Araştırma Makalesi
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Yıl 2017, Cilt 4, Sayı 4, 460 - 468, 30.12.2017
https://doi.org/10.17261/Pressacademia.2017.754

Öz

Kaynakça

  • Ammari, A. B. B., Kadria, M., & Ellouze, A. 2014. “Board Structure and Firm Performance: Evidence from French Firms Listed in SBF 120”, International Journal of Economics and Financial Issues, 4(3), pp. 580-590.
  • Arellano, M., & Bover, O. 1995. “Another Look at the Instrumental Variable Estimation of Error-Components Model”, Journal of Econometrics, 68, pp. 29-51.
  • Aygün, M. ve İç, S. 2010. “Genel Müdürün Aynı Zamanda Yönetim Kurulu Üyesi Olması Firma Performansını Etkiler mi?”, Muhasebe ve Finansman Dergisi, Sayı: 47, s. 192-201.
  • Belhaj, S., & Mateus, C. 2016. "Corporate Governance Impact on Bank Performance Evidence From Europe", Corporate Ownership & Control, 13(4), pp. 583-597.
  • Baltagi, B. H. 2005. Econometric Analysis of Panel Data, 3rd edition, John Wiley&Sons Ltd., West Sussex, England.
  • Belkhir, M. 2009. “Board of Directors' Size and Performance in the Banking Industry”, International Journal of Managerial Finance, 5(2), pp. 201-221.
  • Blundell, R., & Bond, S. 1998. “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87(1), pp. 115-143.
  • Bond, S. R. 2002. “Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice”, Portuguese economic journal, 1(2), pp. 141162.
  • Boussaada, R., & Karmani, M. 2015. “Did Board of Directors Have an Impact on MENA Bank Performance?”, International Journal of Economics and Finance, 7(4), pp. 46-56.
  • Davis, J. H., Schoorman, F. D., & Donaldson, L. 1997. “Toward a Stewardship Theory of Management”, Academy of Management Review, 22(1), pp. 20-47.
  • De Jonghe, O., Disli, M., & Schoors, K. 2012. “Corporate Governance, Opaque Bank Activities, and Risk/Return Efficiency: Pre-and Post-Crisis Evidence from Turkey”, Journal of Financial Services Research, 41(1-2), pp. 51-80.
  • Doğan, M., Elitas, B. L., Agca, V. & Ögel, S. 2013. “The Impact of CEO Duality on Firm Performance: Evidence from Turkey”, International Journal of Business and Social Science, 4(2), pp. 149-155.
  • Donaldson, L. & Davis, J. H. 1991. “Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns”, Australian Journal of Management, 16(1), pp. 49-64.
  • Duru, A., Iyengar, R. J., & Zampelli, E. M. 2016. “The Dynamic Relationship between CEO Duality and Firm Performance: the Moderating Role of Board Independence”, Journal of Business Research, 69(10), pp. 4269-4277.
  • Eisenhardt, K. M. 1989. “Agency theory: An Assessment and Review”, Academy of Management Review, 14(1), pp. 57-74.
  • El-Chaarani, H. 2014. “The Impact of Corporate Governance on the Performance of Lebanese Banks”, the International Journal of Business and Finance Research, 8(5), pp. 35-46.
  • Elsayed, K. 2010. “A Multi‐theory Perspective of Board Leadership Structure: What Does the Egyptian Corporate Governance Context Tell Us?, British Journal of Management, 21(1), pp. 80-99.
  • Ersoy, E., Bayrakdaroğlu, A. ve Şamiloğlu F. 2011. “Türkiye’de Kurumsal Yönetim ve Firma Performansı (Tobin-Q ve Anormal Getiri) Arasındaki İlişkinin Analizi”, Finans Politik & Ekonomik Yorumlar, 48(554), s. 71-83.
  • Fama, E. F., & Jensen, M. C. 1983. “Separation of Ownership and Control”, the journal of law and Economics, 26(2), pp. 301-325.
  • Greene, W. H. (2003), Econometric Analysis (5th ed.). Singapore: Pearson Education Inc.
  • Grove, H., Patelli, L., Victoravich, L. M., & Xu, P. T. 2011. “Corporate Governance and Performance in the Wake of the Financial Crisis: Evidence from US Commercial Banks”, Corporate Governance: An International Review, 19(5), pp. 418-436.
  • Gujarati, D.N., (2004). Basic Econometrics (4th Ed.), The McGraw−Hill Companies, Avenue of the Americas, New York.
  • Hewa Wellalage, N., & Locke, S. 2011. “Does CEO Duality is Really Matter? Evidence from an Emerging Market”, Corporate Ownership & Control, 8(4), pp. 112-122.
  • Hsiao, C., (2003). Analysis of Panel Data. Cambridge University Press.
  • Jensen, M. C. 1993. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems”, the Journal of Finance, 48(3), pp. 831-880.
  • Jensen, M. C., & Meckling, W. H. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of financial Economics, 3(4), pp. 305-360.
  • Kaymak, T., & Bektas, E. 2008. “East Meets West? Board Characteristics in an Emerging Market: Evidence from Turkish Banks”, Corporate Governance, 16(6), pp. 550-561.
  • Kouki, M., & Guizani, M. 2015. “Outside Directors and Firm Performance: The Moderating Effects of Ownership and Board Leadership Structure”, International Business Research, 8(6), pp. 104-116.
  • Kula, V. 2005. “The Impact of the Roles, Structure and Process of Boards on Firm Performance: evidence from Turkey”, Corporate Governance, 13(2), pp. 165-176.
  • Liang, Q., Xu, P., & Jiraporn, P. 2013. “Board Characteristics and Chinese Bank Performance”, Journal of Banking & Finance, 37(8), pp. 29532968.
  • Montgomery, C. A., & Kaufman, R. 2003. “The Board's Missing Link”, Harvard Business Review, 81(3), pp. 86-93.
  • Moscu, R. G. 2015. “Study on Correlation between CEO Duality And Corporate Performance of Companies Listed on the Bucharest Stock Exchange”, Journal of Social and Economic Statistics, 4(1), pp. 47-53.
  • Nickell, S. 1981. “Biases in Dynamic Models with Fixed Effects”, Econometrica, 49, pp. 1417-1426.
  • Nahar Abdullah, S. 2004. “Board Composition, CEO Duality and Performance among Malaysian Listed Companies”, Corporate Governance: The International Journal of Business in Society, 4(4), pp. 47-61.
  • Naushad, M., & Malik, S. A. 2015. “Corporate Governance and Bank Performance: A Study of Selected Banks in GCC Region”, Asian Social Science, 11(9), pp. 226-234.
  • Nguyen, T., Locke, S., & Reddy, K. 2014. “A Dynamic Estimation of Governance Structures and Financial Performance for Singaporean Companies”, Economic Modelling, 40, p. 1-11.
  • Nicholson, G. J., & Kiel, G. C. 2007. “Can Directors Impact Performance? A Case‐Based Test of Three Theories of Corporate Governance”, Corporate Governance: An International Review, 15(4), pp. 585-608.
  • Ramdani, D., & Witteloostuijn, A. V. 2010. ”The Impact of Board Independence and CEO Duality on Firm Performance: A Quantile Regression Analysis for Indonesia, Malaysia, South Korea and Thailand”, British Journal of Management, 21(3), pp. 607-627.
  • Rechner, P. L., & Dalton, D. R. 1991. “CEO Duality and Organizational Performance: A Longitudinal Analysis”, Strategic Management Journal, 12(2), pp. 155-160.
  • Roodman, D. 2009. “How to do xtabond2: An Introduction to Difference and System GMM in Stata” The Stata Journal, 9(1), pp. 86–136.
  • Shrivastav, S. M., & Kalsie, A. 2016. “The Relationship Between CEO Duality and Firm Performance: An Analysis Using Panel Data Approach”, IUP Journal of Corporate Governance, 15(2), pp.37-58.
  • Strebel, P. 2004. “The Case for Contingent Governance”, MIT Sloan Management Review, 45(2), pp. 59-66.
  • Tian, J. J., & Lau, C. M. 2001. “Board Composition, Leadership Structure and Performance in Chinese Shareholding Companies”, Asia Pacific Journal of Management, 18(2), pp. 245-263.
  • Veprauskaitė, E., & Adams, M. 2013. “Do Powerful Chief Executives Influence the Financial Performance of UK Firms?”, The British Accounting Review, 45(3), pp. 229-241.
  • Windmeijer, F. 2005. “A finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators”, Journal of Econometrics, 126(1), pp. 25-51.
  • Yan Lam, T., & Kam Lee, S. 2008. “CEO Duality and Firm Performance: Evidence from Hong Kong”, Corporate Governance: The International Journal of Business in Society, 8(3), pp. 299-316.
  • Yermack, D. 1996. “Higher Market Valuation of Companies with a Small Board of Directors”, Journal of Financial Economics, 40, pp. 185211.

THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE

Yıl 2017, Cilt 4, Sayı 4, 460 - 468, 30.12.2017
https://doi.org/10.17261/Pressacademia.2017.754

Öz

Purpose - The aim of this study is to examine the association between CEO-duality and bank financial performance in Turkey.

Methodology - All parameter estimates of regression models are based on the system GMM panel regression analyses. Our data covers all commercial banks operating in Turkish banking sector during the period 2007-2013.

Findings - Our empirical results imply that CEO-duality has a significantly positive effect on bank financial performance measured by the ratio of net income to the average total assets. In addition, we find a negative moderating impact of board on the positive linkage between CEO-duality and bank performance.

Conclusion - It can be concluded that as the number of members of the board raises, the positive influence of CEO-duality decreases for Turkish banking sector in the analyzed period.

 

Kaynakça

  • Ammari, A. B. B., Kadria, M., & Ellouze, A. 2014. “Board Structure and Firm Performance: Evidence from French Firms Listed in SBF 120”, International Journal of Economics and Financial Issues, 4(3), pp. 580-590.
  • Arellano, M., & Bover, O. 1995. “Another Look at the Instrumental Variable Estimation of Error-Components Model”, Journal of Econometrics, 68, pp. 29-51.
  • Aygün, M. ve İç, S. 2010. “Genel Müdürün Aynı Zamanda Yönetim Kurulu Üyesi Olması Firma Performansını Etkiler mi?”, Muhasebe ve Finansman Dergisi, Sayı: 47, s. 192-201.
  • Belhaj, S., & Mateus, C. 2016. "Corporate Governance Impact on Bank Performance Evidence From Europe", Corporate Ownership & Control, 13(4), pp. 583-597.
  • Baltagi, B. H. 2005. Econometric Analysis of Panel Data, 3rd edition, John Wiley&Sons Ltd., West Sussex, England.
  • Belkhir, M. 2009. “Board of Directors' Size and Performance in the Banking Industry”, International Journal of Managerial Finance, 5(2), pp. 201-221.
  • Blundell, R., & Bond, S. 1998. “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87(1), pp. 115-143.
  • Bond, S. R. 2002. “Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice”, Portuguese economic journal, 1(2), pp. 141162.
  • Boussaada, R., & Karmani, M. 2015. “Did Board of Directors Have an Impact on MENA Bank Performance?”, International Journal of Economics and Finance, 7(4), pp. 46-56.
  • Davis, J. H., Schoorman, F. D., & Donaldson, L. 1997. “Toward a Stewardship Theory of Management”, Academy of Management Review, 22(1), pp. 20-47.
  • De Jonghe, O., Disli, M., & Schoors, K. 2012. “Corporate Governance, Opaque Bank Activities, and Risk/Return Efficiency: Pre-and Post-Crisis Evidence from Turkey”, Journal of Financial Services Research, 41(1-2), pp. 51-80.
  • Doğan, M., Elitas, B. L., Agca, V. & Ögel, S. 2013. “The Impact of CEO Duality on Firm Performance: Evidence from Turkey”, International Journal of Business and Social Science, 4(2), pp. 149-155.
  • Donaldson, L. & Davis, J. H. 1991. “Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns”, Australian Journal of Management, 16(1), pp. 49-64.
  • Duru, A., Iyengar, R. J., & Zampelli, E. M. 2016. “The Dynamic Relationship between CEO Duality and Firm Performance: the Moderating Role of Board Independence”, Journal of Business Research, 69(10), pp. 4269-4277.
  • Eisenhardt, K. M. 1989. “Agency theory: An Assessment and Review”, Academy of Management Review, 14(1), pp. 57-74.
  • El-Chaarani, H. 2014. “The Impact of Corporate Governance on the Performance of Lebanese Banks”, the International Journal of Business and Finance Research, 8(5), pp. 35-46.
  • Elsayed, K. 2010. “A Multi‐theory Perspective of Board Leadership Structure: What Does the Egyptian Corporate Governance Context Tell Us?, British Journal of Management, 21(1), pp. 80-99.
  • Ersoy, E., Bayrakdaroğlu, A. ve Şamiloğlu F. 2011. “Türkiye’de Kurumsal Yönetim ve Firma Performansı (Tobin-Q ve Anormal Getiri) Arasındaki İlişkinin Analizi”, Finans Politik & Ekonomik Yorumlar, 48(554), s. 71-83.
  • Fama, E. F., & Jensen, M. C. 1983. “Separation of Ownership and Control”, the journal of law and Economics, 26(2), pp. 301-325.
  • Greene, W. H. (2003), Econometric Analysis (5th ed.). Singapore: Pearson Education Inc.
  • Grove, H., Patelli, L., Victoravich, L. M., & Xu, P. T. 2011. “Corporate Governance and Performance in the Wake of the Financial Crisis: Evidence from US Commercial Banks”, Corporate Governance: An International Review, 19(5), pp. 418-436.
  • Gujarati, D.N., (2004). Basic Econometrics (4th Ed.), The McGraw−Hill Companies, Avenue of the Americas, New York.
  • Hewa Wellalage, N., & Locke, S. 2011. “Does CEO Duality is Really Matter? Evidence from an Emerging Market”, Corporate Ownership & Control, 8(4), pp. 112-122.
  • Hsiao, C., (2003). Analysis of Panel Data. Cambridge University Press.
  • Jensen, M. C. 1993. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems”, the Journal of Finance, 48(3), pp. 831-880.
  • Jensen, M. C., & Meckling, W. H. 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of financial Economics, 3(4), pp. 305-360.
  • Kaymak, T., & Bektas, E. 2008. “East Meets West? Board Characteristics in an Emerging Market: Evidence from Turkish Banks”, Corporate Governance, 16(6), pp. 550-561.
  • Kouki, M., & Guizani, M. 2015. “Outside Directors and Firm Performance: The Moderating Effects of Ownership and Board Leadership Structure”, International Business Research, 8(6), pp. 104-116.
  • Kula, V. 2005. “The Impact of the Roles, Structure and Process of Boards on Firm Performance: evidence from Turkey”, Corporate Governance, 13(2), pp. 165-176.
  • Liang, Q., Xu, P., & Jiraporn, P. 2013. “Board Characteristics and Chinese Bank Performance”, Journal of Banking & Finance, 37(8), pp. 29532968.
  • Montgomery, C. A., & Kaufman, R. 2003. “The Board's Missing Link”, Harvard Business Review, 81(3), pp. 86-93.
  • Moscu, R. G. 2015. “Study on Correlation between CEO Duality And Corporate Performance of Companies Listed on the Bucharest Stock Exchange”, Journal of Social and Economic Statistics, 4(1), pp. 47-53.
  • Nickell, S. 1981. “Biases in Dynamic Models with Fixed Effects”, Econometrica, 49, pp. 1417-1426.
  • Nahar Abdullah, S. 2004. “Board Composition, CEO Duality and Performance among Malaysian Listed Companies”, Corporate Governance: The International Journal of Business in Society, 4(4), pp. 47-61.
  • Naushad, M., & Malik, S. A. 2015. “Corporate Governance and Bank Performance: A Study of Selected Banks in GCC Region”, Asian Social Science, 11(9), pp. 226-234.
  • Nguyen, T., Locke, S., & Reddy, K. 2014. “A Dynamic Estimation of Governance Structures and Financial Performance for Singaporean Companies”, Economic Modelling, 40, p. 1-11.
  • Nicholson, G. J., & Kiel, G. C. 2007. “Can Directors Impact Performance? A Case‐Based Test of Three Theories of Corporate Governance”, Corporate Governance: An International Review, 15(4), pp. 585-608.
  • Ramdani, D., & Witteloostuijn, A. V. 2010. ”The Impact of Board Independence and CEO Duality on Firm Performance: A Quantile Regression Analysis for Indonesia, Malaysia, South Korea and Thailand”, British Journal of Management, 21(3), pp. 607-627.
  • Rechner, P. L., & Dalton, D. R. 1991. “CEO Duality and Organizational Performance: A Longitudinal Analysis”, Strategic Management Journal, 12(2), pp. 155-160.
  • Roodman, D. 2009. “How to do xtabond2: An Introduction to Difference and System GMM in Stata” The Stata Journal, 9(1), pp. 86–136.
  • Shrivastav, S. M., & Kalsie, A. 2016. “The Relationship Between CEO Duality and Firm Performance: An Analysis Using Panel Data Approach”, IUP Journal of Corporate Governance, 15(2), pp.37-58.
  • Strebel, P. 2004. “The Case for Contingent Governance”, MIT Sloan Management Review, 45(2), pp. 59-66.
  • Tian, J. J., & Lau, C. M. 2001. “Board Composition, Leadership Structure and Performance in Chinese Shareholding Companies”, Asia Pacific Journal of Management, 18(2), pp. 245-263.
  • Veprauskaitė, E., & Adams, M. 2013. “Do Powerful Chief Executives Influence the Financial Performance of UK Firms?”, The British Accounting Review, 45(3), pp. 229-241.
  • Windmeijer, F. 2005. “A finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators”, Journal of Econometrics, 126(1), pp. 25-51.
  • Yan Lam, T., & Kam Lee, S. 2008. “CEO Duality and Firm Performance: Evidence from Hong Kong”, Corporate Governance: The International Journal of Business in Society, 8(3), pp. 299-316.
  • Yermack, D. 1996. “Higher Market Valuation of Companies with a Small Board of Directors”, Journal of Financial Economics, 40, pp. 185211.

Ayrıntılar

Konular Sosyal
Bölüm Articles
Yazarlar

Ozcan Isik
0000-0003-2230-8738

Yayımlanma Tarihi 30 Aralık 2017
Yayınlandığı Sayı Yıl 2017, Cilt 4, Sayı 4

Kaynak Göster

Bibtex @araştırma makalesi { rjbm367474, journal = {Research Journal of Business and Management}, issn = {}, eissn = {2148-6689}, address = {}, publisher = {PressAcademia}, year = {2017}, volume = {4}, pages = {460 - 468}, doi = {10.17261/Pressacademia.2017.754}, title = {THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE}, key = {cite}, author = {Isik, Ozcan} }
APA Isik, O. (2017). THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE . Research Journal of Business and Management , 4 (4) , 460-468 . DOI: 10.17261/Pressacademia.2017.754
MLA Isik, O. "THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE" . Research Journal of Business and Management 4 (2017 ): 460-468 <https://dergipark.org.tr/tr/pub/rjbm/issue/33045/367474>
Chicago Isik, O. "THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE". Research Journal of Business and Management 4 (2017 ): 460-468
RIS TY - JOUR T1 - THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE AU - Ozcan Isik Y1 - 2017 PY - 2017 N1 - doi: 10.17261/Pressacademia.2017.754 DO - 10.17261/Pressacademia.2017.754 T2 - Research Journal of Business and Management JF - Journal JO - JOR SP - 460 EP - 468 VL - 4 IS - 4 SN - -2148-6689 M3 - doi: 10.17261/Pressacademia.2017.754 UR - https://doi.org/10.17261/Pressacademia.2017.754 Y2 - 2022 ER -
EndNote %0 Research Journal of Business and Management THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE %A Ozcan Isik %T THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE %D 2017 %J Research Journal of Business and Management %P -2148-6689 %V 4 %N 4 %R doi: 10.17261/Pressacademia.2017.754 %U 10.17261/Pressacademia.2017.754
ISNAD Isik, Ozcan . "THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE". Research Journal of Business and Management 4 / 4 (Aralık 2017): 460-468 . https://doi.org/10.17261/Pressacademia.2017.754
AMA Isik O. THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE. RJBM. 2017; 4(4): 460-468.
Vancouver Isik O. THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE. Research Journal of Business and Management. 2017; 4(4): 460-468.
IEEE O. Isik , "THE DYNAMIC ASSOCIATION BETWEEN CEO-DUALITY AND BANK PERFORMANCE: THE MODERATING ROLE OF BOARD SIZE", Research Journal of Business and Management, c. 4, sayı. 4, ss. 460-468, Ara. 2017, doi:10.17261/Pressacademia.2017.754

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