Public corporate governance of state-owned enterprises: Evidence from the Spanish banking industry

This article provides a framework for public corporate governance combining two main components: traditional corporate governance (via governing bodies) and multi-level governance (via regulation). We provide evidence from the publiclyowned Spanish savings banks ('cajas'), which have a conflict between their two main goals: operating efficiently and maximizing the reach of their welfare projects. The case may have lessons for policy-makers in the 80+ countries that have some government ownership of banks, and for managers muddling through public corporate governance.