The Effects of Corporate Governance on Financial Performance of Commercial Banks in a Turbulent Economic Environment
Keywords:
Corporate governance; financial performance; turbulent economic environmentAbstract
This study sought to investigate the effects of corporate governance on the financial performance of commercial banks in a turbulent economic and political environment. Board size, board composition, audit committee and leverage ratios and how they affected the financial performance of commercial banks in Zimbabwe during different economic and political landscapes were examined. Return on equity (ROE) was used as a measure of bank performance. An explanatory research design was used to investigate the relationship between corporate governance and financial performance of commercial banks in a hostile political and economic landscape. The population of study was 13 commercial banks regulated by the central bank of Zimbabwe. The sample size was 5/13 of the total population. Secondary data was collected from the annual reports of the 5 commercial banks. The data was gathered exclusively by analyzing the annual reports of the commercial banks for the period 2010 to 2017 and the data was analyzed using EViews 08. The period of study was split into two periods (2010 – 2013) being a relatively stable economic and political environment and (2014 – 2017) a period of high political and economic volatility to capture the difference in the political and economic environment. The study found that the employed measures of corporate governance were significant predictors of financial performance of commercial banks in Zimbabwe. The board size, board composition, the subcommittees and leverage were found to be significant in explaining the profitability of commercial banks in Zimbabwe in both periods (stable and turbulent environments). Based on the findings, another study encompassing all corporate governance tenets in different environments should be conducted to assess the full impact of the environment on corporate governance and performance of banks.
References
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Kalsie, A. & Shrivastav, S. M., 2016. Analysis of Board Size and Firm Performance: Evidence from NSE Companies using Panel Data Approach. Indian Journal of Corporate Governance, 9(2), pp. 148-172.
Kanayo, A. P., Onyenwe, N. I. & Isaac, J. E., 2016. Effect of corporate governance mechanism on the financial performance of banks in Nigeria. NG-Journal of social Development, 5(2), pp. 41-54.
Kanungo, S. S. & Nayak, N., 2017. Corporate governance mechanisms and financial performance of banks. International Journal of Commerce and Management Research, 3(1), pp. 1-5.
Kararach, G. & Otieno, R. O., 2016. Economic Management in a Hyperinflationary Environment: The Political Economy of Zimbabwe, 1980-2008. 1st ed. Oxford: Oxford University Press.
Katrodia, A., 2012. Corporate Governance Practices in the Banking Sector. Journal of Research in Commerce & Management, 1(4), pp. 37-44.
Kumar, N. & Singh, J. P., 2013. Effects of board size and promoter ownership on firm value: some empirical findings from India. Corporate Governance: The international journal of business in society, 13(1), pp. 88-98.
Kunofiwa, T. & Odhiambo, N. M., 2012. Foreign direct investment and economic growth in Zimbabwe: a dynamic causality test. Int. J. Economic Policy in Emerging Economies, 5(2), pp. 183-196.
Liang, Q., Xu, P. & Jiraporn, P., 2013. Board characteristics and Chinese bank performance. Journal of Banking and Finance, 37(1), pp. 2953-2968.
Lipunga, A. M., 2014. Corporate Governance Practices in Commercial Banking Sector of Malawi: Evidence from Annual Reports. Journal of Applied Finance & Banking, 4(5), pp. 115-133.
Lopez-Quesada, E., Camacho-Minano, M.-d.-M. & Idowu, S. O., 2018. Corporate governance practices and comprehensive income. Corporate Governance: The International Journal of Business in Society, 18(3), pp. 462-477.
Mangena, M., Tauringana, V. & Chamisa, E., 2012. Corporate boards, ownership structure and firm performance in an environment of severe political and economic crisis. British Journal of Management, 23(1), pp. 1-27.
Manini, M. M. & Abdillahi, U. A., 2015. Corpoerate Governance Machanisms and Financial Performance of Commercial Banks in Kenya. IOSR Journal of Business and Management , 17(3), pp. 25-40.
Masaka, D., 2012. Paradoxes in the 'Sanctions Disclosure' in Zimbabwe: A Critical Reflection. African Study Monographs, 33(1), pp. 49-71.
Mashavave, M., 2017. A Corporate Governance Perspective to State Owned Enterprises in Zimbabwe: A Case Study of Air Zimbabwe. Management, 7(6), pp. 209-222.
Maune, A., 2017. The strong influence of sound corporate governance on economic Growth: evidence from Zimbabwe. Problems and Perspectives in Management, 15(2), pp. 445-455.
Mendez, C. F., Garcia, R. A. & Pathan, S., 2017. Monitoring by Busy and Overlap Directors: An examination of Executive Renumeration and Financial Reporting Quality.. Spanish Journal of Finance and accounting, 46(1), pp. 28-62.
Mohamed, E. K. A., Basuony, M. A. & Badawi, A. A., 2013. The Impact of Corporate Governance on Firm Performance in Egyptian Listed Companies. Corporate Ownership & Control, 11(1), pp. 691-705.
Mugova, S. & Sachs, P. R., 2016. Corporate Governance, Structure and Accountability as Affected by National Government Infrastructure in Developing Countries. Corporate Ownership & Control, 13(4), pp. 224-231.
Mustafa, H. M. A., 2014. Evaluating the Financial Performance of Banks Using Financial Ratios- A Case Study of Erbil Bank for Investment and Finance. European Journal of Accounting Auditing and Finance Research, 2(6), pp. 162-177.
Muzurura, J., 2016. Determinants of foreign direct investment (FDI) in Zimbabwe: What factors matter?. Research in Business and Economics Journal, 11(2016), pp. 1-19.
Nawafly, A. T. & Alarussi, A. S., 2016. Impact of Board’sCharacteristics, Audit Committee Characteristics OverFirm Performance. Kedah, Universiti Utara Malaysia.
Nyamongo, E. M. & Temesgen, K., 2013. The effect of governance of commercial banks in Kenya: a panel study. Corporate Governance: The international journal of business in society, 13(3), pp. 236-248.
Ogege, S. & Boloupremo, T., 2014. Corporate Governance and the Financial Performance of Banks: Evidence from Nigeria.. Hyperion Economic Journal, 10(3), pp. 44-58.
Okwuchukwu, O., Ezeudu , I. J. & Orikara, C. P., 2015. Does Corporate Governance Influence Banking Sector Performance in Nigeria. International Journal of Economics, Commerce and Management, 3(10), pp. 345-365.
Olusola, S. A. O. & Abiodun, O. F., 2013. Relationship Between Corporate Governance And Organizational Performance: Nigerian Listed Organizations Experience. International Journal of Business and Management Invention, 2(9), pp. 1-6.
Oluwafemi, S., Israel, N. & Simeon, O., 2013. Risk Management and Financial Performance Of Banks In Nigeria. IOSR Journal of Business and Management, 14(6), pp. 52-56.
Ongore, V. O., Peter, O. K., Ogutu, M. & Bosire, E. M., 2015. Board Composition and Financial Performance: Empirical Analysis of Companies Listed at the Nairobi Securities Exchange. International Journal of Economics and Financial Issues, 5(1), pp. 23-39.
Otieno, K., Mugo, R., Njeje, D. & Kimathi , A., 2015. Effect of Corporate Governance on Financial Performance of SACCOS in Kenya. Research Journal of Finance and Accounting, 6(2), pp. 48-62.
Palaniappan, G., 2017. Determinance of corporate financial performance relating to board characteristics of corporate governance in Indian manufacturing industry. Corporate financial performance, 26(1), pp. 67-85.
Progress, S., Hlanganipai, N. & Godfrey, N., 2014. Impact of Corporate Governance on the Performance of Commercial Banks in Zimbabwe. Mediterranean Journal of Social Sciences , 5(15).
Puni, A., 2015. Do Board Committees Affect Corporate Financial Performance? Evidence from Listed Companies in Ghana. International Journal of Business and Management Review, 3(5), pp. 14-25.
Quaresma, 2014. Corporate Governance Practices in Listed Banks-Impact on Risk Management and Resulting Financial Performance. Journal of Business and Economics, 5(8), pp. 1250-1260.
Riaz, S., Khan, A. H. & Shaheen, M., 2017. Relationship Between Board Size and Firm Performance: Intervening Role of Policies. Business and Economics, 6(3), pp. 130-140.
Samson, O. & Tarila, B., 2014. Corporate Governance and Financial Performance of Banks: Evidence from Nigeria. ACTA Universitatis Danubius, 10(2), pp. 216-230.
Sheik, A. N. & Wang, Z., 2012. Effects of Corporate Governance on Capital Structure: Empirical Evidence from Pakistan. Corporate Governance, 12(5), pp. 629-641.
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, 5(9), pp. 120-127.
Shungu, P., Ngirande, H. & Ndlovu, G., 2014. Impact of Corporate Governance on the Performance of Commercial Banks in Zimbabwe. Mediterranean Journal of Social Sciences, 5(15), pp. 93-105.
Sikwila, M. N., 2014. Foreign direct investment: does it matter? A case for Zimbabwe. Research in Business and Economics Journal, 10(2014), pp. 1-12.
Tai, L., 2015. The Impact of Corporate Governance on the Efficiency and Financial Performance of GCC National Banks. Middle East Journal of Business, 10(1), pp. 12-16.
Ujunwa, A., 2012. Board Characteristics and Financial Performanceof Nigerian Quoted Firms. Corporate Governance, 12(5), pp. 656-674.
UNCTAD, 2014. Foreign direct investments in Africa, New York and: United Nations.
Aanu, O. S., Odianonsen, I. F. & Foyeke, O. I., 2014. Effectiveness of Audit Committee and Firm Financial Performance in Nigeria: An Empirical Analysis. Journal of Accounting and Auditing, 2014(2014), pp. 1-11.
Abdullaha, S. N., Halim, N. F. C. A. & Nelson, S. P., 2014. The impact of new regulation on earning quality among Malaysian firms. International Journal of Economics, Management and Accounting, 22(2), pp. 21-68.
Adams, R. B. & Mehran, H., 2012. Bank board structure and performance: Evidence for large bank holding companies. Journal of Financial Intermediation, 21(1), pp. 243-267.
Adegbite, E., Amaeshi, K. & Amao, O., 2012. The Politics of Shareholder Activism in Nigeria. Journal of Business Ethics, 105(3), pp. 389-402.
Adolph, C., 2013. Bankers, Bureaucrats and Central Bank Politics. The Myth of Neutrality. 1st ed. Seattle: Cambridge University Press.
Aebi, V., Sabato, G. & Schmid, M., 2012. Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), pp. 3213-3226.
Afrifa, G. A. & Tauringana, V., 2015. Corporate governance and performance of UK listed small and medium enterprises. Corporate Governance, 15(5), pp. 719-733.
Al-Mamun, A. et al., 2014. Relationship between audit committee characteristics, external auditors and economic value added (EVA) of public listed firms in Malaysia. Corporate ownership and control, 12(1), pp. 899-910.
Al-Matari, Y. A. et al., 2012. Board of Directors, Audit Committee Characteristics and the Performance of Saudi Arabia Listed Companies. International Review of Management and Marketing, 2(4), pp. 241-256.
Amer, M., Ragab, A. A. & Shehata, S. E., 2014. Audit committee characteristics and firm performance: Evidence from Egyptian listed companies.. s.l., Proceedings of 6th Annual American Business Research Conference.
Arslan, M., Zaman, R. & Malik, R. K., 2014. Impact of CEO Duality and Audit Committee on Firm Performance: A study of Oil and Gas Listed Firms of Pakistan. Research Journal of Finance and Accounting, 5(17), pp. 151-156.
Aryan, L. A., 2015. The relationship between audit committee characteristics, audit firm quality and companies’ profitability. Asian Journal of Finance & Accounting, 7(2), pp. 215-226.
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Published
2020-08-28
How to Cite
Wadesango, N., Charity, M., Blessing, M., & Haufiku, H. (2020). The Effects of Corporate Governance on Financial Performance of Commercial Banks in a Turbulent Economic Environment: Array. Acta Universitatis Danubius. Œconomica, 16(4). Retrieved from https://dj.univ-danubius.ro/index.php/AUDOE/article/view/313
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Business Administration and Business Economics
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