Firm performance and condensed corporate governance mechanism: evidence of Nigerian financial institutions
Abstract
This paper extends the prior studies on corporate performance by empirically exploring the impact of overall corporate governance structure on firm performance. To unveil the objective of this study, firstly corporate governance index is built using Principal Component Analysis with 6 (six) identified corporate governance mechanisms from prior studies and then examines its effect on firms’ performance. This study draws a sample of twenty-four (24) financial companies from the listed financial institutions in Nigeria for the period of 2013–2017. The formulated hypotheses are tested by employing static panel data estimators that are Fixed effect and Random Effect Regression. The results reveal that while controlling for firms’ characteristics, constructed corporate governance indicator has a significant and negative influence on the firm performance measured by Return on Asset and Return on Equity. This finding supports that larger board, larger board committees and significant executive involvement have a detrimental influence on the performance of firms. The result implies a weak corporate governance structure is detrimental to higher financial performance amidst the weak institutions characterized in Nigeria context. That is, weaker corporate governance exhibits lower financial performance. This study then recommends that the corporate governance structure in Nigeria listed firms should be review with the intention to enhance the firm performance. Furthermore, it encourages the regulatory agencies like Central Bank of Nigeria, National Insurance Commission and Securities and Exchange Commission, to monitor the compliance of the listed firms to good governance endeavour.
Keyword : Corporate governance index, return on equity, return on asset, principal component analysis
How to Cite
Adegboye, A., Ojeka, S., Adegboye, K., Ebuzor, E., & Samson, D. (2019). Firm performance and condensed corporate governance mechanism: evidence of Nigerian financial institutions. Business: Theory and Practice, 20, 403-416. https://doi.org/10.3846/btp.2019.38
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Adegbite E (2015b) Good corporate governance in Nigeria: Antecedents, propositions and peculiarities. International Business Review 24 (2): 319-330. https://doi.org/10.1016/j.ibusrev.2014.08.004
Agrawal A, Knoeber C (1996) Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31 (3): 377-397. https://doi.org/10.2307/2331397
Akhigbe A, Martin AD (2008) Influence of disclosure and governance on risk of US financial services firms following Sarbanes-Oxley. Journal of Banking & Finance 32: 2124-2135. https://doi.org/10.1016/j.jbankfin.2007.12.037
Ahmed E, Hamdan A (2015) The impact of corporate governance on firm performance: evidence from Bahrain stock exchange. European Journal of Business and Innovation Research 3 (5): 25-48.
Allen F, Fukuda S ichi, Hoshi T, Miyajima H (2018) Corporate governance: Editor’s introduction. Journal of the Japanese and International Economies 47 (January): 1-2. https://doi.org/10.1016/j.jjie.2018.01.002
Ameziane Lasfer M (2006) The interrelationship between managerial ownership and board structure. Journal of Business Finance and Accounting 33 (7-8): 1006-1033. https://doi.org/10.1111/j.1468-5957.2006.00600.x
Ararat M, Black BS, Yurtoglu BB (2017) The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey. Emerging Markets Review 30 (September 2015): 113-132. https://doi.org/10.1016/j.ememar.2016.10.001
Armstrong CS, Blouin JL, Jagolinzer AD, Larcker DF (2015) Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics 60 (1): 1-17. https://doi.org/10.1016/j.jacceco.2015.02.003
Bird RC, Borochin PA, Knopf JD (2015) The role of the chief legal officer in corporate governance. Journal of Corporate Finance 34: 1-22. https://doi.org/10.1016/j.jcorpfin.2015.07.002
Boudriga A, Taktak NB, Jellouli S (2010) Bank specific, business and institutional environment determinants of banks nonperforming loans: evidence from Mena countries. Research Gate.
Caprio G, Laeven L, Levine R (2007) Governance and bank valuation. Journal of Financial Intermediation 16: 584-617. Coles. https://doi.org/10.1016/j.jfi.2006.10.003
Ciftci I, Tatoglu E, Wood G, Demirbag M, Zaim S (2019) Corporate governance and firm performance in emerging markets: Evidence from Turkey. International Business Review 28 (1): 90-103. https://doi.org/10.1016/j.ibusrev.2018.08.004
Cornett MM, Mcnutt JJ, Tehranian H (2009) Corporate governance and earnings management at large U.S. bank holding companies. Journal of Corporate Finance 15 (4): 412-430. https://doi.org/10.1016/j.jcorpfin.2009.04.003
Detthamrong U, Chancharat N, Vithessonthi C (2017) Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance 42 (July): 689-709. https://doi.org/10.1016/j.ribaf.2017.07.011
Diamond DW, Rajan RG (2008) The credit crisis: conjenctures about causes and remedies (December), 606-610 pp. NBER Working Paper series. https://doi.org/10.3386/w14739
Ducassy I, Guyot A (2017) Complex ownership structures, corporate governance and firm performance: The French context. Research in International Business and Finance 39: 291-306. https://doi.org/10.1016/j.ribaf.2016.07.019
Eisenberg T, Sundgren S, Wells MT (1998) Large board size and decreasing firm value in small firms. Journal of Financial Economics 48: 35-54. https://doi.org/10.1016/S0304-405X(98)00003-8
Ellul A, Yerramilli V (2013) Stronger risk controls, lower risk: Evidence from U.S. bank holding companies. Journal of Finance 68 (5): 1757-1803. https://doi.org/10.1111/jofi.12057
Emile R, Ragab A, Kyaw A (2014) The effect of corporate governance on firm performance: Evidence from Egypt. Asian Economic and Financial Review 4 (12): 1865-1877. https://doi.org/10.18488/journal.aefr/2014.4.12/102.12.1865.1877
Faleye O, Krishnan K (2010) Risky lending: does bank corporate governance matter? http://ssrn.com/abstract
Fama EF, Jensen MC (1983) Separation of ownership and control. Journal of Law and Economics 26: 301-324. https://doi.org/10.1086/467037
Flannery MJ, Kwan SH, Nimalendran M (2013) The 2007–2009 financial crisis and bank opaqueness. Journal of Financial Intermediation 22: 55-84. https://doi.org/10.1016/j.jfi.2012.08.001
Florackis C (2006) Internal corporate governance mechanisms and corporate performance: evidence for UK firms Internal corporate governance mechanisms and corporate performance: evidence for UK firms (January 2015): 37-41. https://doi.org/10.1080/17446540500143897
Florackis C, Ozkan A (2009a) Managerial incentives and corporate leverage: Evidence from the United Kingdom. Accounting and Finance 49 (3): 531-553. https://doi.org/10.1111/j.1467-629X.2009.00296.x
Florackis C, Ozkan A (2009b) The impact of managerial entrenchment on agency costs: An empirical investigation using UK panel data. European Financial Management 15 (3): 497-528. https://doi.org/10.1111/j.1468-036X.2007.00418.x
García-Meca E, García-Sánchez I-M, Martínez-Ferrero J (2014) Board diversity and its effects on bank performance: An international analysis. Journal of Banking & Finance 53: 202-214. https://doi.org/10.1016/j.jbankfin.2014.12.002
Green CP, Homroy S (2018) Female directors, board committees and firm performance. European Economic Review 102: 19-38. https://doi.org/10.1016/j.euroecorev.2017.12.003
Grove H, Patelli L, Victoravich LM, Xu PT (2011) Corporate governance and performance in the wake of the financial crisis: evidence from US commercial banks. Corporate Governance: An International Review 19 (5): 418-436. https://doi.org/10.1111/j.1467-8683.2011.00882.x
Haan J De, Vlahu R (2012) Corporate governance of financial institutions. Annual Review of Financial Economics 4 (4): 215-232. https://doi.org/10.1146/annurev-financial-110311-101821
Hopt KJ (2013) Better governance of financial institutions. Better Governance of Financial Institutions (April), 1-71 pp.
Huang X, Kang JK (2017a) Geographic concentration of institutions, corporate governance, and firm value. Journal of Corporate Finance 47: 191-218. https://doi.org/10.1016/j.jcorpfin.2017.09.016
Huang X, Kang JK (2017b) Geographic concentration of institutions, corporate governance, and firm value. Journal of Corporate Finance 47: 191-218. https://doi.org/10.1016/j.jcorpfin.2017.09.016
Jiraporn P, Kim JC, Kim YS (2011) Dividend payouts and corporate governance quality: An empirical investigation. Financial Review 46 (2): 251-279. https://doi.org/10.1111/j.1540-6288.2011.00299.x
Jensen MC, Meckling W (1976) Theory of the firm᾽ Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3: 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Khan H (2011). A literature review of corporate governance. International Conference on E-Business, Management and Economics 25: 1-5.
Lakshan AMI, Wijekoon WMHN (2012) Corporate governance and corporate failure. Procedia Economics and Finance 2 (Af): 191-198. https://doi.org/10.1016/S2212-5671(12)00079-2
Larcker DF, Richardson SA, Tuna I (2007) Corporate Governance, Accounting Outcomes, and Organizational Performance. The accounting Review 82 (4): 963-1008. https://doi.org/10.2308/accr.2007.82.4.963
Lemmon ML, Lins KV (2003) Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. Journal of Finance 58: 1445-1468. https://doi.org/10.1111/1540-6261.00573
Love I, Rachinsky A (2015) Corporate governance and bank performance in emerging markets: evidence from Russia and Ukraine. Emerging Markets Finance & Trade (July 2015). https://doi.org/10.1080/1540496X.2014.998945
Madanoglu M, Kizildag M, Ozdemir O (2018) Which bundles of corporate governance provisions lead to high firm performance among restaurant firms? International Journal of Hospitality Management 72 (January): 98-108. https://doi.org/10.1016/j.ijhm.2018.01.006
Manuel A, David O, Schmid M (2015) Frage - Antwort vertebragene bauchschmerzen. Journal of Empirical Finance 184 (4): 646.
Matei A, Drumasu C (2015) Corporate governance and public sector entities. Procedia Economics and Finance 26 (15): 495-504. https://doi.org/10.1016/S2212-5671(15)00879-5
Mertzanisa C, Basuonyb M, Mohamed E (2019) Social institutions, corporate governance and firm-performance in the MENA region. Research in International Business and Finance 48: 75-96. https://doi.org/10.1016/j.ribaf.2018.12.005
Munisi G, Randøy T (2013) Corporate governance and company performance across Sub-Saharan African countries. Journal of Economics and Business 70: 92-110. https://doi.org/10.1016/j.jeconbus.2013.08.003
Ojeka SA, Adegboye A, Adegboye K, Alabi O, Afolabi M, Iyoha F (2019) Chief financial officer roles and enterprise risk management: An empirical based study. Heliyon 5 (6): e01934. https://doi.org/10.1016/j.heliyon.2019.e01934
Ojeka S, Adegboye A, Titilayo Adetula D, Adegboye K, Udoh I (2019) IFRS adoption and CEO compensation: evidence from listed banks in Nigeria. Banks and Bank Systems 14 (3): 1-8. https://doi.org/10.21511/bbs.14(3).2019.01
Ojeka SA, Fakile SA, Anijesu A, Owolabi I (2017) Examining the Quality of financial reporting in the banking sector in Nigeria: does audit committee accounting expertise matter? Journal of Internet Banking and Commerce 21 (3): 1-18.
Paniagua J, Rivelles R, Sapena J (2018) Corporate governance and financial performance: The role of ownership and board structure. Journal of Business Research 89 (January): 229-234. https://doi.org/10.1016/j.jbusres.2018.01.060
Pett MA, Lackey NR, Sullivan JJ (2003) Making sense of factor analysis: The use of factor analysis for instrument development in health care research. London: Sage Publications. https://doi.org/10.4135/9781412984898
Pillai R, Al-Malkawi HAN (2017) On the relationship between corporate governance and firm performance: Evidence from GCC countries. Research in International Business and Finance 44 (July 2017): 394-410. https://doi.org/10.1016/j.ribaf.2017.07.110
Qian M, Yeung BY (2015) Bank financing and corporate governance. Journal of Corporate Finance 32: 258-270. https://doi.org/10.1016/j.jcorpfin.2014.10.006
Rezaee Z (2008) Corporate governance and ethics. Hoboken, NJ: John Wiley & Sons.
Salim R, Arjomandi A, Seufert JH (2016) Does corporate governance affect Australian banks’ performance? Journal of International Financial Markets, Institutions and Money 43: 113-125. https://doi.org/10.1016/j.intfin.2016.04.006
Stewart JC (1981) Company tax – effective tax rates on profits. Journal of the Statistical and Social Inquiry Society of Ireland 24 (3): 101-134.
Tarchouna A, Jarraya B, Bouri A (2017a) How to explain non-performing loans by many corporate governance variables simultaneously? A corporate governance index is built to US commercial banks. Research in International Business and Finance 42 (July): 645-657. https://doi.org/10.1016/j.ribaf.2017.07.008
Tarchouna A, Jarraya B, Bouri A (2017b) How to explain non-performing loans by many corporate governance variables simultaneously? A corporate governance index is built to US commercial banks. Research in International Business and Finance 42 (September 2016): 645-657. https://doi.org/10.1016/j.ribaf.2017.07.008
Vu NH, Nguyen T (2017) Impacts of corporate governance on firm performance. Master’s Program in International Strategic Management. Lund University.
Waweru NM (2010) The origin and evolution of management accounting: a review of the theoretical framework. Problems and Perspectives in Management 8 (3): 165-182.
Yermack D (1996) Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 (2): 185-212. https://doi.org/10.1016/0304-405X(95)00844-5
Zagorchev A, Gao L (2015) Corporate governance and performance of financial institutions. Journal of Economics and Business 82: 17-41. https://doi.org/10.1016/j.jeconbus.2015.04.004
Zagorchev A, Gao L (2016) Journal of Economics and Business Corporate governance and performance of financial institutions. Journal of Economics and Business 82 (April): 17-41. https://doi.org/10.1016/j.jeconbus.2015.04.004
Adegbite E (2015a) Good corporate governance in Nigeria: Antecedents, propositions and peculiarities. International Business Review 24 (2): 319-330. https://doi.org/10.1016/j.ibusrev.2014.08.004
Adegbite E (2015b) Good corporate governance in Nigeria: Antecedents, propositions and peculiarities. International Business Review 24 (2): 319-330. https://doi.org/10.1016/j.ibusrev.2014.08.004
Agrawal A, Knoeber C (1996) Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31 (3): 377-397. https://doi.org/10.2307/2331397
Akhigbe A, Martin AD (2008) Influence of disclosure and governance on risk of US financial services firms following Sarbanes-Oxley. Journal of Banking & Finance 32: 2124-2135. https://doi.org/10.1016/j.jbankfin.2007.12.037
Ahmed E, Hamdan A (2015) The impact of corporate governance on firm performance: evidence from Bahrain stock exchange. European Journal of Business and Innovation Research 3 (5): 25-48.
Allen F, Fukuda S ichi, Hoshi T, Miyajima H (2018) Corporate governance: Editor’s introduction. Journal of the Japanese and International Economies 47 (January): 1-2. https://doi.org/10.1016/j.jjie.2018.01.002
Ameziane Lasfer M (2006) The interrelationship between managerial ownership and board structure. Journal of Business Finance and Accounting 33 (7-8): 1006-1033. https://doi.org/10.1111/j.1468-5957.2006.00600.x
Ararat M, Black BS, Yurtoglu BB (2017) The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey. Emerging Markets Review 30 (September 2015): 113-132. https://doi.org/10.1016/j.ememar.2016.10.001
Armstrong CS, Blouin JL, Jagolinzer AD, Larcker DF (2015) Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics 60 (1): 1-17. https://doi.org/10.1016/j.jacceco.2015.02.003
Bird RC, Borochin PA, Knopf JD (2015) The role of the chief legal officer in corporate governance. Journal of Corporate Finance 34: 1-22. https://doi.org/10.1016/j.jcorpfin.2015.07.002
Boudriga A, Taktak NB, Jellouli S (2010) Bank specific, business and institutional environment determinants of banks nonperforming loans: evidence from Mena countries. Research Gate.
Caprio G, Laeven L, Levine R (2007) Governance and bank valuation. Journal of Financial Intermediation 16: 584-617. Coles. https://doi.org/10.1016/j.jfi.2006.10.003
Ciftci I, Tatoglu E, Wood G, Demirbag M, Zaim S (2019) Corporate governance and firm performance in emerging markets: Evidence from Turkey. International Business Review 28 (1): 90-103. https://doi.org/10.1016/j.ibusrev.2018.08.004
Cornett MM, Mcnutt JJ, Tehranian H (2009) Corporate governance and earnings management at large U.S. bank holding companies. Journal of Corporate Finance 15 (4): 412-430. https://doi.org/10.1016/j.jcorpfin.2009.04.003
Detthamrong U, Chancharat N, Vithessonthi C (2017) Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance 42 (July): 689-709. https://doi.org/10.1016/j.ribaf.2017.07.011
Diamond DW, Rajan RG (2008) The credit crisis: conjenctures about causes and remedies (December), 606-610 pp. NBER Working Paper series. https://doi.org/10.3386/w14739
Ducassy I, Guyot A (2017) Complex ownership structures, corporate governance and firm performance: The French context. Research in International Business and Finance 39: 291-306. https://doi.org/10.1016/j.ribaf.2016.07.019
Eisenberg T, Sundgren S, Wells MT (1998) Large board size and decreasing firm value in small firms. Journal of Financial Economics 48: 35-54. https://doi.org/10.1016/S0304-405X(98)00003-8
Ellul A, Yerramilli V (2013) Stronger risk controls, lower risk: Evidence from U.S. bank holding companies. Journal of Finance 68 (5): 1757-1803. https://doi.org/10.1111/jofi.12057
Emile R, Ragab A, Kyaw A (2014) The effect of corporate governance on firm performance: Evidence from Egypt. Asian Economic and Financial Review 4 (12): 1865-1877. https://doi.org/10.18488/journal.aefr/2014.4.12/102.12.1865.1877
Faleye O, Krishnan K (2010) Risky lending: does bank corporate governance matter? http://ssrn.com/abstract
Fama EF, Jensen MC (1983) Separation of ownership and control. Journal of Law and Economics 26: 301-324. https://doi.org/10.1086/467037
Flannery MJ, Kwan SH, Nimalendran M (2013) The 2007–2009 financial crisis and bank opaqueness. Journal of Financial Intermediation 22: 55-84. https://doi.org/10.1016/j.jfi.2012.08.001
Florackis C (2006) Internal corporate governance mechanisms and corporate performance: evidence for UK firms Internal corporate governance mechanisms and corporate performance: evidence for UK firms (January 2015): 37-41. https://doi.org/10.1080/17446540500143897
Florackis C, Ozkan A (2009a) Managerial incentives and corporate leverage: Evidence from the United Kingdom. Accounting and Finance 49 (3): 531-553. https://doi.org/10.1111/j.1467-629X.2009.00296.x
Florackis C, Ozkan A (2009b) The impact of managerial entrenchment on agency costs: An empirical investigation using UK panel data. European Financial Management 15 (3): 497-528. https://doi.org/10.1111/j.1468-036X.2007.00418.x
García-Meca E, García-Sánchez I-M, Martínez-Ferrero J (2014) Board diversity and its effects on bank performance: An international analysis. Journal of Banking & Finance 53: 202-214. https://doi.org/10.1016/j.jbankfin.2014.12.002
Green CP, Homroy S (2018) Female directors, board committees and firm performance. European Economic Review 102: 19-38. https://doi.org/10.1016/j.euroecorev.2017.12.003
Grove H, Patelli L, Victoravich LM, Xu PT (2011) Corporate governance and performance in the wake of the financial crisis: evidence from US commercial banks. Corporate Governance: An International Review 19 (5): 418-436. https://doi.org/10.1111/j.1467-8683.2011.00882.x
Haan J De, Vlahu R (2012) Corporate governance of financial institutions. Annual Review of Financial Economics 4 (4): 215-232. https://doi.org/10.1146/annurev-financial-110311-101821
Hopt KJ (2013) Better governance of financial institutions. Better Governance of Financial Institutions (April), 1-71 pp.
Huang X, Kang JK (2017a) Geographic concentration of institutions, corporate governance, and firm value. Journal of Corporate Finance 47: 191-218. https://doi.org/10.1016/j.jcorpfin.2017.09.016
Huang X, Kang JK (2017b) Geographic concentration of institutions, corporate governance, and firm value. Journal of Corporate Finance 47: 191-218. https://doi.org/10.1016/j.jcorpfin.2017.09.016
Jiraporn P, Kim JC, Kim YS (2011) Dividend payouts and corporate governance quality: An empirical investigation. Financial Review 46 (2): 251-279. https://doi.org/10.1111/j.1540-6288.2011.00299.x
Jensen MC, Meckling W (1976) Theory of the firm᾽ Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3: 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Khan H (2011). A literature review of corporate governance. International Conference on E-Business, Management and Economics 25: 1-5.
Lakshan AMI, Wijekoon WMHN (2012) Corporate governance and corporate failure. Procedia Economics and Finance 2 (Af): 191-198. https://doi.org/10.1016/S2212-5671(12)00079-2
Larcker DF, Richardson SA, Tuna I (2007) Corporate Governance, Accounting Outcomes, and Organizational Performance. The accounting Review 82 (4): 963-1008. https://doi.org/10.2308/accr.2007.82.4.963
Lemmon ML, Lins KV (2003) Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. Journal of Finance 58: 1445-1468. https://doi.org/10.1111/1540-6261.00573
Love I, Rachinsky A (2015) Corporate governance and bank performance in emerging markets: evidence from Russia and Ukraine. Emerging Markets Finance & Trade (July 2015). https://doi.org/10.1080/1540496X.2014.998945
Madanoglu M, Kizildag M, Ozdemir O (2018) Which bundles of corporate governance provisions lead to high firm performance among restaurant firms? International Journal of Hospitality Management 72 (January): 98-108. https://doi.org/10.1016/j.ijhm.2018.01.006
Manuel A, David O, Schmid M (2015) Frage - Antwort vertebragene bauchschmerzen. Journal of Empirical Finance 184 (4): 646.
Matei A, Drumasu C (2015) Corporate governance and public sector entities. Procedia Economics and Finance 26 (15): 495-504. https://doi.org/10.1016/S2212-5671(15)00879-5
Mertzanisa C, Basuonyb M, Mohamed E (2019) Social institutions, corporate governance and firm-performance in the MENA region. Research in International Business and Finance 48: 75-96. https://doi.org/10.1016/j.ribaf.2018.12.005
Munisi G, Randøy T (2013) Corporate governance and company performance across Sub-Saharan African countries. Journal of Economics and Business 70: 92-110. https://doi.org/10.1016/j.jeconbus.2013.08.003
Ojeka SA, Adegboye A, Adegboye K, Alabi O, Afolabi M, Iyoha F (2019) Chief financial officer roles and enterprise risk management: An empirical based study. Heliyon 5 (6): e01934. https://doi.org/10.1016/j.heliyon.2019.e01934
Ojeka S, Adegboye A, Titilayo Adetula D, Adegboye K, Udoh I (2019) IFRS adoption and CEO compensation: evidence from listed banks in Nigeria. Banks and Bank Systems 14 (3): 1-8. https://doi.org/10.21511/bbs.14(3).2019.01
Ojeka SA, Fakile SA, Anijesu A, Owolabi I (2017) Examining the Quality of financial reporting in the banking sector in Nigeria: does audit committee accounting expertise matter? Journal of Internet Banking and Commerce 21 (3): 1-18.
Paniagua J, Rivelles R, Sapena J (2018) Corporate governance and financial performance: The role of ownership and board structure. Journal of Business Research 89 (January): 229-234. https://doi.org/10.1016/j.jbusres.2018.01.060
Pett MA, Lackey NR, Sullivan JJ (2003) Making sense of factor analysis: The use of factor analysis for instrument development in health care research. London: Sage Publications. https://doi.org/10.4135/9781412984898
Pillai R, Al-Malkawi HAN (2017) On the relationship between corporate governance and firm performance: Evidence from GCC countries. Research in International Business and Finance 44 (July 2017): 394-410. https://doi.org/10.1016/j.ribaf.2017.07.110
Qian M, Yeung BY (2015) Bank financing and corporate governance. Journal of Corporate Finance 32: 258-270. https://doi.org/10.1016/j.jcorpfin.2014.10.006
Rezaee Z (2008) Corporate governance and ethics. Hoboken, NJ: John Wiley & Sons.
Salim R, Arjomandi A, Seufert JH (2016) Does corporate governance affect Australian banks’ performance? Journal of International Financial Markets, Institutions and Money 43: 113-125. https://doi.org/10.1016/j.intfin.2016.04.006
Stewart JC (1981) Company tax – effective tax rates on profits. Journal of the Statistical and Social Inquiry Society of Ireland 24 (3): 101-134.
Tarchouna A, Jarraya B, Bouri A (2017a) How to explain non-performing loans by many corporate governance variables simultaneously? A corporate governance index is built to US commercial banks. Research in International Business and Finance 42 (July): 645-657. https://doi.org/10.1016/j.ribaf.2017.07.008
Tarchouna A, Jarraya B, Bouri A (2017b) How to explain non-performing loans by many corporate governance variables simultaneously? A corporate governance index is built to US commercial banks. Research in International Business and Finance 42 (September 2016): 645-657. https://doi.org/10.1016/j.ribaf.2017.07.008
Vu NH, Nguyen T (2017) Impacts of corporate governance on firm performance. Master’s Program in International Strategic Management. Lund University.
Waweru NM (2010) The origin and evolution of management accounting: a review of the theoretical framework. Problems and Perspectives in Management 8 (3): 165-182.
Yermack D (1996) Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 (2): 185-212. https://doi.org/10.1016/0304-405X(95)00844-5
Zagorchev A, Gao L (2015) Corporate governance and performance of financial institutions. Journal of Economics and Business 82: 17-41. https://doi.org/10.1016/j.jeconbus.2015.04.004
Zagorchev A, Gao L (2016) Journal of Economics and Business Corporate governance and performance of financial institutions. Journal of Economics and Business 82 (April): 17-41. https://doi.org/10.1016/j.jeconbus.2015.04.004