Corporate governance is the system and processes by which a company is controlled. The main application of this research paper is to investigate the effects of corporate governance on the financial performance of the banking industries. The study will be focusing on two major banking companies in Tanzania (CRDB and TBL) which are listed on the Dare salaam stock exchange (DSE).
This study is conducted to examine the state of effectiveness by emphasizing its impact on the decision making ability and business operations. Furthermore, the problem is also lined with the corporate governance relationships with the profits and revenue of the Banks.
To determine the corporate governance influence on the performance of banking sectors
the literature review is presented in elaborates the further understanding of the topic. It is essential to done the literature review to identify the perspective and perception of the previously done studies in order to determine the significance of the corporate governance on the performance of the banks
In this study the research samples were selected from Dares salaam stock exchange, from the twenty two listed companies only two were targeted because they are the only ones in the banking industry. There are two types of data primary and secondary; this research study mainly uses secondary data. Secondary data includes collecting existing data that was not collected by the user for example previous research, printed articles and financial databases.
Findings and Analysis:
The research findings will highlight the effects of good governance has on the financial performance of a business. The research will also look at arguments from both sides for and against corporate governance, and if corporate governance can alleviate agency problem within an organization.
It is recommended to organization to focus on the implementation of corporate governance in order to have the effective and efficient working in banking sectors
It is noted that the business environment in today; era the existence or presence of fairness and transparency in venture activities and decision making process has huge impact and significance for the companies. It is due to the fact that it is beneficial to increase the firm’s competitiveness and also save the failure of business and also prevents companies from fraudulent cases. It is denoted in the study corporate governance is a framework of guidelines and business laws and regulations designed, developed, and implemented by the organizations in order to improve the organization control mechanism internally. The corporate governance is focused to implement in the organization premises to determine the proper control over business strategies and working procedures. It is identified that the importance of corporate governance is highly needed, it enables the organization especially banking industry to stay save from the fraudulent cases. It is observed that the role of corporate governance helps organization to implement guidelines and business laws and regulations in the context of organization focus on the internal perspective of the organization in order to stay save from the fraudulent cases.
It is noticed that the business condition in today; period the presence or nearness of decency and straightforwardness in wander exercises and basic leadership process has colossal effect and hugeness for the organizations. It is because of the way that it is useful to build the organizations intensity and furthermore spare the disappointment of business and furthermore keeps organizations from fraudulent cases. It is indicated in the investigation corporate governance is a system of rules and business laws and directions composed, created, and actualized by the associations to enhance the association control instrument inside. The corporate governance is engaged to execute in the association premises to decide the best possible control over business methodologies and working strategies. It is distinguished that the significance of corporate governance is very important it empowers the association particularly managing an account industry to stay spare from the fake cases. It is analyzed that the part of corporate governance encourages association to execute rules and business laws and directions with regards to association center around the inward point of view of the association so as to stay spare from the fake cases.
Corporate administration is the framework and procedures by which an organization is controlled. (Erkens et al. 2012) characterizes corporate administration as an organization manage on how the organization ought to be coordinated. Corporate administration expresses the rights and obligations of various partnerships expressing every one of the standards and methods for settling on choices on corporate issues (OECD, 1999). Great corporate administration guarantees speculators that they would not lose their capital; this assumes a major part in expanding the market estimation of a firm (Sheifer and Vishny, 1997).
In this examination, the essential research will be founded on two administration hypotheses i.e. the organization hypothesis and Stakeholder hypothesis. Organization hypothesis depends on the enthusiasm of partners; it includes investors (principals) designating administrators (operators) to maintain the business for their benefit (Jensen and Meckling, 1976). This will prompt organization cost, which is the cost brought about by the investors in selecting supervisors to maintain the business. Sstakeholders hypothesis depends on the benefit of the considerable number of partners; it includes authoritative administration and how the organizations include different gatherings other than the investors (R. Edward Freeman).
Jensen and Meckling (1976, p. 308) characterize office struggle as “an agreement under which at least one people (the principal(s)) draw in someone else (the specialist) to play out some administration for their sake which includes assigning some basic leadership expert to the operator.” Corporate administration empowers the specialist and the central to act exclusively in their own self-enthusiasm by adjusting the enthusiasm of investors and administration together.
The exploration done by Paul A. Gompers, 2003 demonstrates that there is a huge connection amongst valuation and administration Firms with poor corporate administration experience the ill effects of more organization clashes because of poor structures chiefs are allowed to exploit and work in their own particular support.
The main problem identified in this research is based on the influence of the corporate governance on the financial aspects and profitability of banking sectors. It is observed that the banking have been facing number of issues and challenges in the business activities management. However, the role of corporate governance is effective and influential in order to improve the competitiveness and capabilities of the organization. The present study is based on the determination of the current Corporate Governance Practices in Tanzania Banks. This study is conducted to examine the state of effectiveness by emphasizing its impact on the decision making ability and business operations. Furthermore, the problem is also lined with the corporate governance relationships with the profits and revenue of the Banks.
The primary use of this exploration paper is to research the impacts of corporate administration on the budgetary execution of the saving money businesses. The investigation will center around two noteworthy managing an account organizations in Tanzania (CRDB and TBL) which are recorded on the Dare salaam stock trade (DSE).
The exploration will expect to examination how corporate administration impacts the monetary execution of the managing an account industry. The investigation will investigate the distinction in the utilization of corporate administration in private and open recorded organizations. Moreover we will audit how corporate administration is completed in Tanzania and what influence this has on their budgetary execution in the keeping money enterprises.
Following are the key objective of this paper:
- To investigate how capital structure affects the relationship between corporate governance and firm performance.
- To evaluate financial information of different companies and determine if good governance and capital structure has any effect on the financial performance of the company.
- To determine the corporate governance influence on the performance of banking sectors
The principle purpose for choosing this theme for the examination is based on the enthusiasm for the idea of corporate governance and its significance with my expert life in future. It is on the grounds that this examination isn’t helpful for me to create understanding about compelling CG rehearses , yet it will likewise advantageous for me to think about best business and moral practices that eventually add to enhance my mastery. This examination for the most part accentuates on the noteworthiness of corporate governance in building up the defensive and productive condition for banks that will be valuable for saving money firms to expand their intensity through corporate governance framework. Aside from this, the results of this exploration will be important to current business situation looked by managing an account firms. It is normal that its results will help different specialists who design examine in comparable zone by giving base. Every one of these contentions is sufficient to legitimize determination of this point for the examination.
In this section, the literature review is presented in elaborates the further understanding of the topic. It is essential to done the literature review to identify the perspective and perception of the previously done studies in order to determine the significance of the corporate governance on the performance of the banks. However, this chapter indicates the examination of the different literature related to the problem of the research. The relevant information has been extracted from the previous studies, articles, and literatures. In this section the focus of the author is on conducting the critical analysis obtained from the previous literature to deploy the theoretical understanding of the practices of the corporate governance and its related implications with banks. However, along with the evaluation of the current corporate government practices of the baking sector, the influence of Corporate Governance practices on organization decision making and financial performance is also determined.
In this section, of the literature review, it is discusses about the relevant information of key terms focuses in the research.
In the review of the Salma and Putnam (2013), the term corporate governance is defined as an overseeing and regulation system business operations and corporate conduct and also to bring balance in the stakeholder interest to ensure the ethical behaviors by the firms.
It is highlighted in the context of the Taysir and Pazarck (2013) corporate governance is defined as the system that enable the organization in order to elaborates and efficient internal control mechanism in the premises of organization by clear and concise distribution of roles and responsibilities among the groups of each stakeholders.
It is depicted in the study of Erkens et al, (2012) the term corporate governance practices can be elaborated as the activities related to the transparency, responsibility, accountability, and ethical consideration that are implemented by the organization in order to ensure proper administration and control in the business.
According to the study of Ofoegbu and Fasnya (2012), many of the organizations in the banking industry is performing the practices of CG to deal with challenges face in the business in effective and efficient manner. This will enables organizations to survive in a long-run position. However, in this regards the outsides members’ inclusion within the board, for the purpose of developing internal system of control, disclosure norms and the accounting integrity process. Thus, the implementation of such activities and practices will helps the banking sectors in order to increase the transparency, minimize the level of risk because of fraudulent activities and strengthen the right of the shareholders. For this purpose, with in the premises of the agency theory of corporate governance consideration, Taysir and Pazarck in their views depicted that the board mechanism presence with the influence of the independent directors is essential in order to improve the organization performance, by facilitating the clear and accurate financial disclosure which is highly influential in order to protects banks from the crises situations.
In light of these perspectives, Fanta, et.al, (2013) portray that the accentuation on respectability and moral managing alongside usage of solid corporate governance structure empowers saving money firms to encourage competency at two levels that are monetary teach and discernment. These changes are viable to upgrade firms’ hugeness in the individual business and in addition enhance their hazard reacting capacity, which is noteworthy to shield their business from emergency circumstance. Yet, then again, Kumar and Singh (2013) contend in the light of investor hypothesis that at some point banks’ CG hones identified with board structure and control framework makes unpredictability in the hazard governance process and interior control strategy because of absence of lucidity parts and duties of governance and representatives. This sort of issue is typically destructive for the saving money firms because of increment in the likelihood of contentions and unfavorable effect on governance’s endeavors towards emergency governance rehearses.
The monetary emergency has contributed in the raising profile of the corporate administration; the examination will investigate the corporate outrages that have hit the back areas throughout the years and the impacts of these budgetary emergencies on the investors disposition towards corporate administration. The study done by (McKinsey and Company, 2002) demonstrated that financial specialists are for the most part taking a gander at the organization’s corporate administration rather than the organization’s execution and that they will put resources into an organization with great corporate administration paying little heed to its present execution. Tanzania is just as of late tended to its issues in corporate administration. These previous couple of years Tanzania were hit with misappropriation of assets, defilement, meeting room ineptitude and impedance from the administration (Bagachwa, 1992). Be that as it may, regardless of tending to the corporate administration challenges Tanzania’s remote direct venture is still low (Kihiyo, 2002).
It is resolved in the perspective of the Mashayekhi and Bazaz (2008), the connection between administration, board individuals, investors and other key partners of the firm is built up by the corporate government framework keeping in mind the end goal to enhance coordination and comprehension among these gatherings. A viable stage where firms can take viable budgetary and in addition different choices is encouraged by the change in coordination and correspondence between administration, board individuals and partners. To make the association more straightforward and responsible towards every partner gatherings, the corporate oversee should hone which is huge to guarantee exact basic leadership. This is went with to expand firms’ capacity to settle on compelling money related choices by the commitment of straightforward and reasonable business strategies and interior framework
The difference between association’s administration and investors is caused by the nearness of solid corporate administration system and partner rehearses are depicted by Abdullah and Valentine (2009) in the reference of Shareholder hypothesis. Company’s budgetary basic leadership in negative way due to having struggle with real investors can be impacted by more grounded corporate administration and at some point likewise weaker investors, in any case, as per Shareholder hypothesis, the basic leadership forms that influence an association’s capacity to take money related choice rapidly can be influenced by the connection between numerous gatherings.
In the context of Stewardship theory, Yusoff and Alhaji (2012) state that to make ethical decision making with the aim of shareholders’ return maximization the way for managers is only corporate governance. The chances of higher costs can be minimized by this type of decision making but it increases the probability of higher returns in case of financial decisions. The managers of the firms encourage to make financial and other decisions in the principal’s interest of shareholders after implementing the CG practices which is significant to ensure profitable decisions is explained by Salama and Putnam (2013). They also determine that the monitoring of managerial decision making by the boards is facilitated the framework of corporate governance. To improve firms’ decision making ability, this type of arrangement creates pressure on managers to make decision in reasonable, ethical and fair manner as well as in interest of company.
According to Rossouw (2005), corporate governance practices are implemented in order to change the operation of organisation in effective and efficient manner. It is due to the reason that corporate governance and it related activities are linked with the disclosure of important information, organizational structure, internal reporting, and allocation of appointment. Hence, any noted things in this area our profession in now in order to change the practices of organisation into mole comprehend, manageable, uncontrollable structure. In addition, in the light of the theory of corporate governance, Wirt (2011) elaborated that the framework of the practices of the corporate governance changes the activities of organisation into ethical, transparent, and accountable practices. These practices play a significant role in order to encourage and enhance the activities of organisation to achieve the goal in viable and profound manner. However, Email concerning issue is linked with the direct influence of corporate governance practices on the administrative, regulatory, and legal structure of the organisation.
In contrast to this statement Salama and putnam (2013), stated that there can be a negative relationship exist among the activities of corporate governance and performance of organisation. it is due to the reason that corporate governance Framework is mainly consists of those activities that are connected with the change implication in the organisation internal mechanism and board size those have potential to increase delay and decision, Chance of creating conflict and also responsible for creating others work related problems. All of such issues are highly influential in order to affect the performance and efficiency of the operation of organisation and its practices in negative and terrible aspect.
As indicated in the study of Rossouw (2005), corporate administration rehearses are actualized with a specific end goal to change the activity of association in compelling and proficient way. It is because of the reason that corporate administration and it related exercises are connected with the exposure of vital data, authoritative structure, inner announcing, and portion of arrangement. Subsequently, any noted thing in this area our profession in now in order to change the practices of organisation into mole comprehend, manageable, uncontrollable structure. What’s more, in the light of the hypothesis of corporate administration, Wirt (2011) explained that the structure of the acts of the corporate administration changes the exercises of association into moral, straightforward, and responsible practices. These practices assume a huge part keeping in mind the end goal to empower and improve the exercises of association to accomplish the objective in feasible and significant way. Nonetheless, Email concerning issue is connected with the immediate impact of corporate administration hones on the authoritative, administrative, and lawful structure of the association.
As opposed to this announcement Salama and Putnam (2013), expressed that there can be a negative relationship exist among the exercises of corporate administration and execution of association. It is because of the reason that corporate administration Framework is fundamentally comprises of those exercises that are associated with the change suggestion in the association inward system and board estimate those can possibly expand postponement and choice, Chance of making struggle and furthermore in charge of making others business related issues. All of such issues are very powerful to influence the execution and effectiveness of the task of association and its practices in negative and unpleasant angle.
2.7 Impact of the Practices of the Corporate Governance on the Services and Profitability of Banking Organization
According to the statement of Sun et al, (2011) there is a significant relationship exists between the activities of corporate governance and financial performance of the organisation. It is due to the reason that corporate governance practices are effective in order to protect a shareholder interest and other key stakeholders group. Thus, this is significant to improve the organisation confidence and brand image in the context of market. Moreover, in the favor of this argument Tricker (2012) presented the supportive argument by elaborating that the effectiveness in the structure of corporate governance has positive influence on the ability of banks in order to make proper and accurate financial decisions. This effectiveness also increases the levels of competency among the competitors in the industry. Hence, in such aspects there is a reduction noted in the cost of agency and effect or factors related to waste which define the stage of improvement to have a potential to create positive imp positive influence on the banks profitability.
It is highlighted in the study of Erkens et al. (2012) something unique in his in the context of the agency theory; it is defined as the official and effective corporate governance practices or beneficial in order to develop the positive influence among the firms in the banking industry. Search concept is highly influential in order to attract consumers by means of appropriate commercial banking products and services. However, this will eventually result into the better profitability which also increases the sales revenue of banks
As indicated by the study of Sun et al, (2011) there is a critical relationship exists between the exercises of corporate administration and budgetary execution of the association. It is because of the reason that corporate administration rehearses are compelling with a specific end goal to ensure an investor premium and other key partners gathering. In this manner, this is critical to enhance the association certainty and brand picture with regards to showcase. Additionally, in the support of this contention Tricker (2012) exhibited the strong contention by expounding that the viability in the structure of corporate administration has positive effect on the capacity of banks keeping in mind the end goal to settle on appropriate and precise budgetary choices. This viability additionally builds the levels of competency among the rivals in the business. Subsequently, in such angles there is a decrease noted in the cost of organization and impact or factors identified with squander which characterize the phase of change to can possibly make positive devil positive effect on the banks gainfulness.
It is featured in the study of Erkens et al. (2012) something one of a kind in his with regards to the office hypothesis; it is characterized as the official and successful corporate administration hones or helpful keeping in mind the end goal to build up the positive impact among the organizations in the saving money industry. Hunt idea is profoundly powerful with a specific end goal to pull in buyers by methods for suitable business saving money items and administrations. Be that as it may, this will in the long run outcome into the better productivity which likewise builds the business income of banks.
In this section of the report, the methodology is proposed in order to signify the effectiveness of the study. It is the fundamental part of the study which needs to be done in efficient and viable manner.
In this study the research samples were selected from Dares salaam stock exchange, from the twenty two listed companies only two were targeted because they are the only ones in the banking industry. There are two types of data primary and secondary, this research study mainly uses secondary data. Secondary data includes collecting existing data that was not collected by the user for example previous research, printed articles and financial databases.
Qualitative and quantitative are two kinds of research plans that utilized by the scientists. Qualitative research centers around the accumulation of qualitative data in points of interest, while quantitative research depends on numerical information and figures because of target nature (Silverman, 2010). According to the idea of research point, quantitative plan is utilized to direct whole this exploration think about. The utilization of quantitative research empowered to look at the effect of CG hones on income and productivity of banks by gathering their monetary and other numerical information.
There are two types of data primary and secondary; this research study mainly uses secondary data. Secondary data includes collecting existing data that was not collected by the user for example previous research, printed articles and financial databases. According to the idea of research topic, just secondary information is utilized not essential to explore the effect of CG rehearses on income and productivity of saving money firms (Phillips and Stawarski, 2008). The principle purpose for utilizing just secondary information is the prerequisite of authentic money related information of banks to distinguish the effect of CG exercises on their budgetary execution throughout the years. It is not conceivable to gather this data through essential information accumulation strategies like review and meeting that is the reason these techniques are not utilized as a part of this investigation (Castellan, 2010).
The objective populace for this examination comprises of 2 business banks in Tanzania that are CRDB Bank and NMB Bank. Arbitrary inspecting strategy is utilized to choose these two banks from managing an account industry of Tanzania on irregular premise. The vast majority of the managing an account firms in Tanzania have corporate administration hones because of this reason; arbitrary approach is utilized to pick these banks with a specific end goal to build up an example for this investigation. The examination made utilization of information acquired from the yearly reports of banks and bona fide money related sites to gather their authentic information for the time of 2006 to 2014. 3
There are a few moral issues identified with information control, counterfeiting, protection and privacy and so forth that are applicable to this examination. Written falsification implies duplicate of existing data from past investigation to new examination. To maintain a strategic distance from this issue, all data taken from diaries, articles, books and friends reports are composed in possess dialect with no duplicate glue data (Castellan, 2010). In the meantime, the privacy of banks’ monetary information is likewise kept up to maintain a strategic distance from moral issues amid and after the investigation (John and Vicki, 2011).
For the analysis of data, MS Excel is utilized to perform diverse measurable tests including relapse and distinct measurements. It implies factual investigation technique is utilized to examine information acquired from optional sources with respect to look into targets. The principle purpose for utilizing this information investigation strategy is its adequacy in breaking down the effect of CG rehearses on the income and yearly benefits of banks throughout the years. It is on account of relapse investigation decided connection between CG related factors and money related factors, which is critical to distinguish effect of CG hones on banks’ monetary execution (Erkens, Hung and Matos, 2012).
In this section of the report, the finding and analysis of the study is determined in order to complete the study. This is the most important part of the study on which the whole determination of the study lies. The finding and analysis of the study is elaborated as follows;
The influence of the good corporate governance has been highlighted on the business financial performance. The study will look into the account of the argument of better understanding for the corporate governance and its associated issues and problem with in the context of the organization
In this study it has been analyzed that there is a huge impact analyzed on the banking performance and it is essential for the organization to focus on the proper corporate governance practices in order to achieve the effective and efficient results. It is also found helpful in terms of facing challenges and coping with the risk.
The research findings will feature the impacts of a decent administration has on the money related execution of a business. The exploration will likewise take a gander at contentions shape the two sides for and against corporate administration, and if corporate administration can mitigate office issue inside an association.
The commitment of this paper is two-crease: initially, the examinations on bank execution, the impact of corporate administration has on the money related execution of the keeping money businesses. Besides, investigating how the corporate administration is done in Tanzania. Assessing the corporate outrages and budgetary emergency Tanzania corporate administration is confronting and their endeavors to address these difficulties.
From The overall study it is analyzed that there is a significant relationship exists between the corporate governance practices and organization performance. The Implication of corporate governance practices will enable organisation to perform in effective and profound manner. It is also helpful in achieving the competitive edge in the industry. So, it is essential for the banking sector on the corporate governance practices to achieve the goals of organization.
From the above given table it is analyzed that the value of r square and adjusted r square is in favor of the study which means that there is a significant relationship exist between the corporate governance practices and organizational performance.
From the above given table it is analyzed that the value of f is approximately equal to 3.5 which means that there is a significant relationship exist between the corporate governance practices and organizational performance.
In this section of the report, the conclusion of the study is elaborated and in the end of the sections the recommendations are made to the banking industry in order to signify that t5he corporate governance have a considerable effect on the financial performance of a banking industry.
Based on the conclusion of the initial paper, I am expecting the findings of this study to show that corporate governance have a considerable effect on the financial performance of a banking industry. It is noted that the business environment in today; era the existence or presence of fairness and transparency in venture activities and decision making process has huge impact and significance for the companies. It is due to the fact that it is beneficial to increase the firm’s competitiveness and also save the failure of business and also prevents companies from fraudulent cases. It is denoted in the study corporate governance is a framework of guidelines and business laws and regulations designed, developed, and implemented by the organizations in order to improve the organization control mechanism internally. The corporate governance is focused to implement in the organization premises to determine the proper control over business strategies and working procedures. To investigate the effects of corporate governance on the financial performance it is necessary to determine a measureable way to evaluate the performance of a company.
- It is recommended to organization to focus on the implementation of corporate governance in order to have the effective and efficient working in banking sectors
- The banks must keep the keen focus on the efficient practices of corporate governance in the banking sector
2016, I. and confidence (2016) What is corporate governance? Available at: http://www.icaew.com/en/technical/corporate-governance/overview/does-corporate-governance-matter (Accessed: 15 December 2016).
Abdullah, H. and Valentine, B. (2009) Fundamental and Ethics Theories of Corporate Governance. Middle Eastern Finance and Economics, 4, pp. 88-96.
Albassam, W 2014, ‘Corporate governance, voluntary disclosure and financial performance : an empirical analysis of Saudi listed firms using a mixed-methods research design’, British Library EThOS, EBSCOhost, viewed 4 December 2016.
Bank of Tanzania: Financial Markets – Financial Markets in Tanzania. 2016. Bank of Tanzania: Financial Markets – Financial Markets in Tanzania. [ONLINE] Available at: https://www.bot-tz.org/FinancialMarkets/FinMarketsInTanzania.asp. [Accessed 08 December 2016].
Baysinger, B. D., & Butler, H. D. (1985). Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition,” Journal of Law, Economics and Organization 1, pp. 101−124.
Black, B. S., Jang, H., & Kim, W. (2006). Does Corporate Governance Predict Firms’ Market Values? Journal of Law, Economics, and Organization, Vol. 22.
Castellan, C.M. (2010) Quantitative and Qualitative Research: A View for Clarity. International Journal of Education, 2(2), pp. 1-14.
Corporate governance (2016) in Wikipedia. Available at: https://en.wikipedia.org/wiki/Corporate_governance (Accessed: 15 December 2016).
Corporate governance | IFLR.com . 2016. Corporate governance | IFLR.com . [ONLINE] Available at:http://www.iflr.com/Article/1978096/Corporate-governance.html. [Accessed 15 December 2016].
Erkens, D. H., Hung, M. and Matos, P. (2012) Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 18(2), pp.389-411.
Fanta, A.B., Kemalm, K.S. and Waka, Y.K. (2013) Corporate governance and impact on bank performance. Journal of Finance and Accounting, 1(1), pp. 19-26.
Gompers, P.A., Ishii, J.L. and Metrick, A. (no date) ‘Corporate governance and equity prices’, SSRN Electronic Journal, . doi: 10.2139/ssrn.278920.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76:323−329.
John, W. C. and Vicki L. C. (2011) Design and Conducting Mixed Methods Research. USA: SAGE Publication Inc.
Kumar, N. and Singh, J.P. (2013) Global Financial Crisis: Corporate Governance Failures and Lessons. Journal of Finance, Accounting and Management, 4(1), pp. 21-34.
Lauwo, S, & Otusanya, O 2014, ‘Corporate accountability and human rights disclosures: A case study of Barrick Gold Mine in Tanzania’, Accounting Forum, 38, pp. 91-108, ScienceDirect, EBSCOhost, viewed 13 December 2016.
Mashayekhi, B. and Bazaz, M.S. (2008) Corporate Governance and Firm Performance in Iran. Journal of Contemporary Accounting & Economics, 4 (12), pp.156-172.
McBurney, D, & White, T 2006, Research Methods, n.p.: Belmont, Calif. :Thomson/Wadsworth, The Library Catalogue University of Bedfordshire, EBSCOhost, viewed 8 December 2016.
Measurement of your financial performance | nibusinessinfo.co.uk. 2016. Measurement of your financial performance | nibusinessinfo.co.uk. [ONLINE] Available at:https://www.nibusinessinfo.co.uk/content/measurement-your-financial-performance. [Accessed 15 December 2016].
OECD, (1999).OECD Principles of Corporate Governance,Paris: OECD Putnam, R. (1993). Making democracy work: civic tradition in modern Italy. Princeton: Princeton University Press.
Oghojafora, B.E.A., Olayemia, O.O., Okonji, P.S. and Okolie, J.U. (2010) Poor corporate governance and its consequences on the Nigerian banking sector. Serbian Journal of Management, 5 (2), pp. 243 – 250.
Okiro, K., Aduda, J. and Omoro, N. (2015) ‘the effect of corporate governance and capital structure on performance of firms listed at the east african community securities exchange’, Scientific Journal, 11.
Phillips, P.P. and Stawarski, C.A. (2008) Data Collection: Planning for and Collecting All Types of Data. USA: John Wiley & Sons.
Plessis, J. J. D., Bagaric, M. and Hargovan, A. (2010) Principles of Contemporary Corporate Governance. UK: Cambridge University Press.
Rossouw, G. J. (2005) Business ethics and corporate governance in Africa. Business & Society, 44(1), pp. 94-106.
Salama, F.M. and Putnam, K. (2013) The Impact of Corporate Governance on the Financial Outcomes of Global Diversification. The International Journal of Accounting, 48 (3), pp.364-389.
Shleifer,A. & Vishny, R. W. (1997).A survey of corporate governance. The Journal of Finance, 52, 737-783.
Silverman, D. (2010) Qualitative research. UK: Sage.
Sun, W., Stewart, J. & Pollard, D. (2011) Corporate Governance and the Global Financial Crisis: International Perspectives. UK: Cambridge University Press.
Taşkin, F.D. (2012) ‘CORPORATE GOVERNANCE AND PERFORMANCE OF TURKISH BANKS IN THE PRE- AND POST-CRISIS PERIODS’, Journal of Governance and Regulation, 1(4). doi: 10.22495/jgr_v1_i4_p4.
Taylor, B., Sinha, G. and Ghoshal, T. (2006) Research Methodology: A Guide To For Reseachers In Management And Social Sciences. USA: PHI Learning Pvt. Ltd.
Tayşir, E.A. and Pazarck, Y. (2013) Business Ethics, Social Responsibility and Corporate Governance: Does the Strategic Management Field Really Care about these Concepts? Procedia – Social and Behavioral Sciences, 99 (6), pp.294-303.
Tricker, B. and Tricker, R. I. (2012) Corporate Governance: Principles, Policies and Practices. UK: Oxford University Press.
Yusoff, W.F.W. and Alhaji, I.A. (2012) Insight of Corporate Governance Theories. Journal of Business & Management, 1(1), pp. 52-63.