Systemic risk, corporate governance and regulation of banks across emerging countries

•We analyze impact of governance and regulation on systemic risk.•Corporate governance have no significant impact on banks' individual risk.•External governance affects the impact of corporate governance on systemic risk.

This paper investigates the impact of governance and regulation on systemic risk banks from 10 CEE countries. Our results show that tight internal risk management mechanisms and shareholder-friendly supervisory boards are associated with higher contribution of banks to systemic risk. Additionally, external governance significantly affects the impact of corporate governance on systemic risk.