Title: Board structure and firm value: a study on listed banking firms in the Asian emerging markets

Authors: Abdul Hadi Zulkafli, Azlan Amran, M. Fazilah Abdul Samad

Addresses: School of Management, Universiti Sains Malaysia, 11800 Penang, Malaysia. ' Graduate School of Business, Universiti Sains Malaysia, 11800 Penang, Malaysia. ' Faculty of Business and Accountancy, University Malaya, 50603 Kuala Lumpur, Malaysia

Abstract: The banking sector in developing countries is regarded as an engine of economic growth (Arun, 2004). It is believed that corporate governance is necessary to ensure a sound financial system and, consequently, help develop the country|s economy. Using a Pooled Generalised Least Squares (GLS) regression model, the relationship between board structure and bank|s performance is analysed. A total of 107 listed banks in nine countries of the Asian emerging markets were included in the study. It is evidenced that only one aspect of board structure, which is CEO Duality, is positively significant, with market-based corporate performance.

Keywords: corporate governance; board structure; banking; banks; Asia; firm value; listed companies; developing countries; economic growth; emerging markets; pooled GLS; generalised least squares; GLS regression model; CEO duality; chief executive officers; market-based corporate performance; Malaysia; Thailand; Philippines; Indonesia; Korea; Singapore; Hong Kong; Taiwan; India; business governance.

DOI: 10.1504/IJBGE.2010.033344

International Journal of Business Governance and Ethics, 2010 Vol.5 No.3, pp.157 - 177

Published online: 01 Jun 2010 *

Full-text access for editors Access for subscribers Purchase this article Comment on this article