مقاله انگلیسی رایگان در مورد اصلاحات حاکمیت شرکتی و عملکرد بانک – امرالد 2017

Over the past two decades or so, a significant amount of attention in both the academic literature as well as in policy circles has been devoted towards understanding the role of corporate governance in banks and more so, following the outbreak of high profile corporate irregularities in several advanced economies and elsewhere. The culmination of these interests has resulted in the formulation of corporate governance codes in several countries or alternately, revamping the existing codes with focus on their implementation.1 One region of the global economy where the importance of corporate governance has been relatively under-researched has been the Middle East and North Africa (MENA) region. In the early 2000s, the World Bank (2003) had highlighted the significant governance gap in the MENA region and suggested possible pathways to good governance. Subsequently, although some studies have explored the efficacy of corporate governance for the MENA countries (Saidi, 2004; International Finance Corporation, 2008; Organisation for Economic Cooperation and Development, 2005, 2009, 2011), these have been more in the nature of documentary evidence, highlighting the weaknesses in governance standards in the MENA region. With MENA countries having undertaken significant governance reforms during the past decade, the efficacy of such reforms in affecting bank performance remains a moot empirical concern. To inform this debate, this paper studies the impact of corporate governance reforms on bank performance. The information base comprises of a sample of over 100 banks, a quarter of which are Islamic, in 12 MENA countries during the period 2000-2012. The empirical research design exploits the exogenous variation arising from the staggered reforms in the corporate governance framework across the banking sector in these countries and adopts a difference-in-differences (DID) research design to isolate the impact on performance. We find that the economic impact of governance reforms on bank profitability is limited. However, when considered in conjunction with relevant governance characteristics, these magnitudes are quite significant in several instances and indicate that corporate governance reforms do have a role to play in influencing bank profitability