Ownership, Multiple Blockholders and Performance: A study of the Indonesian Banking Industry

The objective of this study is to provide empirical evidence on how ownership structure and owner’s identity affect performance, in the banking industry by using a panel of Indonesia banks over the period 2000–2009. Firstly, we analysed the impact of the presence of multiple blockholders on bank ownership structure and performance. Building on multiple agency and principal-principal theories, we investigated whether the presence and shares dispersion across blockholders with different identities (i.e. central and regional government; families; foreign banks and financial institutions) affected bank performance, in terms of profitability and efficiency. We found that the number of blockholders has a negative effect on banks’ performance, while blockholders’ concentration has a positive effect. Moreover, we observed that the dispersion of ownership across different types of blockholders has a negative effect on banks’ performance. We interpret such results as evidence that, when heterogeneous blockholders are present, the disadvantage from conflicts of interests between blockholders seems to outweigh the advantage of the increase in additional monitoring by additional blockholder. Secondly, we conducted a joint analysis of the static, selection, and dynamic effects of different types of ownership on banks’ performance. We found that regional banks and foreign banks have a higher profitability and efficiency as compared to domestic private banks. In the short-run, foreign acquisitions and domestic M&As reduce the level of overhead costs, while in the long-run they increase the Net Interest Margin (NIM). Further, we analysed NIM determinants, to asses the impact of ownership on bank business orientation. Our findings lend support to our prediction that the NIM determinants differs accordingly to the type of bank ownership. We also observed that banks that experienced changes in ownership, such as foreign-acquired banks, manifest different interest margin determinants with respect to domestic or foreign banks that did not experience ownership rearrangements.

History of Restoration in Iran: Origins and Developments from 1900 to 1978

This thesis tends to study the origins and developments of the restoration in Iran from its very first moments till the Islamic revolution of 1978. The thesis is its first study of its kind. While almost all recent occidental ideologies regarding the thematic of restoration and conservation of historic monuments are translated and published in Iran, very little efforts have been done regarding the study of the origins of the formation of restoration in the country. The diversity of Iranian contexts, multiplicity of the intervening factors and other factors characterized a different background for the raise and developments of restoration in the country; in the thesis the influencing and characterizing factors in the formation and development of restoration in Iran will be defined and studied in detail with relative examples; due to the complexity of the Iranian context and in order to consider all influencing and characterizing factors the thesis, parallel to have formation and development of restoration, as the main scope of the research, the developments influencing factors will be confronted with necessary flashbacks to the main theme, when and where necessary. A great care will be given to the period of the activity of the restoration experts of IsMEO which is thesis will be called as the period of the introduction of the modern principles of restoration into Iranian context; the fundamental ideologies, practical and theoretical principles of IsMEO will be identified and studied in details; important case of studies of the restoration of IsMEO will be analyzed in details and the innovative aspect of the presence of Italian experts of IsMEO will be revealed.