Is the Journey more Important than the Destination? EU Accession and Corporate Governance and Performance of Banks

Mehmet Maksud Onal, John K. Ashton*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


This article examines how accession to and subsequent membership of the EU has influenced the dissemination of corporate governance characteristics and the financial performance of the banking industry. Using a hand-collected, cross-national dataset from EU member and candidate states the analysis indicates the candidacy period is associated with the better financial performance of banks than the latter period of EU membership. EU membership also has a significant negative influence on adopting some corporate governance arrangements. We infer this result is consistent with instrumental rationality explanations of Europeanization. While the process of accession has brought benefits, these are not always reinforced by subsequent EU membership.

Original languageEnglish
Pages (from-to)1516-1535
Number of pages20
JournalJournal of Common Market Studies
Issue number6
Publication statusPublished - 13 May 2021

Bibliographical note

Publisher Copyright:
© 2021 The Authors. JCMS: Journal of Common Market Studies published by University Association for Contemporary European Studies and John Wiley & Sons Ltd.


  • accession
  • corporate governance
  • institutions

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