͵Ͳ ǣͳͲǤʹ͵ͷͶȀǤʹǤʹǤͳǤʹͲͳͺ
Zoltán Gál
*Sándor Zsolt Kovács
**
ͳAbstract
ǡ
ϐ Ǥ
ϐ ǡ
ǦǤ
ϐ ǡ
Ǥ
ǯ
ϐ Ǥ
ǯ Ȁ
Ǥ ǡ ϐ Ǧ
ϐ
Ǥ
ǦǤ
Key wordsǣ ǡ ǡ ǡ
ǡ
ȗ ǡ ǡ Ǧ
ǡǡǡǤ
ȗȗ ǡ ǡ
ǡǤ
ͳ ǡ ϐ Ȃ ǡ ͳʹͲͲͲǤ
͵ͳ
1. Introduction
Ǥǡ
ͳͻ ǡ ϐ ϐ
Ǥclassical model of cooperativesȋ
Ȍ
ǤȂ
Ȃ ϐ
ϐ Ǥ
ǡ ϐ
Ǧǡ
ϐ Ǧ
ϐ ȏʹͲͳͲǣͻͷǡʹʹȐǤ
ȏ ʹͲͳȐǣ
ǦǦǢǦ
ȏ ʹͲͳ͵ȐǢ ǡ
Ǧ Ǣ ǦǢȏǡʹͲͲͺȐ
ȏǡʹͲͳʹȐǤ
unique corporate governance structureǡ Ǧǡ
Ǧǡ
ǤǡDz dz
ȏϐǤʹͲͲȐǤ ǡ
ϐǡ
ȏǤͳͻͻͶǢǡͳͻͻͷȐǤ
ǡ ǡ
ǡ
Ǥ
ǡ
Ǧȋ ȌǤ
ʹͲͳͶǡ Ȃ Ȃ ʹͳͲǡͲͲͲ
ͳͲͲ ǡͲ͵̈́
ͳͳǡʹ͵ȏʹͲͳͶȐǤ͵ǡͳ͵ͷ
ͷͺǡͲͲͲ ǡ ͺͲǤͷ ͷͲǡͲͲͲ
ʹͲͻ Ǥ
ȋȌʹͲΨͶͲΨ
ȏʹͲͲͺǢʹͲͳȐǤ
͵ʹ
ǡ
ϐ ǡǡ ǡ
ȏ ͳͻͻͻǡ ʹͲͲͻǢ ʹͲͲͲǡ ʹͲͲ͵ǡ ʹͲͳʹǢ ǡ ʹͲͳ͵ǡ
ʹͲͳ͵ȐǤ ǡ
ǯ
Ǧ
ǡ ǯ ϐ
Ǥ ǡ ǡ
ϐ Ǥ
ϐ Ǧǡ
Ǥ
Ǥ
Ǧ
Ǥ
ǡ ǡȂȂǣ Ȉ
ǫ Ȉ
ǫ
Ȉ
ǫ
ȏ Ǥ ʹͲͲͻǡʹͲͲͻȐǤ ǡ
ǡ ϐ
ǡ
ȏ
ǤʹͲͲͷȐǤ ǡ
ǡ ϐ
ʹͲͲͺȏʹͲͳͲȐǤ
Ǥ Ǥ ȏʹͲͲ͵Ȑ ȋȌ ǡ
ǡ ǡ
ǤòϐȏͳͻͻͷȐ ȋǯ
Ȍǡ Ǧ ȋ ǯ Ȍ
ȋ ǡ
ȌǤ
͵͵
ǡ
Ǥ ǡ ȏʹͲͲͻȐ
ǡ ǡ ǡ
ǡ Ǥǡ
ϐ Ǥ
Ǥ ȏʹͲͳͲȐ
ǤȏʹͲͳ͵Ȑ Ǧ
Ǥ
ǡ ǡ
Ǥ
Ǥ ǡʹͲͳ͵ǡ
Ǥ ǡ
ǡ ȀǦ
ȏͳͻͻͻǡʹͲͲͻǢʹͲͲ͵ǡʹͲͳʹǢʹͲͳ͵ȐǤ ǡ
ͳͻͺͲȂͳͻͻͲǡ
ǦȏʹͲͲͻȐǤ
Ǥ ǡ
Ǥ
Ǥ
ϐ
Ǥ
ϐ Ǥ
ϐ Ǥ
ϐϐǤ
2. The corporate governance and spatial characteristics of cooperative banks – a literature review
ϐ Ǥ
ϐ
Ǥ
ǡ
Ǥ a priori
ϐ
ǡ
ϐ Ǥ
͵Ͷ
The ϔirst group of studies Ǧϐ
ȋ ǡ Ȍ
Ǥ
ϐ ȋȌͳͺͷʹ
ϐ Ǥ Ǧ
Ǧǡ ǡ
tacitǤǡ
ϐ
ϐ Ǥ
ϐ ǡǦ
Ȃ ȋ
Ȍ Ǥ ǡ
ϐ Ǧ
ȏ ʹͲͲȐǤǡ
ȋǡ ǡǡ ǤȌ ϐ ȏ ʹͲͳͷȐǤ
ϐ
Ǥ Ǧ
Ǯǯ
ȏ Ǥ ͳͻͻͶȐǤ
ǡ
ǡ
Ǥ
Ǥ
ϐ relationship banking.
ǡ
ǤǡǦ
ȏ ʹͲͲͲǢ
ǤʹͲͳ͵Ȑ Dzdz
ȏʹͲͳ͵ȐǤ
ȏͳͻͻͺȐ ǡ ȏʹͲͲͶȐǤ
ǮȏͳͻͻͻȐǡǡǦ ȋͺȌǤ
ǡ Ǧ Ǧ
Ǥ
ϐ ǡ ǡ
ǤǡǤȏͳͻͻͺȐ
Ǧ
ǡ
͵ͷ
Ǥ
Ǥ ϐ ǡ ϐ
ϐ ȏ ʹͲͳͲǢ ʹͲͲͲǢ ͳͻͻͲǢ Ǥ Ǥ ʹͲͲͶȐǤ ϐ
Ȃ Ǥ ȏʹͲͲͲȐǡ
ǡϐ
Ǥ
Ǧ
Ǥ
the second group of literatureǡ
ǡ post-Keynesian
and on regional economicsǤǡǡ ǡ
Ǥ ȏ
ͳͻͺͺȐǤǡ
ϐ ǡ
ȋȌϐ ȏͳͻͻͲȐǤDz
dzȂ Ȃ
ǡ
Ǥ ǡ
Ǥ
ϐ Ǧ ǡ
ȏ ͳͻͻͷǢ ʹͲͳʹȐǤ ǡ
ϐ ǦǤ ϐ
Ȃ ǡ
Ǧ ϐ ȏ
ʹͲͲͷǢʹͲͳͲǣ͵ͶͶȂͶȐǤ
ǡ
ϐ Ȃ ȏ
ʹͲͳͲǣͻȐǤ
ȋȌǡ
Ȁ
functional distanceʹ Ǥ
ȏǤʹͲͲͷǢǤʹͲͲͻȐǤ
ʹ Ǧ Ȁ
Ǧ
ȏǤʹͲͲͷǢǦ
ǤʹͲͲͻȐǤ
͵
ǡ ȋ ǡ
ǤȌ Ȃ
ǦǤ ǡϐǡ
ǡ ȋ
ȌǤ
corporate governance and banking strategy issues of cooperative banks ϐ
ǡ
Ǥ
Ǧ Ǥ òϐ ȏͳͻͻͷȐ ϐ
ǤȏʹͲͲ͵Ȑ
͵Ǥ ǡϐǦ
Ǥ
ϐǡ
Ǥ
ϐ
ϐǦ Ǥ
ϐ ǡ
ϐǦǦ Ǥ
ǡ
ͳǤ
ǯ
ǡ ǦǦ
Ǥ
ǣϐ
ǯ ȋ
ǡǡǡǡ
ǡϐ Ǧ ȌǤ
ǯǡ
Ǥϐ ǣ
Ȍ classical/traditional cooperative
ǡ
ϐ Ǥǡǡ Ǥ
Ȍ ȋ ǡǦ Ǧ
Ȍ Ǥ
ǡǤǤǦ
Ǥ
͵ ǤȏʹͲͲ͵ȐDzmutualsdzǡ
ȋ Ȃ
ȌǤ
͵
Ȍ ȋòϐǯȏͳͻͻͷȐǦ
Ǧ Ȍ
Ǥ
Ǥ
Ȍ ǡǦ
Ǥ Ǧ
Ǥ
Table 1. Illustration of geographical position and lending activity of cooperative credit institutions
Location of savings cooperatives
Ǧ
ȋȌ
Allocations of collected deposits
Competitive market/
lending strategy pursuing cooperative model ȋ
ǡ
Ȍ
Local monopoly situation /lending
strategy in non- competitive market
ȋ
ǣ
ϐ
Ȍ
Ȃ ȋǡ
Ȍ
Competitive market / passive strategy pursuing
cooperative model ȋ ǡ
Ȍ
Local monopoly situation / passive
strategy-based cooperative model ȋ
Ȍ
ǣȏʹͲͳ͵ȐǤ
Ǥ ȏʹͲͲ͵Ȑ ǡ ǡ
ǡǤ
ǣDz dzǡ
Ǥǡ
ǡ ǡ
ǡ
Ǥ
Ǥ
ǡǤȏʹͲͲȐ
ȋ
͵ͺ ȌǤ ǡ ǡ
Ǥ ǡ
ǡ ǡ
ǡ ǡ
Ǥ
ǡǤȏʹͲͲȐ
Ǥ
ǯ
Ǥ
ǡȏʹͲͳ͵Ȑǡ
ǡ ǡ
ϐ ǡ
ϐ Ǥ
ȏʹͲͳ͵Ȑ
Ǥ ǯ ȏʹͲͳ͵Ȑ ǯ ȏͳͻͻȐ
ǡ òϐȏͳͻͻͷȐ
ǤȏʹͲͲ͵ȐǤϐǡ
ǡ
ǡ Ǥ
Ǥ ǡ
ǡ ǡ
Ǥ
ǡ
ǯȏǡʹͲͲͻȐǤ
ǦǤǡ
Ǧ Ǥ ϐ
ǯȏͳͻͻȐǯȏͳͻͺͺȐǡ
ǡ
Ǥ ǡ
Ǯǯ ǡ
ǡ
Ǥ
͵ͻ
3. Regulatory and corporate governance challenges of the cooperative banking during the transition period
͵ǤͳǤ
Ǥ
ϐ ͳͺͷͲǯǤ
ȋͳͺͻͺȌǡ
ʹͲ ǡ Ǥ
ȋ ǡ Ȍ Ǥ
ȏ×ʹͲͳʹǢ ʹͲͲȐǤ
ǡ ϐ
Ǥ
Ǧǡ ͳͻͺǡǦ
Ǯϐ ǯ ȏʹͲͲͺȐǤǡ
Ǥ
Ǧ ǡ Ǧ Ǧ
Ǧ ǡǤ
Ǧ
Ǥ dual banking systemͶǡ Ǧ
ǡǡ Ǧ
ȏʹͲͲͷȐǤ ǯǯ
ϐ Ǥ
ϐ Ǧ ǡ
ϐ ϐ
ǤǡǦ
ǡ
ȋͳͻͻ
ϐ ȌȏʹͲͲͺǢ ʹͲͳȐǤ
Ǯ ǯ ǡ
ǡ ǡ
ȋ Ȍ ͷǤ
Ͷ Ǯ ǯǡ Ǧ ǡ
ȋ ϐȌ
Ǧ ȋ Ȍǡǡ
ϐȋ ȌǡǤ
ͷ ǡ
ϐ ȏǯʹͲͲͲȐǤǡ
ͶͲ
ǡ ǡ
ͳͻͻͲǡ Ǥ
ϐ ϐ Ǥ
Ǥǡ
ϐ
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Ǥ
ϐ Ǥ
ͳͻͺǡ Ǧ
Ǥǡ
ǤǦ
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Ǥ
Dz dz
ȏʹͲͳͳȐǤ
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ͳͻͻ͵ǡ
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ǡ ȏͳͻͻͷȐǡ
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ǤȏʹͲͲͺȐϐ Ǥǡ
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ǡ ϐǦǡ Ǧ
ǯ ȏǤʹͲͳͲȐǤǡ
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ǡϐ Ǧ
ǡ Ǥ Ǧ
ͳͻͷʹǤ
ǡ ͳͻͷǤǦ
ǡ Ǥ
Ͷͳ
ϐ
ϐ
ȋOTIVAȌ±ȋ ȌǤ
ȏ
ʹͲͳ͵Ǣ ʹͲͳͲȐǤ Ȁ
ǡ ͶȂΨ
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Ǥ
social embeddedness Ǥ
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ǡ Ǥ
ǡǡ
ͺ Ǥ
Ǥ
ǡ Ǧ ǡ
ǡǤǡʹͲͳ͵ǡ
ȋǡǡȌ
ϐ ͻǤʹͲͳ͵ǡ
ȋȌǡ Ǧ
Ǥ ǡ Ǧ
Ǧǡ
ȏʹͲͳͷȐǮϐǯȏʹͲͳͶȐǤ
Ǯǯ Ǧ ǡ
ǣǡϐ ǡ
ϐ ȏ ʹͲͳͷȐǤ
ǡ ǡ
ǡ
ȋ Ȍǡ
ϐ ǡ Ǥ
ǡ±ȋȌ
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ȏǤʹͲͳͷȐǤ
ͺ Ǧ ǡ
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ͻ ʹȋ̀ǡͲͲͲȌ
Ǥ ʹͲͲ ͳͶǤͶȂǦ
ȋ ͳͲǤȌǤ
Ͷʹ
͵ǤʹǤ
ͳͻͻʹǡ ǡʹͲ
ͳͷʹ ͳǤͺǤ
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ʹͲͲͺǡͷ ǡ
Ǥ
ʹȋȌ ȋͳͻͻͲȌ
ʹͲͲȏʹͲͲͻȐǤ
ǡǦǦ
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ǡ
ϐ ϐ
ǦǤ
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ȏ
ʹͲͲȐǤ
Ǥ ǡ ϐ
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Ǥǡ
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ǡǤȏʹͲͳ͵Ȑ ϐ
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ȏʹͲͳ͵Ȑ ϐ ǣ
ʹͲͲ ͳͲ
Ǥ Ȁ
ϐϐǤ
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ͳͲ ͳͷʹͲͲʹͲͲʹ
ǦǦ
Ǥ ǯǦ Ǥ