Giannoulakis, Michael (2025) Non-Performing Loans determinants: A new behavioural approach. [Working Paper] (Unpublished)

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Abstract

This paper presents a comprehensive review of the literature on non-performing loans (NPLs) and their determinants, covering studies published between 1987 and 2025. In contrast to earlier reviews, it introduces a novel dichotomy that distinguishes between behavioural determinants, such as managerial practices, governance structures, and strategic decision-making, and non-behavioural determinants, including macroeconomic and systemic conditions. This classification provides a clearer conceptual framework for understanding the processes underlying NPL formation and dynamics. Beyond synthesising prior evidence, the paper highlights key trends in the literature, documents the growing academic and policy attention devoted to NPLs, and identifies critical gaps. In particular, it calls for deeper analysis of behavioural drivers, cross-country comparative studies, and the interaction between financial innovation and credit risk. By providing both synthesis and direction, this review offers an updated and structured resource for researchers, policymakers, and practitioners concerned with credit risk and financial stability.

Item Type:	Working Paper
Uncontrolled Keywords:	Non-performing loans, credit risk, banking sector, macroeconomic determinants, governance, financial stability
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Faculty / School / Research Centre / Research Group:	Greenwich Business School Greenwich Business School > School of Accounting, Finance and Economics
Last Modified:	30 Sep 2025 12:01
URI:	https://gala.gre.ac.uk/id/eprint/51102

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