This book investigates the merits of a diverse banking system with a special focuson the performance and role of cooperative banks in seven European countries: Austria,Finland, France, Germany, Italy, the Netherlands, and Spain. The authors compare banks that aim to maximize shareholder value with cooperative banks that concentrate onincreasing "stakeholder value" for a larger and more diversified group of subjectsrepresenting varied interests. The theoretical and empirical arguments thatare developed support the view that it is economically beneficial to have bankslooking out for both shareholders and a broader group of stakeholders.
This book is the result of a two-year research project designed by the FinancialInstitutions and Prudential Policy unit of CEPS. The project was directed by a scientificcommittee composed of Rym Ayadi, senior research fellow at CEPS; David T.Llewellyn, Loughborough University, CASS Business School and the Vienna University ofEconomics and Business Administration; and Reinhard H. Schmidt, professor at theUniversity of Frankfurt. The research team was composed of the members of the scientific committee and researchers from CEPS; Emrah Arbak, researcher; and WillemPieter De Groen, research assistant.
