Multifiduciary governance of stakeholders: a comparative analysis of the efficiency of banks and saving banks

Abstract

Probably, Spanish savings banks are the most significant worldwide multistakeholders entities, not only because of their mission, but also in their governance. The stakeholder multifiduciary theory, establishes at least theoretically what the saving banks has been a reality for more than a century. Then, saving banks become “a laboratory case” to analyze the viability and eligibility of governance that is shared by all stakeholders of the organization. Our hypothesis is that multistakeholder governance as well as stakeholder orientation generates a different strategic approach, not focused on the benefits. Therefore, the multifiduciary governance may perfectly be inefficient in relation to economic and financial indicators relating to the shareholders of an entity. However, these entities should be more efficient if has been taken into account indicators related to the generation of social value. To compare the relative efficiency we have used the population of Spanish traditional and saving banks and the 2009 data, using the technique of Data Envelopment Analysis in order to compare the economic, social and global efficiency of both types of entities. The results indicate a significant differentiation between these two groups of financial institutions in relation to social and economic efficiency, but it is not happen when using the global efficiency –economic plus social-. So, we can conclude that the efficiency in the management between inputs and outputs in banks and savings banks is similar.