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The Effect of Corporate Governance Characteristics on Financial Performance in the Banking Sector: A Review on Developed Countries

Yıl 2023, Cilt: 7 Sayı: 2, 393 - 411, 25.12.2023
https://doi.org/10.30586/pek.1361675

Öz

This study aims to examine the effect of corporate governance characteristics on the financial performance of banks. For this purpose, a total of 71 commercial banks from 7 developed countries are included in the sample and their corporate governance and financial data for the period 2011-2021 are used in the analysis part of the study. Board size, presence of corporate governance and audit committees, proportion of female directors, proportion of non-executive directors, proportion of independent directors and leadership structure variables are used as corporate governance variables. Banks' performance is measured by return on assets (ROA) and return on equity (ROE). The effect of corporate governance variables on banks' performance is analyzed with multidimensional panel data models. According to the analysis results, board size is found to be negatively related to bank performance. İt has been observed that the presence of a corporate governance committee on the board of directors and increasing of the proportion of non-executive directors are increase bank performance. Moreover, it is determined that there is a negative relationship between the general manager and the chairman of the board of directors being the same person and ROA and increasing of the proportion of female directors on the board of directors increases of the bank performance in terms of ROE.

Kaynakça

  • Adams, R.B. ve Mehran, H. (2005). Corporate Performance, Board Structure And İts Determinants in The Banking Industry. Efa 2005 Moscow Meetings, 42, 1-45.
  • Adams, R.B. ve Mehran, H. (2012). Bank Board Structure and Performance: Evidence for Large Bank Holding Companies. J. Finan. Intermediation, 21(2), 243-267.
  • Agoraki, M.E.K., Delis, M.D. ve Staikouras, P.K. (2009). The Effect of Board Size and Composition On Bank Efficiency. European Financial Management Association Annual Meetings, 1-35.
  • Andrés, Pablo de ve Vallelado, Eleuterio (2018). Corporate Governance in Banking: The Role of the Board of Directors. Journal of Banking and Finance, 32(12), 2570-2580.
  • Arosa, B., Iturralde, T. ve Maseda, A. (2013). The Board Structure and Firm Performance in Smes: Evidence From Spain. Investig. Eur. Dir. Econ. Empresa, 19, 127-135.
  • Bachiller, P., ve Garcia-Lacalle, J. (2018). Corporate governance in Spanish savings banks and its relationship with financial and social performance. Management Decision, 56(4), 828–848.
  • Baltagi, B. H. (2005). Econmetric Analysis of Panel Data. West Sussex, England: John Wiley & Sons Ltd.
  • Caprio, G. ve Levine, R. (2002). Corporate governance in finance: Concepts and international observations. Financial sector governance: The roles of the public and private sectors, 17-50.
  • Donaldson, Lex. ve Davis, H.J. (1994). “Boards and company performance: research challenges the conventional wisdom”, Corporate Governance: An İnternational Review, 2(3), 51-60.
  • Fama, Eugene F. ve Jensen, Michael C (1983). “Agency Problems and Residual Claims”.The Journal of Law & Economics, 26(2), 327-349
  • García-Meca, E., García-Sánchez, I.M. ve Martínez-Ferrero, J. (2015). Board Diversity and its Effects on Bank Performance: An International Analysis. Journal of Banking & Finance, 53, 202-214.
  • Greene, W.H. (2003). Econometric Analysis, 5th Edition, Prentice Hall, New Jersey.
  • Guidara, A., Lai, V.S., Soumaré, I., ve Tchana, F.T. (2013). Banks’ capital buffer, risk and performance in the Canadian banking system: Impact of business cycles and regulatory changes. Journal of Banking & Finance, 37(9), 3373–3387.
  • Harkin, S.M., Mare, D.S., ve Crook, J.N. (2019). Independence in Bank Governance Structure: Empirical Evidence of Effects on Bank Risk and Performance. Research in International Business and Finance, 101-177.
  • Karamustafa, O., Varıcı, İ. ve Er, B. (2009). Kurumsal Yönetim ve Firma Performansı: İMKB Kurumsal Yönetim Endeksi Kapsamındaki Firmalar Üzerinde Bir Uygulama. Kocaeli Üniversitesi Sosyal Bilimler Dergisi, (17), 100-119.
  • Kleinbaum, D.G., Kupper, L.L., Muller, K.E. and Nizam, A. (1998) The Method of Maximum Likelihood. Applied Regression Analysis and Other Multivariable Methods, 3, 639-655.
  • Liu, Jaice, J., Daly, Kevin ve Mishra, Anil V. (2022). Board gender diversity and bank risks: Evidence from Australia. Economic Analysis and Policy ,76, 1040-1052.
  • Minton, B., Taillard, J., ve Williamson, R. (2011). Do independence and financial expertise of the board matter for risk taking and performance? SSRN Electronic Journal.
  • Muller-Kahle, M. ve Lewellyn, K.B. (2011). Did board configuration matter? The cases of US subprime lenders, Corporate Governance. An International Review, 19(5), 405–417.
  • Nam, Sang-Woo and Lum, Chee Soon (2006). Corporate Governance of Banks in Asia. Asian Development Bank Institute.
  • Okike, E. ve Turton, A. (2009). Corporate governance reform within The UK Banking Industry and its effect on firm performance. Corporate Ownership & Control 7(1), 456-470.
  • Pašić P., Bratina, B. ve Festić, M. (2016). “Corporate Governance of Banks in Poland and Slovenia”. Our Economy (Nase Gospodarstvo), 62-3 (September).
  • Pathan, S. ve Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking and Finance, 37(5), 1573- 1589.
  • Romano, G., Ferretti, P. ve Rigolini, A. (2012). Corporate governance and performance in Italian Banking Groups. International Conference Corporate Governance and Regulation: Outlining New Horizons for Theory and Practice, 1-35.
  • Salim, R., Arjomandi, A., ve Seufert, J. H. (2016). Does corporate governance affect Australian banks’ performance? Journal of International Financial Markets, Institutions and Money, 43, 113–125.
  • Staikouras, P., Staikouras, C. ve Agoraki, M.E. (2007). The effect of board size and composition on European bank performance. European Journal of Law and Economics, 23(1), 1- 27.
  • Tanna, S., Pasiouras, F., ve Nnadi, M. (2007), The effect of board size on the efficiency of UK Banks, Economics, Finance and Accounting Applied Research Working Paper Series, http://ssrn.com/abstract=1092252.
  • Tatoğlu, F. Y. (2012). Panel Veri Ekonometrisi, 3.basım.; Beta Yayıncılık: İstanbul.
  • Tatoğlu, Yardelen F. (2019). Çevresel Kuznets Eğrisinin Çok Boyutlu Panel Veri Modelleri ile Analizi. Anadolu İktisat ve İşletme Dergisi, 3(1), 26-38.
  • Yücel, E. (2016). Kurumsal Yönetim ve Firma Performansı: Gelişmiş ve Gelişmekte Olan Ülkelerden Kanıtlar. Organizasyon ve Yönetim Bilimleri Dergisi, 8(2), 27-41.
  • Zahra, S.A. ve Pearce, J. A. (1989). Boards Of Directors And Corporate Financial Performance: A Review And İntegrative Model. Journal of Management, 15(2), 291-334.

Bankacılık Sektöründe Kurumsal Yönetim Özelliklerinin Finansal Performans Üzerindeki Etkisi: Gelişmiş Ülkeler Üzerine Bir İnceleme

Yıl 2023, Cilt: 7 Sayı: 2, 393 - 411, 25.12.2023
https://doi.org/10.30586/pek.1361675

Öz

Bu çalışma, kurumsal yönetim özelliklerinin bankaların finansal performansı üzerindeki etkisini incelemeyi amaçlamaktadır. Bu amaç doğrultusunda 7 gelişmiş ülkeden toplam 71 ticari banka örneklem kapsamına alınmış ve çalışmanın analiz kısmında bu bankaların 2011-2021 dönemine ait kurumsal yönetim ve finansal verileri kullanılmıştır. Kurumsal yönetim değişkeni olarak, yönetim kurulu büyüklüğü, kurumsal yönetim ve denetim komitelerinin varlığı, kadın yönetici oranı, icracı olmayan yönetici oranı, bağımsız yönetici oranı ve liderlik yapısı değişkenleri kullanılmıştır. Bankaların performansı ise aktif karlılığı (ROA) ve özkaynak karlılığı (ROE) ile ölçülmüştür. Kurumsal yönetim değişkenlerinin bankaların performansı üzerindeki etkisi çok boyutlu panel veri modelleri ile analiz edilmiştir. Analizden elde edilen bulgulardan, yönetim kurulu büyüklüğü ile banka performansı arasında negatif yönlü bir ilişki bulunmuştur. Yönetim kurulunda kurumsal yönetim komitesinin bulunmasının ve icracı olmayan yönetici oranının artmasının ise banka performansını artırdığı görülmüştür. Bununla birlikte, genel müdür ve yönetim kurulu başkanının aynı kişi olması durumu ile ROA arasında negatif yönlü bir ilişki olduğu, yönetim kurulunda kadın yönetici oranının artmasının ise ROE açısından banka performansını artırdığı tespit edilmiştir.

Kaynakça

  • Adams, R.B. ve Mehran, H. (2005). Corporate Performance, Board Structure And İts Determinants in The Banking Industry. Efa 2005 Moscow Meetings, 42, 1-45.
  • Adams, R.B. ve Mehran, H. (2012). Bank Board Structure and Performance: Evidence for Large Bank Holding Companies. J. Finan. Intermediation, 21(2), 243-267.
  • Agoraki, M.E.K., Delis, M.D. ve Staikouras, P.K. (2009). The Effect of Board Size and Composition On Bank Efficiency. European Financial Management Association Annual Meetings, 1-35.
  • Andrés, Pablo de ve Vallelado, Eleuterio (2018). Corporate Governance in Banking: The Role of the Board of Directors. Journal of Banking and Finance, 32(12), 2570-2580.
  • Arosa, B., Iturralde, T. ve Maseda, A. (2013). The Board Structure and Firm Performance in Smes: Evidence From Spain. Investig. Eur. Dir. Econ. Empresa, 19, 127-135.
  • Bachiller, P., ve Garcia-Lacalle, J. (2018). Corporate governance in Spanish savings banks and its relationship with financial and social performance. Management Decision, 56(4), 828–848.
  • Baltagi, B. H. (2005). Econmetric Analysis of Panel Data. West Sussex, England: John Wiley & Sons Ltd.
  • Caprio, G. ve Levine, R. (2002). Corporate governance in finance: Concepts and international observations. Financial sector governance: The roles of the public and private sectors, 17-50.
  • Donaldson, Lex. ve Davis, H.J. (1994). “Boards and company performance: research challenges the conventional wisdom”, Corporate Governance: An İnternational Review, 2(3), 51-60.
  • Fama, Eugene F. ve Jensen, Michael C (1983). “Agency Problems and Residual Claims”.The Journal of Law & Economics, 26(2), 327-349
  • García-Meca, E., García-Sánchez, I.M. ve Martínez-Ferrero, J. (2015). Board Diversity and its Effects on Bank Performance: An International Analysis. Journal of Banking & Finance, 53, 202-214.
  • Greene, W.H. (2003). Econometric Analysis, 5th Edition, Prentice Hall, New Jersey.
  • Guidara, A., Lai, V.S., Soumaré, I., ve Tchana, F.T. (2013). Banks’ capital buffer, risk and performance in the Canadian banking system: Impact of business cycles and regulatory changes. Journal of Banking & Finance, 37(9), 3373–3387.
  • Harkin, S.M., Mare, D.S., ve Crook, J.N. (2019). Independence in Bank Governance Structure: Empirical Evidence of Effects on Bank Risk and Performance. Research in International Business and Finance, 101-177.
  • Karamustafa, O., Varıcı, İ. ve Er, B. (2009). Kurumsal Yönetim ve Firma Performansı: İMKB Kurumsal Yönetim Endeksi Kapsamındaki Firmalar Üzerinde Bir Uygulama. Kocaeli Üniversitesi Sosyal Bilimler Dergisi, (17), 100-119.
  • Kleinbaum, D.G., Kupper, L.L., Muller, K.E. and Nizam, A. (1998) The Method of Maximum Likelihood. Applied Regression Analysis and Other Multivariable Methods, 3, 639-655.
  • Liu, Jaice, J., Daly, Kevin ve Mishra, Anil V. (2022). Board gender diversity and bank risks: Evidence from Australia. Economic Analysis and Policy ,76, 1040-1052.
  • Minton, B., Taillard, J., ve Williamson, R. (2011). Do independence and financial expertise of the board matter for risk taking and performance? SSRN Electronic Journal.
  • Muller-Kahle, M. ve Lewellyn, K.B. (2011). Did board configuration matter? The cases of US subprime lenders, Corporate Governance. An International Review, 19(5), 405–417.
  • Nam, Sang-Woo and Lum, Chee Soon (2006). Corporate Governance of Banks in Asia. Asian Development Bank Institute.
  • Okike, E. ve Turton, A. (2009). Corporate governance reform within The UK Banking Industry and its effect on firm performance. Corporate Ownership & Control 7(1), 456-470.
  • Pašić P., Bratina, B. ve Festić, M. (2016). “Corporate Governance of Banks in Poland and Slovenia”. Our Economy (Nase Gospodarstvo), 62-3 (September).
  • Pathan, S. ve Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking and Finance, 37(5), 1573- 1589.
  • Romano, G., Ferretti, P. ve Rigolini, A. (2012). Corporate governance and performance in Italian Banking Groups. International Conference Corporate Governance and Regulation: Outlining New Horizons for Theory and Practice, 1-35.
  • Salim, R., Arjomandi, A., ve Seufert, J. H. (2016). Does corporate governance affect Australian banks’ performance? Journal of International Financial Markets, Institutions and Money, 43, 113–125.
  • Staikouras, P., Staikouras, C. ve Agoraki, M.E. (2007). The effect of board size and composition on European bank performance. European Journal of Law and Economics, 23(1), 1- 27.
  • Tanna, S., Pasiouras, F., ve Nnadi, M. (2007), The effect of board size on the efficiency of UK Banks, Economics, Finance and Accounting Applied Research Working Paper Series, http://ssrn.com/abstract=1092252.
  • Tatoğlu, F. Y. (2012). Panel Veri Ekonometrisi, 3.basım.; Beta Yayıncılık: İstanbul.
  • Tatoğlu, Yardelen F. (2019). Çevresel Kuznets Eğrisinin Çok Boyutlu Panel Veri Modelleri ile Analizi. Anadolu İktisat ve İşletme Dergisi, 3(1), 26-38.
  • Yücel, E. (2016). Kurumsal Yönetim ve Firma Performansı: Gelişmiş ve Gelişmekte Olan Ülkelerden Kanıtlar. Organizasyon ve Yönetim Bilimleri Dergisi, 8(2), 27-41.
  • Zahra, S.A. ve Pearce, J. A. (1989). Boards Of Directors And Corporate Financial Performance: A Review And İntegrative Model. Journal of Management, 15(2), 291-334.
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonometrik ve İstatistiksel Yöntemler, Finans, Finans ve Yatırım (Diğer)
Bölüm Makaleler
Yazarlar

Cengiz Hokka 0009-0005-0035-951X

Ahmet Emre Biber 0000-0001-5251-3156

Yayımlanma Tarihi 25 Aralık 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 7 Sayı: 2

Kaynak Göster

APA Hokka, C., & Biber, A. E. (2023). Bankacılık Sektöründe Kurumsal Yönetim Özelliklerinin Finansal Performans Üzerindeki Etkisi: Gelişmiş Ülkeler Üzerine Bir İnceleme. Politik Ekonomik Kuram, 7(2), 393-411. https://doi.org/10.30586/pek.1361675

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