Governing FinTech for performance: the monitoring role of female independent directors

Claudia Arena · Simona Catuogno · Valeria Naciti

35 citations0/0 files storedEuropean Journal of Innovation Management

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FinTech, Crowdfunding, Digital Finance Corporate Finance and Governance Digital Transformation in Financial Services

Abstract

Purpose The use of digital technologies in the financial service industry has brought new complexities to the corporate governance in banks. Relying on the agency perspective of the shareholder, debtholder and societal governance in banks, this research examines the impact of financial technology innovation (FinTech) on banks' performance by enlightening the monitoring role of female independent directors. Design/methodology/approach Relying on a sample of Italian banks observed during the period 2016–2020, the authors hand-collected data on the use of FinTech by considering (1) the in-house provisions of FinTech solutions, (2) the collaboration with external FinTech firms and (3) a combination of both measures. The authors run a panel data regression analysis with fixed effects, measuring bank performance through bank competitiveness and bank riskiness. Findings The authors find that FinTech increases bank competitiveness in gathering money from depositors and that independent women on board mitigate the negative relationship between FinTech and the riskiness of banks' assets, ameliorating the conflicting interests among shareholders, debtholder and societal governance. Originality/value This study emphasizes the complexities of bank governance when dealing with FinTech in the wider perspective of equity governance, debt governance and the societal governance spotlighting the importance of appointing female directors in independent positions to enhance the bright sides of financial innovation. The authors enrich the literature on FinTech with a finer understanding of the drivers and implications of in-house provisions of FinTech solutions versus the collaboration with external FinTech firms.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2009Women in the boardroom and their impact on governance and performance☆2001Boys will be Boys: Gender, Overconfidence, and Common Stock Investment 2007Do Women Shy Away From Competition? Do Men Compete Too Much?2007A Theory of Friendly Boards 2014Women on Boards and Firm Financial Performance: A Meta-Analysis 2018Fintech, regulatory arbitrage, and the rise of shadow banks 2017Fintech: Ecosystem, business models, investment decisions, and challenges

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