Torre Pruñonosa, Jose, Retolaza, Jose Luis and San-José, Leire (2012) Gobernanza multifiduciaria de stakeholders: análisis comparado de la eficiencia de bancos y cajas de ahorros. REVESCO. Revista de Estudios Cooperativos, 108. pp. 152-172. ISSN 1135-6618

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.

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