.rededucacion
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On the liability side, CMAC offer m
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A specificity of CMAC is that the m
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Table A.3.MissionMissionCMAC AREQUI
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As of September of 2009, the twelve
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Furthermore, the consensus culture
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ANNEX 3: QUESTIONNAIREQUESTIONI. Ge
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ANNEX 4:THE HONOHAN INDEX 43COMPOSI
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COMPOSITE MEASURE OF ACCESS TO FINA
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ANNEX 5:QUANTITATIVE RESULTSCountry
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Overall Corporate Governance IndexO
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REFERENCES- Andrianova, S., Demetri
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- FSD Kenya (2009), Financial Secto
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- World Bank (2006) The Role of Pos
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WSBI - ESBG - The Global Voice of S
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