Fidanoski, Filip and Mateska, Vesna and Simeonovski, Kiril (2013): Corporate Governance and Bank Performance: Evidence from Macedonia. Published in: Proceedings [CD- ROM] of 16th International Students’ Conference, Faculty of Economics and Administrative Sciences, Ege University, Izmir. (April 2013)
Preview |
PDF
MPRA_paper_46773.pdf Download (605kB) | Preview |
Abstract
The role of banks is integral to the economic development of any country. Given the renewed attention on the corporate governance in banks with the global financial crises, this paper investigates the relevance of board size, board composition and CEO qualities in the banks and their performance. Thus, the following paragraphs will elaborate on the development of hypotheses to test whether good corporate governance system can contribute towards higher banks performance. This research is different from other studies, both practical and theoretical, as the object of study is commercial banks in developing country.
Item Type: | MPRA Paper |
---|---|
Original Title: | Corporate Governance and Bank Performance: Evidence from Macedonia |
English Title: | Corporate Governance and Bank Performance: Evidence from Macedonia |
Language: | English |
Keywords: | bank performance, board composition, board size, capital requirement, corporate governance, developing countries, diversity, Macedonia. |
Subjects: | G - Financial Economics > G2 - Financial Institutions and Services > G20 - General G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance K - Law and Economics > K2 - Regulation and Business Law > K23 - Regulated Industries and Administrative Law |
Item ID: | 46773 |
Depositing User: | Filip Fidanoski |
Date Deposited: | 06 May 2013 18:12 |
Last Modified: | 26 Sep 2019 18:16 |
References: | Abidin, Z.Z., Kamal, N.M., & Jusoff, K. (2009). Board Structure and Corporate Performance in Malaysia. International Journal of Economics and Finance. Vol.1. 150-164. Adams, R., & Mehran, H. (2003). Is corporate governance different for banking holding companies?. Economic policy review. Vol.9. 123-142. Adusei, M. (2011). Board Structure and Bank Performance in Ghana, Journal of Money, Investment and Banking. Issue.19. 72-84. Afsham, N., Chetri, P., & Pradhan, S. (2011). Board, ownership structure, pay and firm performance: A literature review. The IUP Journal of Corporate Governance. Vol.10. No.2. 82-92. Agrawal, A., & Knoeber, C.R. (1996). Firm Performance and Mechanisms to Control Agency Problems Between Managers and Shareholders. Journal of Financial and Quantitative Analysis. Vol.31. 377-397. Anderson, R.C., & Reeb, D.M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance. Vol.58. No.3. 1301-1328. Anderson, R.C., Mansi, S., & Reeb, D.M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting & Economics. Vol.37. No.3. 315-342. Arslan, O., Karan, M.B., & Eksi, C. (2010). Board Structure and Corporate Performance. Managing Global Transitions. Vol 8. No.1. 3-22. Arun, T.G., & Turner, J.D. (2004). Corporate governance of banks in Developing Economies: Concepts and issues. Corporate Governance: An International Review. Wiley Blackwell. Vol.12. No.3. 371-377. Bacon, J. (1973). Corporate directorship practice, member and committees of the board. New York: The conference board. Barnhart, S., Marr, M. and Rosenstein, S. (1994) Firm performance and board composition: Some new evidence, Managerial and Decision Economics. Vol.15. No.4. 329-340. Basel Committee on Bank Supervision. (2005). International Convergence of Capital Measurement and Capital Standards: A Revised Framework. Basel: Basel Committee Publications. Bank for International Settlements. Basel Committee on Banking Supervision. (2006). Enhancing corporate governance for banking organizations. Basel: Basel Committee Publications. Bank for International Settlements. Basel Committee on Banking Supervision. (2011). Basel III: A global regulatory framework for more resilient banks and banking systems. Basel: Bank for International Settlements. Bauer, R., Eichholtz, P., & Kok, N. (2010). Corporate governance and performance: The REIT effect. Real Estate Economics. Issue.1. 1-29. Baysinger, B., & Hoskisson, R.E. (1990). The composition of boards of directors and strategic control effects on corporate strategy. Academy of Management Review. Vol.15. No.1. 72-87. Beasley, M.S. (1996). An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud. The Accounting Review. Vol.71. 443-465. Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What Matters in Corporate Governance?. Review of Financial Studies. Vol. 22. 783-827. Becht, M., Bolton, P., & Röell, A. (2002). Corporate Governance and Control. The National Bureau of Economic Research.Working Paper. No. 9371. 1-168. Beck, T., Levine, R., & Loayza, N. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics. Vol.46, No.1. 31-77. Berger A.N., Clarke G.R.G., Cull R., Klapper L., & Udell G.F. (2005). Corporate governance and bank performance: A joint analysis of the static, selection and dynamic effects of domestic, foreign and state ownership. Journal of Banking & Finance. Vol.29. 2179-2221. Berger, A.N., Imbierowicz, B., & Rauch, C. (2012). The role of corporate governance in bank failures during the recent crisis. Available at SSRN: http://ssrn.com/abstract=2021799 or http://dx.doi.org/10.2139/ssrn.2021799. Berle, A., & Means, G. (1932). The Modern Corporation and Private Property. New York:Macmillan. Bhagat, S., & Black, B. (1999). The uncertain relationship between board composition and firm performance. Business Lawyer. Vol.54. No.3. 921-963. Blau, P.M. (1977). Inequality and Heterogeneity: A Primitive Theory of Social Structure. New York: Free Press. Boone, A.L., Field, C.L, Karpoff, J.M., & Raheja, C.G. (2007). The Determinants of Corporate Board Size and Composition: An Empirical Analysis. Journal of Financial Economics. Vol.85. 66-101. Braga-Alves, M.V., & Shastri, K. (2011). Corporate governance, valuation, and performance: Evidence from a voluntary market reform in Brazil. Financial Management. 139-157. Brown, L. & Caylor, M. (2006). Corporate Governance and Firm Operating Performance. Journal of Accounting and Public Policy. Vol.25. 409-434. Cadbury, A. (2002). Corporate Governance and Chairmanship: A Personal View. New York: Oxford University Press. Cadbury, A. (1992). The Committee on the Financial Aspects of Corporate Governance. London: Gee and Company. Caprio, G., Laeven, L., & Levine, R. (2007). Governance and banks valuations. Journal of Financial Intermediation. Vol.16. 584-617. Carrol, A.B., & Buchholtz, A.K. (2009). Business and Society: Ethics and Stakeholder Management. Seventh edition. Ohio: Cengage Learning. Chaghadari, M.F. (2011). Corporate Governance and Firm Performance. International Conference on Sociality and Economics Development IPEDR. Vol.10. 484-489. Chakravarthy, B.S. (1986). Measuring strategic performance. Strategic Management Journal. Vol.7. 437-458. Chang, B., & Dutta, S. (2012). Dividends and Corporate Governance: Canadian Evidence. The IUP Journal of Applied Finance. Vol.18. No.4. 5-30. Chen, C.J.P., & Jaggi, B. (2000). Association between Independent Non Executive Directors, Family Control and Financial Disclosures in Hong Kong. Journal of Accounting and Public Policy. Vol.19. No.4-5. 285-310. Cheng, S. (2008). Board size and variability of corporate performance. Journal of Financial Economics. Vol.87. No.2. 157-176. Cho, D.S., & Kim, J. (2003). Determinants in introduction of outside directors in Korean companies. Journal of International and Area Studies. No.10. 1-20. Coles J.L., Daniel, N.D., & Naveen, L. (2008). Boards: Does one size fits all. Journal of Financial Economics. Vol.87. No.2. 329-356. Coughlan, A., & Schmidt, R. (1985). Executive Compensation, Management Turnover, and Firm Performance: An Empirical Investigation. Journal of Accounting and Economics. Vol.7. 43-66. Crowther, D., & Aras, G. (2009). Corporate Governance and Corporate Social Responsibility in Context. Global Perspectives on Corporate Governance and CSR. Cornwell: Gower Publishing Limited. Dahya, J., & McConnell, J.J. (2003). Outside Directors and Corporate Board Decisions. Journal of Corporate Finance. Vol.11. No.1-2. 37-60. Dahya, J., & McConnell, J.J. (2007). Board composition, corporate performance, and the Cadbury committee recommendation. Journal of Financial and Quantitative Analysis. No. 42. 535-564. Daily, C.M., & Dalton, D.R. (1993). Board of directors leadership and structure: Control and performance implications. Entrepreneurship: Theory and Practice. Vol.17. No.3. 65-81. Dalton, D.R., Daily, C.M., Johnson, J. L., & Ellstrand, A.E. (1999). Number of directors and financial performance: A meta-analysis, Academy of Management Journal. Vol.42. No.6. 674-686. Dalton, D.R., Daily, C.M., Ellstrand, A.E., & Johnson, J.L. (1998). Meta analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal. Vol.19. No.3. 269-290. Davidson, W.N., & Rowe, W. (2004). Intertemporal Endogeneity in Board Composition and Financial Performance. Corporate Ownership and Control. Vol.1. Issue.4. 49-60. de Andres, P.A., Azofra, V., & Lopez, F. (2005). Corporate Boards in some OECD Countries: Size, Composition, Functioning and Effectiveness. Corporate Governance: An International Review. Vol.13. No.2. 97-210. de Jong, A., Gispert, C., Kabir, R., & Renneboog, L. (2002). European Corporate governance and Firm Performance: An Empirical Analysis. Tilburg University. Discusssion Paper. 2-29. Dehaene, A., De Vuyst, V., & Ooghe, H. (2001). Corporate Performance and Board Structure in Belgian Companies. Long Range Planning. Vol.34. No.3. 383-398. Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: causes and consequences. Journal of Political Economy. Vol.93. 1155-1177. Denis, D., & Denis, D. (1995). Performance changes following top management dismissals. Journal of Finance. Vol. 50. 1029-1057. Desender, K.A. (2009). The Relationship between the Ownership Structure and the Role of the Board. College of Business. University of Illinois at Urbana-Champaign.Working Paper. 3-31. Dikolli, S.S., Mayew, W.J., & Nanda, D. (2010). Performance surprises and uncertain managerial ability: Evidence from CEO turnovers. Duke University. Working Paper. 1-51. Drakulevski, Lj., & Miladinova, D. (2010). Korporativnoto upravuvanje vo bankite vo Republika Makedonija. Godisnik na Ekonomski Fakultet – Skopje. Vol.45. 67-80. Drobetz W., Schillhofer, A., & Zimmermann, H. (2003). Corporate Governance and Firm Performance: Evidence from Germany. Center of Finance & Risk Management. Gutenberg University. Working Paper. No.146. 1-48. Drobetz W., Schillhofer, A., & Zimmermann, H. (2004). Corporate governance and expected stock returns: evidence from Germany. European Financial Management. Vol.10. 267-293. Druckeriv, P. (2002). Corporate Governance after Enron and WorldCom Applying Principles of Results-Based Governance. Insight Conference on Corporate Governance.Working Paper. 1-12. Dulewicz, V., & Herbert, P. (2004). Does the Composition and Practice of Boards and Directors Bear Any Relationship to the Performance of the Their Companies?. Corporate Governance: An International Review. Vol.12. No.3. 263-280. Du Plessis, J.J., Hargovan, A.A., & Bagaric, M.M. (2011). Principles of Contemporary Corporate Governance. Second edition. Melbourne: Cambridge University Press. Eisenberg, T., Sundgren, S., & Wells, M.T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics. Vol.48. No.1. 35-54. Eklund, J.E., Palmberg, J., & Wiberg, D. (2009). Ownership Structure, Board Composition and Investment Performance. CESIS Electronic Working Paper Series. No.172. 1-29. Ezzamel, M.A. and Watson, R. (1993). Organizational Form, Ownership Structure and Corporate Performance: A Conceptual Empirical Analysis of U.K. Companies. British Journal of Management. Vol.4. No.3. 161-176. Fama, E. (1980). Agency problems and the theory of the firm. Journal of Political Economy. Vol.88. 288-307. Fama, E., & Jensen, M. (1983). Separation of ownership and control. Journal of Law and Economics. Vol.26. No.2. 301-325. Fenn, G.W., & Liang, N. (2001). Corporate Payout Policy and Managerial Stock Incentives. Journal of Financial Economics. Vol.60. No.1. 45-72. Ferrell, O.C., Fraedrich, J., & Ferrell, L. (2013). Business Ethics: Ethical Decision Making and Cases. Ninth edition. Ohio: South Western Cengage Learning. Finegold, D., Benson, G.S., & Hecht, D. (2007). Corporate Boards and Company Performance: Review of Research in light of Recent Reforms. Blackwell. Vol.15. No.5. 865-878. Forbes, D.P., & Milliken, F.J. (1999). Cognition and Corporate Governance: Understanding Boards of Directors as Strategic Decision-Making Groups. The Academy of Management Review. Vol.24. 489-505. Fosberg, R.H., & Nelson, M.R. (1999). Leadership Structure and Firm Performance. International Review of Financial Analysis. Vol.8. No.1. 83-96. Ghillyer, A. (2012). Business Ethics Now. New York: McGraw-Hill. Gillan, S., Hartzell, J., & Starks, L. (2003). Explaining Corporate Governance: Boards, Bylaws and Charter Provisions. Arizona State University. Working Paper. 3-49. Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate Governance and Equity Prices. Quarterly Journal of Economics. Vol.118. 107-155. Graefe-Anderson, A. (2009). CEO Turnover and Compensation: An Empirical Investigation. Dissertation. ProQuest Dissertations and Theses. Grossman, S., & Hart, O. (1983). An analysis of the principal–agent problem. Econometrica. Vol.51. 7-45. Haniffa, R., & Hudaib, M. (2006). Corporate Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance and Accounting. Vol.33. No.7-8. 1034-1062. Harris, M., & Raviv, A. (2006). A theory of board control and size. Review of Financial Studies. Vol.21. 1797-1832 Hermalin, B.E., & Weisbach, M.S. (2003). Boards of directors as an endogenously determined institution: a survey of the economic literature. Economic Policy Review. Vol.9. No.1. 7-26. Hermes, N. (1994). Financial development and economic growth: A survey of the literature. International Journal of Development Banking. Vol.12. No.1. 3-21. Hortsmeyer, D. (2011). Monitoring the Monitors. University of Southern California. Working Paper. 3-36. Hovey, M., Li, L., & Naughton, T. (2003). The Relationship between Valuation and Ownership of Listed Firms in China. Corporate Governance. Vol.11. No.2. 112-122. Htay, S.N.N., Aung, Z.M.M., Rashid, H.M.A., & Adnan, M.A. (2011). The Impact of Corporate Governance on the Voluntary Accounting Information Disclosure in Malaysian Listed Banks. Global Economics, Finance and Management Conference. 1-23. Iqbal, M., & Zaheer, A. (2011). Impact of corporate governance on financial performance of banks in Pakistan. Interdisciplinary Journal of Contemporary Research in Business. Vol.2. No.12. 217-635. Jackling, B., & Johl, S. (2009). Board Structure and Firm Performance: Evidence from India’s Top Companies. Corporate Governance: An International Review. Vol.17. No.4. 492-509. Jensen, M. (1993). The modern industrial revolution, exit and the failure of internal control system. Journal of Finance. Vol.48. No.3. 831-880. Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. Vol.3. 305-360. Jimoh, J., & Iyoha, F.O.(2012): Stewardship and Corporate Governance in the Banking Sector: Evidence from Nigeria. Accounting and Finance Research. Vol.1. No.1. 198-206. Johansen, R.E. (2008). Gender Diversity and Firm Performance: An Empirical Approach. Diploma Thesis in Finance. Swiss Banking Institute. University of Zurich. John, K. & L.W. Senbet. (1998). Corporate governance and board effectiveness. Journal of Banking and Finance. Vol.22. 371-403. Johnson, J.L., Daily, C.M., & Ellstrand, A.E. (1996). Boards of Directors: A Review and Research Agenda. Journal of Management. Vol.22. No.3. 409-438. Kesner, I. (1987). Directors’ Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies. Journal of Management. Vol.13. 499-508. Khan, H. (2011). A Literature Review of Corporate Governance. International Conference on E-business, Management and Economics IPEDR. Vol.25. 1-5. Kiel, G.C., & Nicholson, G.J. (2003). Board Composition and Corporate Performance: How the Australian Experience informs contrasting Theories of Corporate Governance. Corporate Governance: An International Review. Vol.11. No.3. 189-205. Klein, A. (1998). Firm performance and board committee structure. Journal of Law and Economics. Vol.41. No.1. 275-303. Krivogosky, V. (2006). Ownership, Board Structure and Performance in Continental Europe. International Journal of Accounting. Vol.41. No.2. 176-197. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1999). Legal Determinants of External Finance. Journal of Finance. No.54. 1131-1150. Lau, D.C., & Murnighan, J.K. (2005). Interactions within Groups and Subgroups: The Effects of Demographic Faultlines. Academy of Management Journal. Vol.48. 645-659. Law of Banks and Savings-Banks. (1993), Skopje. Law of Banks. (2000), Skopje. Law of Banks. (2007), Skopje. Leeladhar, V. (2004). Corporate Governance in Banks. Reserve Bank of India Bulletin. Speech at the Sheth Shantaram Mangesh Kulkarni Memorial Lecture. 1-5. Liang, N., & Li, J. (1999). Board structure and firm performance: New evidence from China’s private firms. Academy of Management Annual Conference. 1-32. Lin, T.T., & Lee, Y.C. (2008). Organizational Characteristics, Board Size and Corporate Performance. Journal of Global Business Management. Vol.4. No.2. 338-347. Linck, J.S., Netter J.M., &, Yang, T. (2008). The determinants of board structure. Journal of Financial Economics. Vol. 87. 308-328. Lipton, M., & Lorsch, J. (1992). A Modest Proposal for Improved Corporate Governance. Business Lawyer. Vol.48. 59-77. Macedonian Securities Exchange Commission. (20.01.2013), Skopje. Macedonian Stock Exchange Inc. (20.01.2013), Skopje. Macey, J., & O’Hara, M. (2003). The Corporate Governance of Banks. Economic Policy Review. Vol.9. No.1. 91-107. Mak, Y.T., & Kusnadi, Y. (2004). Size really matters: Further evidence on the negative relationship between board size and firm value. Pacific-Basin Finance Journal. Vol.12. No.1. 1-18. Millstein, I.M., & Macavoy. P. (1998). The active board of directors and performance of the large publicly traded corporation. Columbia Law Review. Vol.98. No.5. 1283-1322. Mishra, C.S., Randoy, T., & Jenssen, J.I. (2001). The Effect of Founding Family Influence on Firm Value and Corporate Governance. Journal of International Financial Management and Accounting. Vol.12. No.3. 235-259. Mizruchi, M. (1983). Who controls whom? An examination between management and boards of directors in large American corporations. Academy of Management Review. Vol.8. 426-435. Monks, A.G.R., & Minow, N. (2004). Corporate Governance. Third Edition. Malden: Blackwell. Morck R., Shleifer, A., & Vishny. R. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics. Vol.20. No.1. 293-315. National Bank of the Republic of Macedonia (NBRM). (15.12.2012), Skopje. Nguyen, B.D., & Nielsen, K.M. (2010). The value of independent directors: Evidence from sudden deaths. Journal of Financial Economics. Vol.98. 550-567. Nworji, I.D., Adebayo, O., & David, A.O. (2011). Corporate Governance and Bank Failure in Nigeria: Issues, Challenges and Opportunities. Research Journal of Finance and Accounting. Vol.2. No.2. 1-19. Peng, M.W. (2004). Outside directors and firm performance during institutional transitions. Strategic Management Journal. Vol.25. No.5. 435-471. Pfeffer, J., & Salancik, G. (1978). The external control of organizations: A resource-dependence perspective. New York: Harper and Row. Pi, L., & Timme, S.G. (1993). Corporate Control and Bank Efficiency. Journal of Banking Finance. Vol.17. 515-530. Pokrashenko, P. (2012). Cost efficiency of Russian banks: the impact of board of directors and executive group. Economics Education and Research Consortium. Working Paper. No 12/02E. 2-31. Prevost, A.K., Rao, R.P., & Hossain, M. (2002). Determinants of board composition in New Zeland: a simultaneous equations approach. Journal of Empirical Finance. Vol.9. No.4. 373-397. Rajan, R., & Zingales, L. (1998). Financial dependence and growth. American Economic Review. Issue. 88. 560-586. Rebeiz, K.S., & Salameh, Z. (2006). Relationship between governance structure and financial performance in construction. Journal of Management in Engineering. Vol.22. No.1. 20-26. Rhoades, D.L., Rechner, P.L., & Sundaramurthy, C. (2000). Board composition and financial performance: A meta-analysis of the influence of outside directors. Journal of Managerial Issues. Vol.12. No.1. 76-91. Rosenstein S., & Whatt. J. (1997). Inside directors, board effectiveness and shareholder wealth. Journal of Financial Economics. Vol.44. No.2. 229-250. Sanda, A., Garba, T., & Mikailu, A. S. (2008). Board Independence and Firm Financial Performance: Evidence from Nigeria.Usmano Danfodiyo University. Working paper. 1-32. Sanda, A., Mikailu, A.S, & Garba, T. (2005). Corporate governance mechanisms and firm financial performance in Nigeria. African Economic Research Consortium (AERC). Research Paper. No.149. 1-47. Schellenger, M.H., Wood, D.D., & Tashakori, A. (1989). Board of Director Composition, Shareholder Wealth and Dividend Policy. Journal of Management. Vol.15. No.3. 457-467. Shan, Y.G., & Xu, Lei. (2012). Do internal governance mechanisms impact on firm performance?: empirical evidence from the financial sector in China. Journal of Asia-Pacific Business. Vol.13. No.2. 114-142. Sheikh, N.A., & Wang, Z. (2012).Effects of corporate governance on capital structure: empirical evidence from Pakistan. Corporate Governance. Vol.12 No.5. 629-641. Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. Journal of Finance. Vol.52. 737-783. Shukeri, S.N., Shin, O.W., & Shaari, M.S. (2012). Does Board of Director’s Characteristics Affect Firm Performance? Evidence from Malaysian Public Listed Companies. International Business Research. Vol.5. No.9. 120-127. Singh, M., & Davidson, W.N. (2003). Agency Costs, Ownership Structure and Corporate Governance Mechanisms. Journal of Banking and Finance. Vol. 27. 793-816. Spencer Stuart Board Index. (2008), Chicago: Spencer Stuart. Steger, U., & Amann, W. (2008). Corporate governance: how to add value. West Sussex: John Wiley & Sons. Stiglitz, J.E., Jaramillo-Vallejo, J. & Park, Y.C. (1993). The role of the state in financial markets. World Bank Research Observer. Annual Conference on Development Economics Supplement. 19-61. Subrahmanyam V., Rangan, N., & Rosenstein, S. (1997). The Role of Outside Directors in Bank Acquisitions. Financial Management. Vol.26. No.3. 23-36. Suklev, B. (2011). Korporativno upravuvanje. Skopje: Faculty of Economics. Suklev, B., & Sukleva, M. (2012). The Challenge of Best Practice for Future Corporate Governance Sustainability. International Conference in Corporate governance – Its Perspectives and Challenges In Dynamic and Complex Business Environment. Faculty of Economic-Skopje. Ss Cyril and Methodius University in Skopje. 36-48. Sumner, S.W., & Webb, E. (2005). Does Corporate Governance Determine Bank Loan Portfolio Choice?. Journal of the Academy of Business and Economics. Vol.5. No.2. 1-15. Tandelilin, E., Kaaro, H., Mahadwartha, P.A., & Supriyatna. (2007). Corporate governance, risk management and bank performance: Does Type of Ownership matter?. EADN Working Paper. No.34. 1-84. Thomsen, M. (2000). Surveys Reveal Investors Will Pay for Good Governance. Available at SocialFunds: http://www.socialfunds.com/news/article.cgi/article441.html. Tirole, J. (2006). The Theory of Corporate Finance. New Jersey: Princeton University Press. Tricker, B. (2012). Corporate Governance: Principles, Policies and Practices. Second edition. Oxford: Oxford University Press. Van der Walt, N., & Ingley, C. (2003). Board Dynamics and the Influence of Professional Background, Gender and Ethnic Diversity of Directors. Corporate Governance: An International Review. Vol.11. 218-234. Vance. S. (1983). Corporate leadership: boards, directors and strategy. New York: McGraw-Hill. Weir, C. & Laing, D. (1999). Governance Structure, Size and Corporate Performance in UK Firms. Management Decision. Vol.37, No.5&6. 457-464. Weir, C. (1997). Corporate governance, performance and takeovers: An empirical analysis of UK merges. Applied Economics. Vol.29. No.11. 1465-1475. Wilson, I. (2006). Regulatory and Institutional Challenges of Corporate Governance in Nigeria: Post Banking Consolidation. Nigerian Economic Summit Group.Vol.12. No.2. 55-63. Wulf, T., Stubner, S., Miksche, J., & Roleder, K. (2010). Performance over the CEO Lifecycle – A Differentiated Analysis of Short and Long Tenured CEOs. Leipzig Graduate School of Management. Working Paper. No. 88. 2-37. Wurgler, J. (2000). Financial markets and the allocation of capital. Journal of Financial Economics. Vol.58. No.1-2. 187-214. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics. Vol.40. No.2. 185-211. Zahra, S., & Pearce, J. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management. Vol. 15. 291-344. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/46773 |