1,419
Views
0
CrossRef citations to date
0
Altmetric
Accounting, Corporate Governance & Business Ethics

The effect of political risk and corporate governance on bank stability in the MENA region: Did the Arab Spring uprisings matter?

ORCID Icon, , &
Article: 2174207 | Received 12 Dec 2022, Accepted 25 Jan 2023, Published online: 15 Feb 2023

References

  • Abad, D., Lucas-Pérez, M. E., Minguez-Vera, A., & Yagüe, J. (2017). Does gender diversity on corporate boards reduce information asymmetry in equity markets? BRQ Business Research Quarterly, 20(3), 192–27. https://doi.org/10.1016/j.brq.2017.04.001
  • Abdallah, A. A. N., & Ismail, A. K. (2017). Corporate governance practices, ownership structure, and corporate performance in the GCC countries. Journal of International Financial Markets, Institutions and Money, 46, 98–115. https://doi.org/10.1016/j.intfin.2016.08.004
  • Abdelsalam, O., Elnahass, M., Ahmed, H., & Williams, J. (2020). Asset securitizations and bank stability: Evidence from different banking systems. Global Finance Journal, 51. https://doi.org/10.1016/j.gfj.2020.100551
  • Aboud, A., & Diab, A. (2019). The financial and market consequences of environmental, social and governance ratings: The implications of recent political volatility in Egypt. Sustainability Accounting, Management and Policy Journal, 10(3), 498–520. https://doi.org/10.1108/SAMPJ-06-2018-0167
  • Abou-El-Sood, H. (2017). Corporate governance structure and capital adequacy: Implications to bank risk-taking. International Journal of Managerial Finance, 13(2), 165–185. https://doi.org/10.1108/IJMF-04-2016-0078
  • Adams, R. B., & Mehran, H. (2012). Bank board structure and performance: Evidence for large bank holding companies. Journal of Financial Intermediation, 21(2), 243–267. https://doi.org/10.1016/j.jfi.2011.09.002
  • Adhikari, B. K., & Agrawal, A. (2016). Does local religiosity matter for bank risk-taking? Journal of Corporate Finance, 38, 272–293. https://doi.org/10.1016/j.jcorpfin.2016.01.009
  • Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking and Finance, 36(12), 3213–3226. https://doi.org/10.1016/j.jbankfin.2011.10.020
  • Ahmed, A., & Ali, S. (2017). Boardroom gender diversity and stock liquidity: Evidence from Australia. Journal of Contemporary Accounting & Economics, 13(2), 148–165. https://doi.org/10.1016/j.jcae.2017.06.001
  • Al-Bassam, M., Ntim, G., Opong, K., & Downs, Y. (2018). Corporate boards and ownership structure as antecedents of corporate governance disclosure in Saudi Arabian publicly listed corporations. Business & Society, 57(2), 335–377. https://doi.org/10.1177/0007650315610611
  • Al-Janadi, Y., Abdul Rahman, R., & Alazzani, A. (2016). Does government ownership affect corporate governance and corporate disclosure? Evidence from Saudi Arabia. Managerial Auditing Journal, 31(8/9), 871–890. https://doi.org/10.1108/MAJ-12-2015-1287
  • Alraheb, T. H., & Tarazi, A. (2018). Local versus international crises and bank stability: Does bank foreign expansion make a difference? Applied Economics, 50(10), 1138–1155. https://doi.org/10.1080/00036846.2017.1352081
  • Al-Shboul, M., Maghyereh, A., Hassan, A., & Molyneux, P. (2020). Political risk and bank stability in the Middle East and North Africa region. Pacific-Basin Finance Journal, 60, 101291. https://doi.org/10.1016/j.pacfin.2020.101291
  • Andries, A. M., Balutel, D., Ihnatov, I., Ursu, S. G., & Gherghina, S. C. (2020). The nexus between corporate governance, risk-taking, and growth. PloS one, 15(2), 2. https://doi.org/10.1371/journal.pone.0228371
  • Anginer, D., Demirguc-Kunt, A., Huizinga, H., & Ma, K. (2016). Corporate governance and bank capitalization strategies. Journal of Financial Intermediation, 26, 1–27. https://doi.org/10.1016/j.jfi.2015.12.002
  • Arnaboldi, F., Casu, B., Kalotychou, E., & Sarkisyan, A. (2018). The performance effects of board heterogeneity: What works for EU banks? The European Journal of Finance, 1–28. https://doi.org/10.1080/1351847X.2018.1479719
  • Basel Committee on Banking Supervision. (2006). Basel II: international convergence of capital measurement and capital standards: A revised framework, report #128, bank for international settlements, http://www.bis.org/publ/bcbs128.htm
  • Basel Committee on Banking Supervision. (2015). Basel III: The liquidity coverage ratio and liquidity risk monitoring tools. CH– 4002 Basel, Switzerland Bank for International Settlements. http://www.bis.org/publ/bcbs238.pd
  • Belkhir, M., Grira, J., Hassan, M. K., & Soumaré, I. (2019). Islamic banks and political risk: International evidence. The Quarterly Review of Economics and Finance, 74, 39–55. https://doi.org/10.1016/j.qref.2018.04.006
  • Beltratti, A., & Stulz, R. M. (2012). The credit crisis around the globe: Why did some banks perform better? Journal of Financial Economics, 105(1), 1–17. https://doi.org/10.1016/j.jfineco.2011.12.005
  • Berger, A. N., Imbierowicz, B., & Rauch, C. (2016). The roles of corporate governance in bank failures during the recent financial crisis. Journal of Money, Credit and Banking, 48(4), 729–770. https://doi.org/10.1111/jmcb.12316
  • Bhagat, S., & Black, B. (2002). The non-correlation between board Independence and long-term firm performance. Journal of Corporation Law, 27, 231–274. https://heinonline.org/HOL/Page?collection=journals&handle=hein.journals/jcorl27&id=241&men_tab=srchresults
  • Bhagat, S., Bolton, B., & Lu, J. (2015). Size, leverage, and risk-taking of financial institutions. Journal of Banking & Finance, 59, 520–537. https://doi.org/10.1016/j.jbankfin.2015.06.018
  • Bhardwaj, M. (2012). Development of conflict in Arab Spring Libya and Syria: From revolution to civil war. Washington University International Review, 1(1), 76–97.
  • Bitar, M., Hassan, M. K., & Walker, T. (2017). Political systems and the financial stability of Islamic banks. Journal of Financial Stability, 31, 18–44. https://doi.org/10.1016/j.jfs.2017.06.002
  • Bitar, M., Saad, W., & Benlemlih, M. (2016). Bank risk and performance in the MENA region: The importance of capital requirements. Economic Systems, 40(3), 398–421. https://doi.org/10.1016/j.ecosys.2015.12.001
  • Blejer, M. I. (2006). Economic growth and the stability and efficiency of the financial sector. Journal of Banking & Finance, 30(12), 3429–3432. https://doi.org/10.1016/j.jbankfin.2006.06.001
  • Boateng, A., Liu, Y., & Brahma, S. (2019). Politically connected boards, ownership structure and credit risk: Evidence from Chinese commercial banks. Research in International Business and Finance, 47, 162–173. https://doi.org/10.1016/j.ribaf.2018.07.008
  • Bokpin, G. A. (2013). Ownership structure, corporate governance and bank efficiency: An empirical analysis of panel data from the banking industry in Ghana. Corporate Governance: The International Journal of Business in Society, 13(3), 274–287. https://doi.org/10.1108/CG-05-2010-0041
  • Calomiris, C. W., & Carlson, M. (2016). Corporate governance and risk management at unprotected banks: National banks in the 1890s. Journal of Financial Economics, 119(3), 512–532. https://doi.org/10.1016/j.jfineco.2016.01.025
  • Cao, C., & Petrasek, L. (2014). Liquidity risk in stock returns: An event-study perspective. Journal of Banking & Finance, 45, 72–83. https://doi.org/10.1016/j.jbankfin.2013.09.020
  • Carty, R., & Weiss, G. (2012). Does CEO duality affect corporate performance? Evidence from the US banking crisis. Journal of Financial Regulation and Compliance, 20(1), 26–40. https://doi.org/10.1108/13581981211199407
  • Chau, F., Deesomsak, R., & Wang, J. (2014). Political uncertainty and stock market volatility in the Middle East and North African (MENA) countries. Journal of International Financial Markets, Institutions and Money, 28, 1–19. https://doi.org/10.1016/j.intfin.2013.10.008
  • Chen, H. J., & Lin, K. T. (2016). How do banks make the trade-offs among risks? The role of corporate governance. Journal of Banking & Finance, 72, S39–S69. https://doi.org/10.1016/j.jbankfin.2016.05.010
  • Chen, M., Wu, J., Jeon, B., & Wang, R. (2017). Do foreign banks take more risk? Evidence from emerging economies. Journal of Banking and Finance, 82, 20–39. https://doi.org/10.1016/j.jbankfin.2017.05.004
  • Choi, J. H., Jeon, K. A., & Park, J. I. (2004). The role of audit committees in decreasing earnings management: Korean evidence. International Journal of Accounting, Auditing and Performance Evaluation, 1(1), 37‐60. https://doi.org/10.1504/IJAAPE.2004.004142
  • Cole, R. A., & White, L. J. (2012). Déjà vu all over again: The causes of US commercial bank failures this time around. Journal of Financial Services Research, 42(1–2), 5–29. https://doi.org/10.1007/s10693-011-0116-9
  • Conger, J. A., Finegold, D., & Lawler, E. E. I. I. I. (1998). Appraising boardroom performance. Harvard Business Review, 76(1), 136‐48.
  • Conyon, M. J., & He, L. (2017). Firm performance and boardroom gender diversity: A quantile regression approach. Journal of Business Research, 79, 198–211. https://doi.org/10.1016/j.jbusres.2017.02.006
  • Cooper, E., & Uzun, H. (2012). Directors with a full plate: The impact of busy directors on bank risk. Managerial Finance, 38(6), 571–586. https://doi.org/10.1108/03074351211226238
  • Cornett, M. M., McNutt, J. J., & Tehranian, H. (2009). Corporate governance and earnings management at large US bank holding companies. Journal of Corporate Finance, 15(4), 412–430. https://doi.org/10.1016/j.jcorpfin.2009.04.003
  • De Andres, P., & Vallelado, E. (2008). Corporate governance in banking: The role of the board of directors. Journal of Banking & Finance, 32(12), 2570–2580. https://doi.org/10.1016/j.jbankfin.2008.05.008
  • De Jong, A., DeJong, D. V., Mertens, G., & Wasley, C. E. (2005). The role of self-regulation in corporate governance: Evidence and implications from the Netherlands. Journal of Corporate Finance, 11(3), 473–503. https://doi.org/10.1016/j.jcorpfin.2004.01.002
  • Delis, M. D., & Kouretas, G. P. (2011). Interest rates and bank risk-taking. Journal of Banking & Finance, 35(4), 840–855. https://doi.org/10.1016/j.jbankfin.2010.09.032
  • De Vita, G., & Luo, Y. (2018). When do regulations matter for bank risk-taking? An analysis of the interaction between external regulation and board characteristics. Corporate Governance, 18(3), 440–461. https://doi.org/10.1108/CG-10-2017-0253
  • Dey, A., Engel, E., & Liu, X. (2011). CEO and board chair roles: To split or not to split. Journal of Corporate Finance, 17(5), 1595–1618. https://doi.org/10.1016/j.jcorpfin.2011.09.001
  • Diab, A., & Aboud, A. (2019). The interplay between ideological resistance and management control: An Egyptian case study. Journal of Accounting in Emerging Economies, 9(2), 208–236. https://doi.org/10.1108/JAEE-07-2017-0070
  • Diab, A., & Metwally, A. B. (2019). Institutional ambidexterity and management control: The role of religious, communal and political institutions. Qualitative Research in Accounting & Management, 16(3), 373–402. https://doi.org/10.1108/QRAM-08-2017-0081
  • Diab, A., & Metwally, A. (2020). Institutional complexity and CSR practices: Evidence from a developing country. Journal of Accounting in Emerging Economies, 10(4), 655–680. https://doi.org/10.1108/JAEE-11–2019-0214
  • Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16(1), 49–64. https://doi.org/10.1177/031289629101600103
  • Dong, Y., Girardone, C., & Kuo, J. M. (2017). Governance, efficiency and risk-taking in Chinese banking. The British Accounting Review, 49(2), 211–229. https://doi.org/10.1016/j.bar.2016.08.001
  • Duho, K. C. T., Onumah, J. M., & Owodo, R. A. (2020). Bank diversification and performance in an emerging market. International Journal of Managerial Finance, 16(1), 120–138. https://doi.org/10.1108/IJMF-04-2019-0137
  • Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48(1), 35–54. https://doi.org/10.1016/S0304-405X(98)00003-8
  • Elamer, A. A., Ntim, C. G., Abdou, H. A., & Pyke, C. (2020). Sharia supervisory boards, governance structures and operational risk disclosures: Evidence from Islamic banks in MENA countries. Global Finance Journal, 46, 100488. https://doi.org/10.1016/j.gfj.2019.100488
  • Ellul, A., & Yerramilli, V. (2013). Stronger risk controls, lower risk: Evidence from US bank holding companies. The Journal of Finance, 68(5), 1757–1803. https://doi.org/10.1111/jofi.12057
  • Elnahass, M., Izzeldin, M., & Steele, G. (2018). Capital and earnings management: Evidence from alternative banking business models. The International Journal of Accounting, 53(1), 20–32. https://doi.org/10.1016/j.intacc.2018.02.002
  • Elnahass, M., Trinh, V. Q., & Li, T. (2021). Global banking stability in the shadow of Covid-19 outbreak. Journal of International Financial Markets, Institutions and Money, 72, 101322. https://doi.org/10.1016/j.intfin.2021.101322
  • Elyasiani, E., & Zhang, L. (2015). Bank holding company performance, risk and “busy” board of directors. Journal of Banking & Finance, 60, 239–251. https://doi.org/10.1016/j.jbankfin.2015.08.022
  • Erkens, D. H., Hung, M., & Matos, P. (2012). Corporate governance in the 2007-2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 18(2), 389–411. https://doi.org/10.1016/j.jcorpfin.2012.01.005
  • Faleye, O., & Krishnan, K. (2017). Risky lending: Does bank corporate governance matter? Journal of Banking & Finance, 83,57-69. https://doi.org/10.1016/j.jbankfin.2017.06.011
  • Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–326. https://doi.org/10.1086/467037
  • Farag, H., & Mallin, C. (2017). Board diversity and financial fragility: Evidence from European banks. International Review of Financial Analysis, 49, 98–112. https://doi.org/10.1016/j.irfa.2016.12.002
  • Farah, N. (2009). Egypt’s political economy: Power relations in development. American Univ in Cairo Press.
  • Fiordelisi, F., Marques-Ibanez, D., & Molyneux, P. (2011). Efficiency and risk in European banking. Journal of Banking & Finance, 35(5), 1315–1326. https://doi.org/10.1016/j.jbankfin.2010.10.005
  • Ghosh, S. (2016). Political transition and bank performance: How important was the Arab Spring? Journal of Comparative Economics, 44(2), 372–382. https://doi.org/10.1016/j.jce.2015.02.001
  • Graham, J., Harvey, C., & Puri, M. (2013). Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103–121. https://doi.org/10.1016/j.jfineco.2013.01.010
  • Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314–338. https://doi.org/10.1016/j.jacceco.2011.01.005
  • Hakenes, H., & Schnabel, I. (2011). Bank size and risk-taking under Basel II. Journal of Banking & Finance, 35(6), 1436–1449. https://doi.org/10.1016/j.jbankfin.2010.10.031
  • Hasanov, R., & Bhattacharya, P. S. (2019). Do political factors influence banking crisis? Economic Modelling, 76, 305–318. https://doi.org/10.1016/j.econmod.2018.08.010
  • Heinrich, R. (2000). Corporate governance: A systemic approach with an application to Eastern Europe. In E. Rosenbaum, F. Bönker, & H. Wagener (Eds.), Privatization, corporate governance and the emergence of markets (pp. 83–97). Palgrave Macmillan.
  • Hemrit, W. (2018). Risk reporting appraisal in post-revolutionary Tunisia. Journal of Financial Reporting and Accounting, 16(4), 522–542. https://doi.org/10.1108/JFRA-05-2016-0040
  • Herrala, R., & Turk-Ariss, R. (2016). Capital accumulation in a politically unstable region. Journal of International Money and Finance, 64, 1–15. https://doi.org/10.1016/j.jimonfin.2016.01.008
  • Issa, A., & Fang, H.-X. (2019). The impact of board gender diversity on corporate social responsibility in the Arab Gulf states. Gender in Management, 34(7), 577–605. https://doi.org/10.1108/GM-07-2018-0087
  • Jensen, M. C. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance, 48(3), 831–880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
  • John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk-taking. Journal of Finance, 63(4), 1728–1979. https://doi.org/10.1111/j.1540-6261.2008.01372.x
  • Karolyi, G. (2006). The world of cross-listings and cross-listings of the world: Challenging conventional wisdom. Review of Finance, 1(1), 99–152. https://doi.org/10.1007/s10679-006-6980-8
  • Karshenas, M., Moghadam, V. M., & Alami, R. (2014). Social policy after the Arab Spring: States and social rights in the MENA Region. World Development, 64, 726–739. https://doi.org/10.1016/j.worlddev.2014.07.002
  • 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, 11(3), 189–205. https://doi.org/10.1111/1467-8683.00318
  • Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375–400. https://doi.org/10.1016/S0165-4101(02)00059-9
  • Koirala, S., Marshall, A., Neupane, S., & Thapa, C. (2020). Corporate governance reform and risk-taking: Evidence from a quasi-natural experiment in an emerging market. Journal of Corporate Finance, 61, 101396. https://doi.org/10.1016/j.jcorpfin.2018.08.007
  • Kosmidou, K. (2008). The determinants of banks' profits in Greece during the period of EU financial integration. Managerial finance, 34(3), 146–159. https://doi.org/10.1108/03074350810848036
  • Kutubi, S. S., Ahmed, K., & Khan, H. (2018). Bank performance and risk-taking—Does directors’ busyness matter? Pacific-Basin Finance Journal, 50, 184–199. https://doi.org/10.1016/j.pacfin.2017.02.002
  • Labib, S. (2012). Arab women in between the rigidity of culture and heritage and the dominance of a patriarchal society. Ahewar [online]. Published at 1 March 2012. Retrieved 13 February 2016 http://www.ahewar.org/debat/show.art.asp?aid=297207 (in Arabic)
  • Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk-taking. Journal of Financial Economics, 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003
  • Lewellyn, K. B., & Muller‐Kahle, M. I. (2012). CEO power and risk-taking: Evidence from the subprime lending industry. Corporate Governance: An International Review, 20(3), 289–307. https://doi.org/10.1111/j.1467-8683.2011.00903.x
  • Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. In The business lawyer (pp. 59–77). American Bar Association.
  • Li, L., & Song, F. M. (2013). Do bank regulations affect board Independence? A cross-country analysis. Journal of Banking & Finance, 37(8), 2714–2732. https://doi.org/10.1016/j.jbankfin.2013.03.026
  • López-Penabad, M. C., Iglesias-Casal, A., & Neto, J. F. S. (2021). Competition and financial stability in the European listed banks. SAGE Open, 11(3), 215824402110326. https://doi.org/10.1177/21582440211032645
  • Marie, M., Kamel, H., & Elbendary, I. (2021). How does internal governance affect banks’ financial stability? Empirical evidence from Egypt. International Journal of Disclosure and Governace, 18(3), 240–255. https://doi.org/10.1057/s41310-021-00110-8
  • Minton, B. A., Taillard, J. P., & Williamson, R. (2014). Financial expertise of the board, risk-taking, & performance: Evidence from bank holding companies. J. Financial Quant. Anal, 49(2), 351–380. https://doi.org/10.1017/S0022109014000283
  • Mollah, S., Hassan, M. K., Al Farooque, O., & Mobarek, A. (2017). The governance, risk-taking, and performance of Islamic banks. Journal of Financial Services Research, 51(2), 195–219. https://doi.org/10.1007/s10693-016-0245-2
  • Mollah, S., & Zaman, M. (2015). Shari’ah supervision, corporate governance and performance: Conventional vs. Islamic banks. Journal of Banking & Finance, 58, 418–435. https://doi.org/10.1016/j.jbankfin.2015.04.030
  • Mullineux, A. (2006). The corporate governance of banks. Journal of Financial Regulation and Compliance, 14(4), 375–382. https://doi.org/10.1108/13581980610711144
  • Nurleni, N., Bandang, A., Darmawati, J., Amiruddin, & Amiruddin, A. (2018). The effect of managerial and institutional ownership on corporate social responsibility disclosure. International Journal of Law and Management, 60(4), 979–987. https://doi.org/10.1108/IJLMA-03-2017-0078
  • Önder, Z., & Özyıldırım, S. (2013). Role of bank credit on local growth: Do politics and crisis matter? Journal of Financial Stability, 9(1), 13–25. https://doi.org/10.1016/j.jfs.2012.12.002
  • Ozili, P. K. (2018). Banking stability determinants in Africa. International Journal of Managerial Finance, 14(4), 462–483. https://doi.org/10.1108/IJMF-01-2018-0007
  • Pathan, S. (2009). Strong boards, CEO power and bank risk-taking. Journal of Banking & Finance, 33(7), 1340–1350. https://doi.org/10.1016/j.jbankfin.2009.02.001
  • Pathan, S., & Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking & Finance, 37(5), 1573–1589. https://doi.org/10.1016/j.jbankfin.2012.12.016
  • Pham, N., Oh, K. B., & Pech, R. (2015). Mergers and acquisitions: CEO duality, operating performance and stock returns in Vietnam. Pacific-Basin Finance Journal, 35, 298–316. https://doi.org/10.1016/j.pacfin.2015.01.007
  • Phan, D. H. B., Narayan, P. K., Rahman, R. E., & Hutabarat, A. R. (2020). Do financial technology firms influence bank performance? Pacific-Basin Finance Journal, 62, 101210. https://doi.org/10.1016/j.pacfin.2019.101210
  • Rahman, M. M., Zheng, C., & Ashraf, B. N. (2015). Bank size, risk-taking and capital regulation in Bangladesh. Eurasian Journal of Business and Economics, 8(15), 95–114. https://doi.org/10.17015/ejbe.2015.015.05
  • Rajan, R., & Dhal, S. C. (2003). Non-performing loans and terms of credit of public sector banks in India: An empirical assessment. Occasional Papers, 24(3), 81–121. https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/60613.pdf
  • Raouf, H., & Ahmed, H. (2020). Risk governance and financial stability: A comparative study of conventional and Islamic banks in the GCC. Global Finance Journal, 52. https://doi.org/10.1016/j.gfj.2020.100599
  • Rashid, A., Hassan, M. K., & Karamat, H. (2021). Firm size and the interlinkages between sales volatility, exports, and financial stability of Pakistani manufacturing firms. Eurasian Business Review, 11(1), 111–134. https://doi.org/10.1007/s40821-020-00162-w
  • Roe, M. J., & Siegel, J. I. (2011). Political instability: Effects on financial development, roots in the severity of economic inequality. Journal of Comparative Economics, 39(3), 279–309. https://doi.org/10.1016/j.jce.2011.02.001
  • Root, F. R. (1972). Analyzing political risks in international business. In A. Kapoor & P. D. Grubž (Eds.), The multinational enterprise in transition (pp. 354–365). Darwin Press.
  • Saeed, A., Belghitar, Y., & Yousaf, A. (2016). Firm-level determinants of gender diversity in the boardrooms: Evidence from some emerging markets. International Business Review, 25(5), 1076–1088. https://doi.org/10.1016/j.ibusrev.2016.01.002
  • Salim, R., Arjomandi, A., & Seufert, J. H. (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
  • Sarhan, A. A., Ntim, C. G., & Al-Najjar, B. (2019). Antecedents of audit quality in MENA countries: The effect of firm-and country-level governance quality. Journal of International Accounting, Auditing and Taxation, 35, 85–107. https://doi.org/10.1016/j.intaccaudtax.2019.05.003
  • Sarkar, J., & Sarkar, S. (2018). Bank ownership. Board Characteristics and Performance: Evidence from Commercial Banks in India. International Journal of Financial Studies, 6(17), 1–17. https://doi.org/10.3390/ijfs6010017
  • Schaeck, K., & Cihák, M. (2014). Competition, efficiency, and stability in banking. Financial Management, 43(1), 215–241. https://doi.org/10.1111/fima.12010
  • Shehzad, C. T., de Haan, J., & Scholtens, B. (2010). The impact of bank ownership concentration on impaired loans and capital adequacy. Journal of Banking & Finance, 34(2), 399–408. https://doi.org/10.1016/j.jbankfin.2009.08.007
  • Sheikh, S. (2019). CEO power and corporate risk: The impact of market competition and corporate governance. Corporate Governance: An International Review, 27(5), 358–377. https://doi.org/10.1111/corg.12285
  • Sila, V., Gonzalez, A., & Hagendorff, J. (2016). Women on board: Does boardroom gender diversity affect firm risk? Journal of Corporate Finance, 36, 26–53. https://doi.org/10.1016/j.jcorpfin.2015.10.003
  • Sissy, A. M., Amidu, M., & Abor, J. Y. (2017). The effects of revenue diversification and cross-border banking on risk and return of banks in Africa. Research in International Business and Finance, 40, 1–18. https://doi.org/10.1016/j.ribaf.2016.09.017
  • Staikouras, P., Christos, S., & Agoraki, M. E. (2007). The effect of board size and composition on European bank performance. European Journal of Law and Economics, 23(ss), 1–27. https://doi.org/10.1007/s10657-007-9001-2
  • Sun, J., & Liu, G. (2014). Audit committees’ oversight of bank risk-taking. Journal of Banking & Finance, 40, 376–387. https://doi.org/10.1016/j.jbankfin.2013.12.015
  • Tan, Y., & Floros, C. (2012). Bank profitability and GDP growth in China: A note. Journal of Chinese Economic and Business Studies, 10(3), 267–273. https://doi.org/10.1080/14765284.2012.703541
  • Tanna, S., Pasiouras, F., & Nnadi, M. (2011). The effect of board size and composition on the efficiency of UK banks. International Journal of the Economics of Business, 18(3), 441–462. https://doi.org/10.1080/13571516.2011.618617
  • Tarchouna, A., Jarraya, B., & Bouri, A. (2017). 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, 645–657. https://doi.org/10.1016/j.ribaf.2017.07.008
  • Tejedo-Romero, F., Rodrigues, L. L., & Craig, R. (2017). Women directors and disclosure of intellectual capital information. European Research on Management and Business Economics, 23(3), 123–131. https://doi.org/10.1016/j.iedeen.2017.06.003
  • Trinh, V. Q., Elnahass, M., & Salama, A. (2021). Board busyness and new insights into alternative bank dividends models. Review of Quantitative Finance and Accounting, 56(4), 1289–1328. https://doi.org/10.1007/s11156-020-00924-7
  • Trinh, V., Elnahass, M., Salama, A., & Izzeldin, M. (2020). Board busyness, performance and financial stability: Does bank type matter? The European Journal of Finance, 26(7–8), 774–801. https://doi.org/10.1080/1351847X.2019.1636842
  • Upadhyay, A., & Zeng, H. (2014). Gender and ethnic diversity on board and corporate information environment. Journal of Business Research, 67(11), 2456–2463. https://doi.org/10.1016/j.jbusres.2014.03.005
  • Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113‐42. https://doi.org/10.1016/S0304-405X(99)00018-5
  • Wang, W. K., Lu, W. M., & Lin, Y. L. (2012). Does corporate governance play an important role in BHC performance? Evidence from the US. Economic Modelling, 29(3), 751–760. https://doi.org/10.1016/j.econmod.2012.01.021
  • Yang, T., & Zhao, S. (2014). CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment. Journal of Banking & Finance, 49, 534–552. https://doi.org/10.1016/j.jbankfin.2014.04.008
  • 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
  • Zeineb, G., & Mensi, S. (2018). Corporate governance, risk and efficiency: Evidence from GCC Islamic banks. Managerial Finance, 44(5), 551–569. https://doi.org/10.1108/MF-05-2017-0186