Banka Yönetimi, Risk ve Performans: Kapsamlı Bir İnceleme

Yıl 2025, Cilt: 7 Sayı: 3, 328 - 349, 31.12.2025

Aissa Guettala , Saad Kesri , Adel Selmani

Öz

Bu inceleme makalesi, banka yönetişimi, risk yönetimi ve performans arasındaki etkileşimleri farklı kurumsal ve coğrafi bağlamlarda kapsamlı bir şekilde incelemektedir. 2010–2024 dönemine ilişkin seçilmiş ampirik çalışmaların karşılaştırmalı analiziyle desteklenen anlatı temelli bir derleme yöntemi kullanılmıştır. Bulgular, yönetişim yapılarının, düzenleyici reformların ve risk gözetim mekanizmalarının finansal istikrar ve bankacılık performansı üzerinde belirleyici rol oynadığını ortaya koymaktadır. Çalışmada ilk olarak banka yönetişiminin tarihsel gelişimi ele alınmakta; yönetim kurulu bileşimi, iç denetim sistemleri ve etik liderlik gibi temel unsurların yanı sıra yönetişim yetersizliklerinin geçmiş krizlerdeki etkileri değerlendirilmektedir. Daha sonra Basel III, Sarbanes–Oxley Yasası ve Kurumsal Risk Yönetimi (ERM) gibi risk yönetişimi çerçeveleri incelenerek, bu mekanizmaların bankaların dayanıklılığını güçlendirmedeki rolleri analiz edilmektedir. Gelişmekte olan ekonomilerden elde edilen kanıtlar, uluslararası standartlara uyumun her zaman etkin yönetişim ile sonuçlanmadığını ve kültürel ile davranışsal faktörlerin önemli bir etkiye sahip olduğunu göstermektedir. Ayrıca, yönetişim kalitesi, operasyonel verimlilik ve çeşitlendirme stratejileri gibi performans belirleyicileri tartışılmakta; finansal kapsayıcılığın düzenleme ve sistemik istikrar ile etkileşimi değerlendirilmektedir. Elde edilen sonuçlar, güçlü yönetişim mekanizmalarına sahip bankaların daha yüksek dayanıklılık ve kârlılık sergilediğini, ancak performansın bağlama özgü koşullara bağlı olduğunu ortaya koymaktadır. Çalışmanın genel sonucu, sürdürülebilir bankacılığın dijitalleşme, siber güvenlik ve iklim değişikliği gibi ortaya çıkan riskler karşısında etik, kapsayıcı ve uyum sağlayıcı yönetişim stratejileri ile desteklenmesi gerektiğini göstermektedir.

Anahtar Kelimeler

Banka Yönetimi , Risk Yönetimi , Banka Performansı , Mevzuata Uygunluk , Finansal Kapsayıcılık

Bank Governance, Risk, and Performance: A Comprehensive Review

Öz

This review article synthesizes research on the interconnections between bank governance, risk management, and performance across diverse institutional and geographic contexts. Using a narrative review approach combined with selective comparative analysis of empirical studies (2010–2024), the paper identifies how governance structures, regulatory reforms, and risk oversight mechanisms shape financial stability and bank outcomes. The review first traces the evolution of bank governance, highlighting key mechanisms such as board composition, internal controls, and ethical leadership, and examines how governance failures contributed to past crises. It then evaluates risk governance frameworks-including Basel III, the Sarbanes–Oxley Act, and Enterprise Risk Management (ERM)-to assess their role in strengthening resilience. Evidence from emerging economies indicates that compliance with international standards does not always translate into effective governance, underscoring the influence of cultural and behavioral dimensions. The paper further investigates performance determinants, including governance quality, operational efficiency, and diversification strategies, and discusses how financial inclusion interacts with regulation and systemic stability. Findings suggest that well-governed banks demonstrate higher resilience and profitability, but outcomes remain context-dependent. The review concludes that sustainable banking requires aligning governance with ethics, inclusiveness, and adaptive strategies to address evolving risks such as digitalization, cybersecurity, and climate challenges.

Anahtar Kelimeler

Bank Governance , Risk Management , Bank Performance , Regulatory Compliance , Financial Inclusion

Kaynakça

• Abdulla, H., & Elshandidy, T. (2023). Do governance factors affect the effectiveness of risk management disclosure in UAE banks? Cogent Business & Management, 10(2), 2238394. https://doi.org/10.1080/23311975.2023.2238394
• Addo, K. A., Hussain, N., & Iqbal, J. (2021). Corporate Governance and Banking Systemic Risk : A Test of the Bundling Hypothesis. Journal of International Money and Finance, 115, 102327. https://doi.org/10.1016/j.jimonfin.2020.102327
• Adjei-Frimpong, K., Gan, C., & Hu, B. (2014). Cost efficiency of Ghana’s banking industry: A panel data analysis. International Journal of Business and Finance Research, (8)2, 69-86. https://ssrn.com/abstract=2322961
• Adu, D. A., Abedin, M. Z., Saa, V. Y., & Boateng, F. (2024). Bank sustainability, climate change initiatives and financial performance : The role of corporate governance. International Review of Financial Analysis, 95, 103438. https://doi.org/10.1016/j.irfa.2024.103438
• Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), 3213‑3226. https://doi.org/10.1016/j.jbankfin.2011.10.020
• Ai, L., Broome, J. and Yan, H. (2010), Carrying out a risk‐based approach to AML in China: partial or full implementation? Journal of Money Laundering Control, 13(4), 394-404. https://doi.org/10.1108/13685201011083894
• Akandekumtiim, J.-M. (2021). Measuring Bank Efficiency in Ghana: A Joint Application of Parametric and Non-Parametric Techniques [Doctoral thesis, University of South Africa]. Unisa Institutional Repository. https://uir.unisa.ac.za/items/cfef306e-7444-4bc1-af69-26ed32c7facb
• Akdeniz, Ö.O., Abdou, H.A., Hayek, A.I. et al. (2024). Technical efficiency in banks: a review of methods, recent innovations and future research agenda. Review of Managerial Science, 18, 3395-3456. https://doi.org/10.1007/s11846-023-00707-z
• Aljughaiman, A. A., & Salama, A. (2019). Do banks effectively manage their risks? The role of risk governance in the MENA region. Journal of Accounting and Public Policy, 38(5), 106680. https://doi.org/10.1016/j.jaccpubpol.2019.106680
• AlKhouri, R. and Arouri, H. (2019), The effect of diversification on risk and return in banking sector: Evidence from the Gulf Cooperation Council countries, International Journal of Managerial Finance, 15(1), 100-128. https://doi.org/10.1108/IJMF-01-2018-0024
• Almubarak, A. I., & Aljughaiman, A. A. (2024). Corporate Governance and FinTech Innovation: Evidence from Saudi Banks. Journal of Risk and Financial Management, 17(2), 48. https://doi.org/10.3390/jrfm17020048
• Ana, K., Sonja, D. R., & Dragana, N. (2024). Artificial intelligence and cybersecurity in banking sector: opportunities and risks. arXiv preprint arXiv:2412.04495. https://doi.org/10.48550/arXiv.2412.04495
• Anarfo, E. B., Abor, J. Y., Osei, K. A., & Gyeke-Dako, A. (2019). Monetary Policy and Financial Inclusion in Sub-Sahara Africa: A Panel VAR Approach. Journal of African Business, 20(4), 549-572. https://doi.org/10.1080/15228916.2019.1580998
• Andres, P. de, & 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 Bank of Uganda (BoU). (2022). Annual supervision report: December 2022. https://bou.or.ug/bouwebsite/bouwebsitecontent/Supervision/Annual_Supervision_Report/asr/Annual-Supervision-Report-December-2022.pdf
• Başar, B.D., et al. (2021). The effect of corporate governance on bank performance: evidence from Turkish and some MENA countries banks. Journal of Asset Management, 22, 153-162. https://doi.org/10.1057/s41260-021-00223-3
• Baselga-Pascual, L., & Vähämaa, E. (2021). Female leadership and bank performance in Latin America. Emerging Markets Review, 48, 100807. https://doi.org/10.1016/j.ememar.2021.100807
• Batsaikhan, U., Darvas, Z., & Raposo, I. (2019). Reconciling Contradictory Forces: Financial Inclusion of Refugees and Know-your-customer Regulation. Journal of Banking Regulation, 20, 260-273. https://doi.org/10.1057/s41261-018-0088-x
• BIS. (2018). Basel III: Finalising post-crisis reforms. Basel: Bank for International Settlements. https://www.bis.org/bcbs/publ/d424.htm
• BIS. (2022). Evaluation of the impact and efficacy of the Basel III reforms. Basel: Bank for International Settlements. https://www.bis.org/bcbs/publ/d544.pdf
• BIS. (2024). The changing role of state banks in Türkiyee: an assessment of recent trends. Basel: Bank for International Settlements. https://www.bis.org/publ/bppdf/bispap148_v.pdf
• Blot, C., Creel, J., Hubert, P., Labondance, F., & Saraceno, F. (2015). Assessing the link between price and financial stability. Journal of Financial Stability, 16, 71-88. https://doi.org/10.1016/j.jfs.2014.12.003
• Boadi, L. A., Isshaq, Z., & Adu-Asare Idun, A. (2023). Board expertise and the relationship between bank risk governance and performance. Cogent Business & Management, 10(3). https://doi.org/10.1080/23311975.2023.2283233
• Boland, V. (2009). Modern dilemma for world's oldest bank. Financial Times, Published in Milan, Jun 12 2009. https://www.ft.com/content/a034542e-5771-11de-8c47-00144feabdc0
• Bordo, M. (2007). A Brief History of Central Banks, Federal Reserve Bank of Cleveland. Cleveland, U.S. https://www.clevelandfed.org/publications/economic-commentary/2007/ec-20071201-a-brief-history-of-central-banks
• Boubaker, S., Le, T.D.Q. and Ngo, T. (2023), Managing bank performance under COVID-19: A novel inverse DEA efficiency approach. International Transactions in Operational Research, 30(5), 2436-2452. https://doi.org/10.1111/itor.13132
• Bruno, E., Iacoviello, G., & Casella, R. (2024). Banks and ESG pillars score: Does cybersecurity policy matter? [Special issue]. Corporate Ownership & Control, 21(3), 8-17. https://doi.org/10.22495/cocv21i3siart1
• Buallay, A. (2019), Corporate governance, Sharia’ah governance and performance: A cross-country comparison in MENA region, International Journal of Islamic and Middle Eastern Finance and Management, 12(2), 216-235. https://doi.org/10.1108/IMEFM-07-2017-0172
• Casu, B., Girardone, C., & Molyneux, P. (2022). Introduction to banking (3rd ed.). Harlow, England: Pearson Education Limited. https://files.znu.edu.ua/files/Bibliobooks/Inshi79/0058790.pdf
• Catherine, S. (2024). IMF warns of cyber risks to financial sector. The Wall Street Journal. https://www.wsj.com/articles/imf-warns-of-cyber-risks-to-financial-sector-a37296c3
• Chibba, M. (2009). Financial inclusion, poverty reduction and the millennium development goals. European Journal of Development Research, 21, 213-230. https://doi.org/10.1057/ejdr.2008.17
• Chronopoulos, D. K., Wilson, J. O. S., & Yilmaz, M. H. (2023). Regulatory oversight and bank risk. Journal of Financial Stability, 64, 101105. https://doi.org/10.1016/j.jfs.2023.101105
• Claudia, A., Simona, C., Valeria, N. (2023). Governing FinTech for performance: the monitoring role of female independent directors. European Journal of Innovation Management, 26 (7), 591-610. https://doi.org/10.1108/EJIM-11-2022-0621
• Coates, J. C. (2007). The goals and promise of the Sarbanes–Oxley Act. Journal of Economic Perspectives, 21(1), 91-116. https://doi.org/10.1257/jep.21.1.91
• Coffee, J. C. (2005). A theory of corporate scandals: Why the USA and Europe differ. Oxford Review of Economic Policy, 21(2), 198-211. https://doi.org/10.1093/oxrep/gri012
• Cohen, E. E. (1992). Athenian Economy and Society: A Banking Perspective. Princeton, NJ: Princeton University Press. http://www.jstor.org/stable/j.ctt7tcft
• Danial, J., et al. (2023). Cybersecurity threats in FinTech: A systematic review. Expert Systems with Applications, 241. https://doi.org/10.1016/j.eswa.2023.122697
• Danquah, M., & Quartey, P. (2015). Examining the determinants of efficiency using a latent class stochastic frontier model. Cogent Economics & Finance, 3(1), 1-10. https://doi.org/10.1080/23322039.2015.1124741
• Davis, E. P., Karim, D., & Noel, D. (2022). The effects of macroprudential policy on banks’ profitability. International Review of Financial Analysis, 80, 101989. https://doi.org/10.1016/j.irfa.2021.101989
• Deloitte. (2024a). Financial services: prepare for a regulatory refresh. Deloitte Insights. https://deloitte.wsj.com/riskandcompliance/financial-services-prepare-for-a-regulatory-refresh-284370ba
• Deloitte. (2024b). Banking: What questions are your boards asking management?. Deloitte Insights. https://deloitte.wsj.com/riskandcompliance/banking-what-questions-are-your-boards-asking-management-f330875e
• Demirguc-Kunt, A., Klapper, L., Singer, D., & Van Oudheusden, P. (2015). The Global Findex Database 2014: Measuring financial inclusion around the world (Policy Research Working Paper No. 7255). World Bank Group. http://documents.worldbank.org/curated/en/187761468179367706
• DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147-160. https://doi.org/10.2307/2095101
• EBRD. (2024). Türkiye country diagnostic 2024. London: European Bank for Reconstruction and Development. https://www.ebrd.com/content/dam/ebrd_dxp/assets/pdfs/country-strategies/t%C3%BCrkiye/T%C3%BCrkiye-Private-Sector-Diagnostic.pdf
• Elamer, A. A., Ntim, C. G., Abdou, H. A., Zalata, A. M., & Elmagrhi, M. (2019). The impact of multi-layer governance on bank risk disclosure in emerging markets : The case of Middle East and North Africa. Accounting Forum, 43(2), 246‑281. https://doi.org/10.1080/01559982.2019.1576577 Elsas, R., Hackethal, A., & Holzhäuser, M. (2010). The anatomy of bank diversification. Journal of Banking & Finance, 34(6), 1274-1287. https://doi.org/10.1016/j.jbankfin.2009.11.024
• Elsayed, A. (2020). The Interrelationship Between Financial Inclusion, Financial Stability, Financial Integrity and Consumer Protection (I-SIP Theory). SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.3745874
• Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325. http://dx.doi.org/10.2139/ssrn.94034
• Feghali, K., Mora, N., and Nassif, P., (2021). Financial inclusion, bank market structure, and financial stability: International evidence. Quarterly Review of Economics and Finance, 80, 236-257. https://doi.org/10.1016/j.qref.2021.01.007
• Ferrier, G. D., & Lovell, C. A. K. (1990). Measuring cost efficiency in banking: Econometric and Linear Programming Evidence. Journal of Econometrics, 46(1–2), 229-245. https://doi.org/10.1016/0304-4076(90)90057-Z
• Financial Crisis Inquiry Commission. (2011). The financial crisis inquiry report: Final report of the national commission on the causes of the financial and economic crisis in the United States. U.S. Government Publishing Office. https://www.govinfo.gov/app/details/GPO-FCIC
• Garcia, M. J. R. (2016). Can financial inclusion and financial stability go hand in hand? Economic Issues, 21(2), 81-103. http://www.economicissues.org.uk/Files/2016/216Garcia.pdf
• Gelb, A. (2016). Balancing Financial Integrity with Financial Inclusion: The Risk-Based Approach to “Know Your Customer”. Center for Global Development. CGD Policy Paper 074. Washington DC, U.S. http://www.cgdev.org/publication/balancing-financial-integrity-financial-inclusion-risk-based-approach
• Ghosh, A. (2019). Discerning the impact of disaggregated non-interest income activities on bank risk and profits in the post-Gramm-Leach-Bliley Act era. Journal of Economics and Business, 108. https://doi.org/10.1016/j.jeconbus.2019.105874
• Gontarek, W., & Bender, R. (2019). Examining risk governance practices in global financial institutions: The adoption of risk appetite statements. Journal of Banking Regulation, 20(1), 74-85. https://doi.org/10.1057/s41261-018-0067-2
• Hailey, D. (2025). Impact of Sarbanes-Oxley: Insights & analysis. Berkshire: The Knowledge Academy. https://www.theknowledgeacademy.com/blog/impact-of-sarbanes-oxley
• Haris, M., Yao, H., Tariq, G., Javaid, H. M., & Ain, Q. U. (2019). Corporate Governance, Political Connections, and Bank Performance. International Journal of Financial Studies, 7(4), 62. https://doi.org/10.3390/ijfs7040062
• Hopt, K. J. (2013). Corporate Governance of Banks and Other Financial Institutions after the Financial Crisis. Journal of Corporate Law Studies, 13(2), 219-253. https://doi.org/10.5235/14735970.13.2.219
• IMF (2017). World Economic Outlook Update: A Shifting Global Economic Landscape. Washington, D. C.: International Monetary Fund. https://www.imf.org/external/pubs/ft/weo/2017/update/01/pdf/0117.pdf
• Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48(3), 831-880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x
• Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
• Kacem, O., & Harbi, S. E. (2022). Do risk governance and effective board affect bank performance? Evidence from large banks worldwide. Risk Management, 24(4), 461‑483. https://doi.org/10.1057/s41283-022-00101-1
• Kafidipe, A., Uwalomwa, U., Dahunsi, O., & Okeme, F. O. (2021). Corporate governance, risk management and financial performance of listed deposit money bank in Nigeria. Cogent Business & Management, 8(1), 1888679. https://doi.org/10.1080/23311975.2021.1888679
• Khan, H. R. (2011). Financial Inclusion and Financial Stability: Are They Two Sides of the Same Coin? BANCON 2011, Chennai: Indian Bankers Association and Indian Overseas Bank. https://www.bis.org/review/r111229f.pdf Köhler, M. (2015). Which banks are more risky? The impact of business models on bank stability. Journal of Financial Stability, 16, 195-212. https://doi.org/10.1016/j.jfs.2014.02.005
• Kyei, S. M., Werner, K., & Appiah, K. O. (2022). Board meetings and bank performance in Africa. Cogent Business & Management, 9(1), 2034235. https://doi.org/10.1080/23311975.2022.2034235
• Liang, Q., Xu, P., & Jiraporn, P. (2013). Board characteristics and Chinese bank performance. Journal of Banking & Finance, 37(8), 2953‑2968. https://doi.org/10.1016/j.jbankfin.2013.04.018
• Lucy, C. (2024). Technology and cyber crime: how to keep out the bad guys. Financial Times. https://www.ft.com/content/8a79ab25-c902-4110-bcb8-be2fd422f6bf
• Lundqvist, S.A. (2015). Why firms implement risk governance–Stepping beyond traditional risk management to enterprise risk management. Journal of Accounting and Public Policy, 34, pp.441-466. https://doi.org/10.1016/j.jaccpubpol.2015.05.002
• Luo, H., Kamarudin, F., & Nor, N. M. (2024). The impact of economic uncertainty on bank efficiency-The moderating role of country governance. Heliyon, 10(6), e27905. https://doi.org/10.1016/j.heliyon.2024.e27905
• Luu, H.N., Nguyen, L.Q.T., Vu, Q.H. and Tuan, L.Q. (2020), Income diversification and financial performance of commercial banks in Vietnam: Do experience and ownership structure matter? Review of Behavioral Finance, 12(3), pp. 185-199. https://doi.org/10.1108/RBF-05-2019-0066
• Lyman T, De Koker L, Meier CM and Kerse M. (2019). Beyond KYC Utilities: Collaborative Customer Due Diligence for Financial Inclusion. Working Paper. Washington, D.C.: CGAP https://www.cgap.org/sites/default/files/publications/2019_08_28_Working_Paper_Beyond_KYC_Utilities_0.pdf
• Matos, T. F. A., Teixeira, J. C. A., & Dutra, T. M. (2024). Macroprudential regulation and bank risk : The role of shareholders’ and creditors’ rights. Global Finance Journal, 59, 100920. https://doi.org/10.1016/j.gfj.2023.100920
• Mehrotra, A. N., & Yetman, J. (2015). Financial Inclusion - Issues for Central Banks. BIS Quarterly Review, 83-96. https://ssrn.com/abstract=2580310
• Mercieca, S., Schaeck, K., & Wolfe, S. (2007). Small European banks: Benefits from diversification? Journal of Banking & Finance, 31(7), 1975-1998. https://doi.org/10.1016/j.jbankfin.2007.01.004
• Mete, Y. (n.d.). Emerging markets: Turkey. Treasurers.org. https://www.treasurers.org/hub/treasurer-magazine/emerging-markets-turkey
• Millett, P. (1991). Lending and borrowing in ancient Athens (1st ed.). Cambridge: Cambridge University Press. https://doi.org/10.1017/CBO9780511518577
• Minsky, H. P. (1992). The Financial Instability Hypothesis. The Jerome Levy Economics Institute. Working Paper No. 74. http://dx.doi.org/10.2139/ssrn.161024
• Moussu, C., & Petit-Romec, A. (2017). ROE in Banks : Performance or Risk Measure? Evidence from Financial Crises. Finance, 38(2), 95‑133. https://doi.org/10.3917/fina.382.0095
• Muktadir, K. A. (2013). Key Note Address on Financial Inclusion, Consumer Awareness and Protection. Paper Presented at the 4th Conference on Financial Services and Consumers, January 31, 2013, Karachi, Pakistan. https://www.sbp.org.pk/DG-Speeches/Kazi.Abdul.Muktadir/2013/Awareness-07-Feb-2013.pdf
• Munisi, G., & Randøy, T. (2013). Corporate governance and company performance across Sub-Saharan African countries. Journal of Economics and Business, 70(11-12), 92-110. https://doi.org/10.1016/j.jeconbus.2013.08.003
• Ngoc Nguyen, K. (2019). Revenue Diversification, Risk and Bank Performance of Vietnamese Commercial Banks. Journal of Risk and Financial Management, 12(3), 138. https://doi.org/10.3390/jrfm12030138
• Nguyen, Q. K., & Dang, V. C. (2022). The impact of risk governance structure on bank risk management effectiveness : Evidence from ASEAN countries. Heliyon, 8(10), e11192. https://doi.org/10.1016/j.heliyon.2022.e11192
• Nguyen, T.P.T., & Nghiem, S. H. (2015). The interrelationships among default risk, capital ratio and efficiency: Evidence from Indian banks. Managerial Finance, 41(5), 507-525. https://doi.org/10.1108/MF-12-2013-0354
• 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
• Pearson, G., Stoop, P. N., & Kelly-Louw, M. (2017). Balancing Responsibilities – Financial Literacy. Potchefstroom Electronic Law Journal, 20. https://ssrn.com/abstract=2982286
• Rahim, S. R. M., Mahat, F., Nassir, A. M., & Yahya, M. H. D. H. (2015). Re-thinking : Risk Governance? Procedia Economics and Finance, 31, 689‑698. https://doi.org/10.1016/S2212-5671(15)01157-0
• Refakar, M., & Ravaonorohanta, N. (2020). The effectiveness of governance mechanisms in emerging markets: a review. Corporate Ownership & Control, 17(3), 8-26. http://doi.org/10.22495/cocv17i3art1
• Resti, A. (1997). Evaluating the Cost Efficiency of the Italian Banking System: What can be learned from the Joint Application of Parametric and Nonparametric Techniques. Journal of Banking & Finance, 21, 221-250. https://doi.org/10.1016/S0378-4266(96)00036-2
• Rugadya, R. (2024). The adoption of risk governance best practices and its impact on bank stability and performance: Evidence from Uganda’s commercial banking sector [Doctoral thesis, Heriot-Watt University]. ROS Theses Repository. http://hdl.handle.net/10399/5144
• Sahay, R., et al. (2015). Rethinking Financial Deepening: Stability and Growth in Emerging Markets. IMF Staff Discussion Notes 15/08, International Monetary Fund. https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf
• Saunders, A., & Millon-Cornett, M. (2018). Financial institutions management: A risk management approach (9th ed.). New York, NY: McGraw-Hill Education.
• Seal, W. (2006). Management accounting and corporate governance: An institutional interpretation of the agency problem. Management Accounting Research, 17(4), 389-408. https://doi.org/10.1016/j.mar.2006.05.001
• Stein, V., & Wiedemann, A. (2016). Risk governance: Conceptualization, tasks, and research agenda. Journal of Business Economics, 86(8): 813-836. https://doi.org/10.1007/s11573-016-0826-4
• Sulayyem, A. R. S. A. (2023). Risk Management Governance and Sustainable Financial Performance. Saudi Journal of Business and Management Studies, 8(8), 178‑185. https://doi.org/10.36348/sjbms.2023.v08i08.002
• Vo, D. H., Nguyen, T. N., & Van, L. T., (2021). Financial inclusion and stability in the Asian region using bank-level data. Borsa Istanbul Review, 21(1), 36-43. https://doi.org/10.1016/j.bir.2020.06.003
• Waliullah, M., et al. (2025). Assessing the Influence of Cybersecurity Threats and Risks on the Adoption and Growth of Digital Banking: a Systematic Literature Review. American Journal of Advanced Technology and Engineering Solutions, 1(1), 226-257. https://doi.org/10.63125/fh49az18
• Wu, J., Chen, L., Chen, M., & Jeon, B. N. (2019). Diversification, Efficiency and Risk of Banks: Evidence From Emerging Economies. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.3419935 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 Zeliha, T. (2025). Green banking strategies: Evidence from Turkish banks. Borsa Istanbul Review, 25(5), 930-938. https://doi.org/10.1016/j.bir.2025.05.008 Zhang, R. & Naceur, S., (2019). Financial development, inequality, and poverty: Some international evidence. International Review of Economics & Finance, 61, 1-16. https://doi.org/10.1016/j.iref.2018.12.015