董事会特征与银行股票表现:中东和北非地区的经验证据

IF 2 Q2 BUSINESS, FINANCE
Risks Pub Date : 2024-05-14 DOI:10.3390/risks12050081
Antoine B. Awad, Robert Gharios, Bashar Abu Khalaf, Lena A. Seissian
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引用次数: 0

摘要

本研究探讨了商业银行董事会特征与股票表现之间的关系。我们的分析基于 10 个中东和北非国家 65 家银行的样本以及 2013 年至 2022 年间提取的定量数据。本研究采用了集合 OLS、固定效应和随机效应回归来证实董事会规模、董事会独立性、董事会会议次数和首席执行官双重性与以银行股价和市账率衡量的股票表现之间的关系。此外,还使用了几个控制变量,如银行的资本充足率、盈利能力和规模。实证研究结果表明,董事会独立性对银行股票绩效有积极影响,而董事会规模则呈现负相关。这表明,董事会成员少且独立性高的银行,其股票表现优于其他银行。然而,我们发现,每年频繁召开董事会会议以及首席执行官和董事长角色分离对银行股票表现没有影响。此外,研究结果表明,银行的资本充足率、规模和盈利能力对股票表现有积极影响。为了检验我们分析的稳健性,我们采用了能够进行下限删减的单限 Tobit 模型,并得到了相似的结果,从而证实了我们的假设。从实际角度来看,我们的研究结果凸显了董事会规模和董事独立性对中东和北非地区监管机构和政策制定者实施有效公司治理体系的重要性。具体而言,建议中东和北非地区的银行减少董事会成员人数,这样就可以减少董事会年度会议的次数,从而最大限度地提高业绩。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Board Characteristics and Bank Stock Performance: Empirical Evidence from the MENA Region
This study examined the relationship between the board characteristics and stock performance of commercial banks. Our analysis is based on a sample of 65 banks across 10 MENA countries and their quantitative data extracted between 2013 and 2022. This research employed pooled OLS, and fixed and random effect regression to confirm the association between board size, board independence, number of board meetings, and CEO duality with stock performance measured by the bank’s share price and market-to-book ratio. Further, several control variables were utilized such as the bank’s capital adequacy, profitability, and size. The empirical findings reveal that board independence positively affects the bank stock performance while the board size shows a negative relationship. This suggests that banks with fewer board members and high independence levels have their shares outperforming others. However, we found that having frequent board meetings per year and separate roles for the CEO and chairman have no impact on bank stock performance. Moreover, the findings indicate that the bank’s capital adequacy, size, and profitability have a positive effect on the stock performance. To test the robustness of our analysis, we implemented a one-limit Tobit model, which enables lower-bound censoring, and obtained similar findings thus confirming our hypotheses. From a practical perspective, our findings highlight the importance of the board size and the directors’ independence to MENA regulators and policymakers in an effort to implement an effective corporate governance system. Specifically, MENA banks are advised to decrease the number of board members, and this should reduce the number of annual board meetings which, in turn, should maximize performance.
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来源期刊
Risks
Risks Economics, Econometrics and Finance-Economics, Econometrics and Finance (miscellaneous)
CiteScore
3.80
自引率
22.70%
发文量
205
审稿时长
11 weeks
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