Ownership Structure and Return on Assets of Commercial Bank in Nigeria
Keywords:
Ownership Structure, Return on Assets, Commercial Bank
Abstract
This study examined the effect of ownership structure on return on assets of deposit money banks in Nigeria. The objective was to investigate the relationship between the composition of ownership structure and deposit money banks return on assets. Cross sectional data was sourced from financial statement of fifteen quoted commercial banks. Return on assets was modeled as a function of domestic ownership, ownership concentration, foreign ownership institutional ownership and management ownership. After cross examination of the validity of the pooled effect, fixed effect and the random effect, the study accepts the fixed effect model. The result found that ownership concentration, management ownership and institutional ownership have negative relationship with the dependent variable while private ownership and management ownership have positive relationship with the dependent variable which is return on investment. While private ownership, ownership concentration, institutional ownership and foreign ownership have positive effect on the dependent variable which is return on assets while management ownership have negative effect on the dependent variable. We recommend that regulatory authorities such as the Securities and Exchange Commission, the Nigerian investment promotion council should encourage private investors to invest into the equity shares of the commercial banks and the need for commercial banks to increase their ownership structure through public listing, right issue and other means of attracting public and institutional investors.
References
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Anderson, R. C., and Reeb, D. M., (2003). Founding family ownership, corporate diversification and firm leverage,
Journal of Law and Economics, 46 (2), 653-684.
Antoniadis, I., Lazarides, T., & Sarrianides, N., (2010). Ownership and performance in the Greek banking sector.
International Conference on Applied Economics, 7 (1), 11-21.
Ayorinde, G. B. C., (2001). Ownership Structure, Corporate Governance and corporate performance: the case of Nigerian Quoted Companies, a paper presented at the 3rd Annual Development Network Conference, held at Rio de Janeiro, Brazil.
Barros, C. P., Ferreira C., Williams J., (2007). Analyzing the Determinants of Performance of Best and Worst European Banks: A Mixed Logic Approach. J. Banking and Finance. 6 (31), 2189-2203.
Belkhir, M., (2005). Additional evidence on insider ownership and bank risk taking, Banques and Marche, 6 (78), 34-43.
Berger, A. N., Clarke, G. R. G., Cull, R., Klapper, L., and Udell, G. F., (2005). Corporate governance and bank performance: A joint analysis of the static, selection and dynamic effects of domestic, foreign and state ownership. Journal of Banking and Finance, 29 (9), 2179-2221.
Bonin, J. P., Hasan, I., and Wachtel, P., (2005). Bank performance, efficiency and ownership in transition countries.
Journal of Banking and Finance, 29 (5), 31-53.
Campbell K., (2003). Ownership Structure and Operating Performance of Hungarian Firms. Centre in the study, of
Economic and Social Change in Europe Working Paper 9.
Chen, C. R., Guo, W., and Mande, V., (2003). Managerial ownership and firm valuation: Evidence from Japanese firms. Pacific-Basin Finance Journal, 11 (3), 267-283,
Claessens, S., Djankov S., Fan, J., Lang, L., (2002). Disentangling the Incentive and Entrenchment Effect of large shareholdings, J. Finance. 57 (9),2741-2771.
Claessens, S., Djankov, S., & Lang, L. H. P., (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58, 81-112. http://dx.doi.org/10.1016/S0304-405X (00)00067-2
Claessens, S., Djankov, S., and L. H. P., Lang, (2000). The separation of ownership and control in East Asian corporations, Journal of Financial Economics, 58 (4), 81-112.
Cornett M. M., Marcus A., Tehranian H., (2008). Corporate Governance and Pay-for-Performance: The Impact of Earnings Management, J. Financial Econ. 87 (7), 357-373.
Cornett, M. M., Marcus, A. J., Saunders, A., and Tehranian, H., (2007).The impact of institutional ownership on corporate operating performance, Journal of Banking and Finance, 31 (5), 1771-1794.
Dages, B. G., Linda, G., and Kinney, D., (2000). Foreign and domestic bank participation in emerging markets: Lessons from Mexico and Argentina. Federal Reserve Bank of New York Economic Policy Review 8 (9), 17-36.
Davies, J. R., Hillier, D., and McColgan, P., (2005). Ownership structure, managerial behavior and corporate value.
Journal of Corporate Finance, 11 (4), 645-660.
Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 209-233. http://dx.doi.org/10.1016/S0929-1199 (01)00020-7.
Detragiache, E., and Gupta, P., (2006). Foreign banks in emerging markets crises: Evidence from Malaysia. Journal of Financial Stability, 7(2), 217-242.
Faccio, M., and Lasfer, M. A., (2001). Institutional Shareholders and corporate governance: The case of UK pension funds, Working Paper, Center for Research on Pensions and Welfare Policies, 11 (1), 1-41.
Fan, J. P. H., and Wiwatanakantang, Y., (2005). Bank ownership and governance quality in four post-crisis Asian Economies. Asian Development Bank (ADB) Institute, 7 (4), 1-27.
Fan, J. P. H., and Wong, J. T., (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economic, 33 (4), 401-425.
G., Gursoy and K., Aydogan, (2002). Equity ownership structure, risk taking, and performance. Emerging Markets Finance and Trade, 6 (38), 6-25.
G., Pinteris, ―Agency costs, ownership structure and performance in Argentine banking, paper presented in Southern Finance Association, Argentine, 2002.
Gedajlovic, E., & Shapiro, D., (1998). Management and ownership effects: evidence from five countries. Strategic Management Journal, 19(6), 533-553.
Georgetown, USA. Ahmad II (2003). Trend in the Profitability of Banks in Nigeria before and during interest rates deregulation; A comparative analysis, NDIC QUARTERL. 13(9), 55-84.
Gorton G. and Rosen, R. (1995). Corporate control, portfolio choice and the decline of banking. The Journal of Finance, 6(50), 1377-1420.
Gugler, K., Mueller, D. C., and Yurtoglu, B., (2008). Insider ownership, ownership concentration and investment performance: An international comparison. Journal of Corporate Finance, 14 (5), 688-705.
Gupta, N., (2005). Partial privatization and firm performance, Journal of Finance, 60 (6), 987-1015
Gursoy G., Aydrogan K., (1999). Equity ownership structure, Risk taking and Performance, An empirical investigation in Turkish Companies. Hi/kent University working paper.
Gursoy, G., & Aydogan, K., (2002). Equity Ownership Structure, Risk Taking, and Performance. Emerging Markets, Finance & Trade, 38(6), 6-25.
Hansmann, H., (2000). The Ownership of Enterprise. The Belknap Press of Harvard University Press. England, 11- 12.
Hartzell, C. J., and Starks, L. T., (2003). Institutional investors and executive compensation. The Journal of Finance, 58, (6), 2351-2374.
Kim, A. K., Pattanaporn K., John, R. N., (2004). Ownership and Operating Performance in an Emerging Market:
Evidence from Thai IPO firms. J. Corporate Finance. 7 (10), 355-381.
Kiuri, R. M., (2013). The effects of ownership structure on bank profitability in Kenya. European Journal of Management Sciences and Economics, 1(2), 116-127.
Kobeissi, N., & Sun, X., (2010). Ownership Structure and Bank Performance: Evidence from the Middle East and North Africa Region, Comparative Economic Studies, Palgrave Macmillan, 52(3), 287-323.
Kosak, M., & Cok, M., (2008). Ownership structure and profitability of the banking sector: The evidence from the SEE region. Journal of Economics and Business, 7 (26), 93-122.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R., (2000). Investor protection and corporate governance.
Journal of Financial Economics, 58, 3-27. http://dx.doi.org/10.1016/S0304-405X(00)00065-9
Lannota, G., Nocera, G., and Sironi, A., (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking and Finance, 31 (9), 2127-2149.
Lannotta, G., Nocera, G., Sironi, A., (2007). Ownership Structure, Risk and Performance in the European Banking Industry J. Banking and Finance. 31 (8), 2127-2149.
Lensink R., and Naaborg I., (2007). Does foreign ownership foster bank performance? Applied Financial Economics, 17 (11), 881-885.
Lins, K. V., (2003). Equity ownership and firm value in emerging market. Journal of Financial and Qualitative Analysis, 36 (7), 159-184.
Maury, B., (2006). Family ownership and firm performance: Empirical evidence from Western European Corporations. Journal of Corporate Finance, 8 (12), 321-341.
Maury, B., and Pajuste, A., (2005). Multiple Large shareholders and firm value. Journal of Banking and Finance, 29 (8), 1813-183.
Mian, A., (2003).Foreign, private domestic and government banks: New evidence from emerging markets. Working Paper, University of Chicago, 8 (7), 1-46,
Micco A., Panizza U, Yanez, M., (2007). Bank Ownership and Performance. Does Politics Matter? J. Banking and Finance. 9 (31), 219-241.
Micco, A., Panizza U., & Yañez, M., (2004). Bank ownership and performance, working paper, Inter-American development bank, Banco Interamericano de Desarrollo (BID) Research Department.
Micco, A., Panizza, U., and Yanez, M., (2007). Bank ownership and performance. Does politics matter? Journal of Banking and Finance, 31 (6), 219-241.
Mitton, T., (2002). A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis. Journal of Financial Economics, 9 (64), 215-24. http://dx.doi.org/10.1016/S0304-405X (02)00076-4 Moldenhaue, B., (2006). Insider ownership, corporate performance and the German entrepreneurial index–Practical and Academic Evidence from Germany. CEFS. [Online]. 1-45. Available
http://www.eurocapitalmarkets.org/files/Moldenhauer.pdf
Morck, R., Daniel, W., & Bernard, Y., (2005). Corporate governance, economic entrenchment and growth. Journal of Economic Literature, 9 (43), 655-720. http://dx.doi.org/10.1257/002205105774431252
Morck, R., Nakamura, M., and Shivdasani, A., (2000). Bank, ownership structure and firm value in Japan, Journal of Business, 73 (9), 539-567,
Najid, A. F., and Rahman, R. A., (2011). Government ownership and performance of Malaysian government-linked companies. International Research Journal of Finance and Economics, 61 (6), 42-56,
Nguyen H. S., & Tran T. T., (2012). Unknown issues of banking restructure in Vietnam nowadays. Autumn Economic Forum, co-hosted by Economic Committee of Parliament and UNDP.
Nguyen H. S., & Tran T. T., (2014, March). Vietnam banking system – results after 2 years of restructuring. Journal of Economic Research.
Nguyen, H. S., (2012). Bank restructuring: Theoretical issues, Asian experiences and implications for Vietnam.
Journal of Economic Research, 7 (8), 10 – 87.
Nguyen, H. S., Tran Thi Thanh Tu, & Pham Bao Khanh. (2014, June). Testing the relationship between corporate governance and bank performance – an empirical test in Vietnam. Asian Social Science, 10(11).
Nguyen, H. S., Tran Thi Thanh Tu, & Tran Thi Hoang Yen. (2014, April). Bank restructuring – International perspectives and Vietnam practice. Accounting & Finance Research Journal, 3(2).
Nocera, A. S., (2007). Ownership structure, risk and Performance in the European banking industry, J. Banking and Finance. 9 (2), 2127-2149.
Oluyemi S. A., (2006). Banking Sector Reforms arid the Imperatives of Good Corporate Governance in the Nigerian Banking System. NDIC Quarterly’s, No.1. Pound P(1988). Proxy context and the efficiency of shareholder- oversight, Journal of Financial Economic. 7 (20), 237-265.
Ongore, V. O., (2011). The relationship between ownership structure and firm performance: An empirical analysis of listed companies in Kenya, African Journal of Business Management, 5 (6), 2120-2128,
Pei Sai, F., (2004). Is Board Diversity Important for Corporate Governance and Firm Value? Review of Literature & Empirical Research.
Porta R. L., Silanes, F., and Shleifer, A., (2002). Government ownership of banks,The Journal of Finance, 82 (6), 265-301.
Soon, L. C., and Koh, P. T., (2007). Corporate governance of banks in Malaysia, Banker’s Journal Malaysia, 131 (5), 10-48.
Sullivan, R. J., and Spong, K. R. (2007). Manager wealth concentration, ownership structure and risk in commercial banks, Journal of Financial Intermediation, 16 (2), 229-248.
Sun, Q., & Tong, H. S., (2003). China share issue privatization: the extent of its success. Journal of Financial Economics, 70, 183-222. http://dx.doi.org/10.1016/S0304-405X (03)00145-4
Thomsen S., and Pedersen, T., (2000). Ownership structure and economic performance in the largest European companies, Strategic Management Journal, 21 (6), 689-705.
Tran, T., Thanh T., Pham B. K., & Phung D. Q., (2014). Develop Corporate Governance Index for Vietnamese Bank. International Journal of Financial Research, 5 (2), 21 - 63.
Ungureanu, M. S., (2008). Banks: regulation and corporate governance framework, Journal of Ownership and Control, 5 (2), 1-19.
Uwalomwa, U., & Olamide, O., (2012). An Empirical Examination of the Relationship between Ownership Structure and the Performance of Firms in Nigeria. International Business Research, 7 (5), 208-215.
Vethanayagam, J., Yahya, S., & Haron, H., (2006). Independent Non-Executive Directors, Managerial Ownership and Firm Performance in Malaysian Public Listed Companies. Proceeding Symposium on accountability, Governance and Performance. Griffith University, 2006.
Villalonga B., and Amit, R., (2006). How do family ownership control and management affect firm value? Journal of Financial Economics, 80 (2), 385-417.
Wen, W., (2010). Ownership structure and Banking Performance: New Evidence in China. Working paper.
Zaini, A. K. M., (2003). Ownership and efficiency in Malaysian banking, The Philippine Review of Economics, 40 (2), 91-101.
Anderson, R. C., and Reeb, D. M., (2003). Founding family ownership, corporate diversification and firm leverage,
Journal of Law and Economics, 46 (2), 653-684.
Antoniadis, I., Lazarides, T., & Sarrianides, N., (2010). Ownership and performance in the Greek banking sector.
International Conference on Applied Economics, 7 (1), 11-21.
Ayorinde, G. B. C., (2001). Ownership Structure, Corporate Governance and corporate performance: the case of Nigerian Quoted Companies, a paper presented at the 3rd Annual Development Network Conference, held at Rio de Janeiro, Brazil.
Barros, C. P., Ferreira C., Williams J., (2007). Analyzing the Determinants of Performance of Best and Worst European Banks: A Mixed Logic Approach. J. Banking and Finance. 6 (31), 2189-2203.
Belkhir, M., (2005). Additional evidence on insider ownership and bank risk taking, Banques and Marche, 6 (78), 34-43.
Berger, A. N., Clarke, G. R. G., Cull, R., Klapper, L., and Udell, G. F., (2005). Corporate governance and bank performance: A joint analysis of the static, selection and dynamic effects of domestic, foreign and state ownership. Journal of Banking and Finance, 29 (9), 2179-2221.
Bonin, J. P., Hasan, I., and Wachtel, P., (2005). Bank performance, efficiency and ownership in transition countries.
Journal of Banking and Finance, 29 (5), 31-53.
Campbell K., (2003). Ownership Structure and Operating Performance of Hungarian Firms. Centre in the study, of
Economic and Social Change in Europe Working Paper 9.
Chen, C. R., Guo, W., and Mande, V., (2003). Managerial ownership and firm valuation: Evidence from Japanese firms. Pacific-Basin Finance Journal, 11 (3), 267-283,
Claessens, S., Djankov S., Fan, J., Lang, L., (2002). Disentangling the Incentive and Entrenchment Effect of large shareholdings, J. Finance. 57 (9),2741-2771.
Claessens, S., Djankov, S., & Lang, L. H. P., (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58, 81-112. http://dx.doi.org/10.1016/S0304-405X (00)00067-2
Claessens, S., Djankov, S., and L. H. P., Lang, (2000). The separation of ownership and control in East Asian corporations, Journal of Financial Economics, 58 (4), 81-112.
Cornett M. M., Marcus A., Tehranian H., (2008). Corporate Governance and Pay-for-Performance: The Impact of Earnings Management, J. Financial Econ. 87 (7), 357-373.
Cornett, M. M., Marcus, A. J., Saunders, A., and Tehranian, H., (2007).The impact of institutional ownership on corporate operating performance, Journal of Banking and Finance, 31 (5), 1771-1794.
Dages, B. G., Linda, G., and Kinney, D., (2000). Foreign and domestic bank participation in emerging markets: Lessons from Mexico and Argentina. Federal Reserve Bank of New York Economic Policy Review 8 (9), 17-36.
Davies, J. R., Hillier, D., and McColgan, P., (2005). Ownership structure, managerial behavior and corporate value.
Journal of Corporate Finance, 11 (4), 645-660.
Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 209-233. http://dx.doi.org/10.1016/S0929-1199 (01)00020-7.
Detragiache, E., and Gupta, P., (2006). Foreign banks in emerging markets crises: Evidence from Malaysia. Journal of Financial Stability, 7(2), 217-242.
Faccio, M., and Lasfer, M. A., (2001). Institutional Shareholders and corporate governance: The case of UK pension funds, Working Paper, Center for Research on Pensions and Welfare Policies, 11 (1), 1-41.
Fan, J. P. H., and Wiwatanakantang, Y., (2005). Bank ownership and governance quality in four post-crisis Asian Economies. Asian Development Bank (ADB) Institute, 7 (4), 1-27.
Fan, J. P. H., and Wong, J. T., (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economic, 33 (4), 401-425.
G., Gursoy and K., Aydogan, (2002). Equity ownership structure, risk taking, and performance. Emerging Markets Finance and Trade, 6 (38), 6-25.
G., Pinteris, ―Agency costs, ownership structure and performance in Argentine banking, paper presented in Southern Finance Association, Argentine, 2002.
Gedajlovic, E., & Shapiro, D., (1998). Management and ownership effects: evidence from five countries. Strategic Management Journal, 19(6), 533-553.
Georgetown, USA. Ahmad II (2003). Trend in the Profitability of Banks in Nigeria before and during interest rates deregulation; A comparative analysis, NDIC QUARTERL. 13(9), 55-84.
Gorton G. and Rosen, R. (1995). Corporate control, portfolio choice and the decline of banking. The Journal of Finance, 6(50), 1377-1420.
Gugler, K., Mueller, D. C., and Yurtoglu, B., (2008). Insider ownership, ownership concentration and investment performance: An international comparison. Journal of Corporate Finance, 14 (5), 688-705.
Gupta, N., (2005). Partial privatization and firm performance, Journal of Finance, 60 (6), 987-1015
Gursoy G., Aydrogan K., (1999). Equity ownership structure, Risk taking and Performance, An empirical investigation in Turkish Companies. Hi/kent University working paper.
Gursoy, G., & Aydogan, K., (2002). Equity Ownership Structure, Risk Taking, and Performance. Emerging Markets, Finance & Trade, 38(6), 6-25.
Hansmann, H., (2000). The Ownership of Enterprise. The Belknap Press of Harvard University Press. England, 11- 12.
Hartzell, C. J., and Starks, L. T., (2003). Institutional investors and executive compensation. The Journal of Finance, 58, (6), 2351-2374.
Kim, A. K., Pattanaporn K., John, R. N., (2004). Ownership and Operating Performance in an Emerging Market:
Evidence from Thai IPO firms. J. Corporate Finance. 7 (10), 355-381.
Kiuri, R. M., (2013). The effects of ownership structure on bank profitability in Kenya. European Journal of Management Sciences and Economics, 1(2), 116-127.
Kobeissi, N., & Sun, X., (2010). Ownership Structure and Bank Performance: Evidence from the Middle East and North Africa Region, Comparative Economic Studies, Palgrave Macmillan, 52(3), 287-323.
Kosak, M., & Cok, M., (2008). Ownership structure and profitability of the banking sector: The evidence from the SEE region. Journal of Economics and Business, 7 (26), 93-122.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R., (2000). Investor protection and corporate governance.
Journal of Financial Economics, 58, 3-27. http://dx.doi.org/10.1016/S0304-405X(00)00065-9
Lannota, G., Nocera, G., and Sironi, A., (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking and Finance, 31 (9), 2127-2149.
Lannotta, G., Nocera, G., Sironi, A., (2007). Ownership Structure, Risk and Performance in the European Banking Industry J. Banking and Finance. 31 (8), 2127-2149.
Lensink R., and Naaborg I., (2007). Does foreign ownership foster bank performance? Applied Financial Economics, 17 (11), 881-885.
Lins, K. V., (2003). Equity ownership and firm value in emerging market. Journal of Financial and Qualitative Analysis, 36 (7), 159-184.
Maury, B., (2006). Family ownership and firm performance: Empirical evidence from Western European Corporations. Journal of Corporate Finance, 8 (12), 321-341.
Maury, B., and Pajuste, A., (2005). Multiple Large shareholders and firm value. Journal of Banking and Finance, 29 (8), 1813-183.
Mian, A., (2003).Foreign, private domestic and government banks: New evidence from emerging markets. Working Paper, University of Chicago, 8 (7), 1-46,
Micco A., Panizza U, Yanez, M., (2007). Bank Ownership and Performance. Does Politics Matter? J. Banking and Finance. 9 (31), 219-241.
Micco, A., Panizza U., & Yañez, M., (2004). Bank ownership and performance, working paper, Inter-American development bank, Banco Interamericano de Desarrollo (BID) Research Department.
Micco, A., Panizza, U., and Yanez, M., (2007). Bank ownership and performance. Does politics matter? Journal of Banking and Finance, 31 (6), 219-241.
Mitton, T., (2002). A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis. Journal of Financial Economics, 9 (64), 215-24. http://dx.doi.org/10.1016/S0304-405X (02)00076-4 Moldenhaue, B., (2006). Insider ownership, corporate performance and the German entrepreneurial index–Practical and Academic Evidence from Germany. CEFS. [Online]. 1-45. Available
http://www.eurocapitalmarkets.org/files/Moldenhauer.pdf
Morck, R., Daniel, W., & Bernard, Y., (2005). Corporate governance, economic entrenchment and growth. Journal of Economic Literature, 9 (43), 655-720. http://dx.doi.org/10.1257/002205105774431252
Morck, R., Nakamura, M., and Shivdasani, A., (2000). Bank, ownership structure and firm value in Japan, Journal of Business, 73 (9), 539-567,
Najid, A. F., and Rahman, R. A., (2011). Government ownership and performance of Malaysian government-linked companies. International Research Journal of Finance and Economics, 61 (6), 42-56,
Nguyen H. S., & Tran T. T., (2012). Unknown issues of banking restructure in Vietnam nowadays. Autumn Economic Forum, co-hosted by Economic Committee of Parliament and UNDP.
Nguyen H. S., & Tran T. T., (2014, March). Vietnam banking system – results after 2 years of restructuring. Journal of Economic Research.
Nguyen, H. S., (2012). Bank restructuring: Theoretical issues, Asian experiences and implications for Vietnam.
Journal of Economic Research, 7 (8), 10 – 87.
Nguyen, H. S., Tran Thi Thanh Tu, & Pham Bao Khanh. (2014, June). Testing the relationship between corporate governance and bank performance – an empirical test in Vietnam. Asian Social Science, 10(11).
Nguyen, H. S., Tran Thi Thanh Tu, & Tran Thi Hoang Yen. (2014, April). Bank restructuring – International perspectives and Vietnam practice. Accounting & Finance Research Journal, 3(2).
Nocera, A. S., (2007). Ownership structure, risk and Performance in the European banking industry, J. Banking and Finance. 9 (2), 2127-2149.
Oluyemi S. A., (2006). Banking Sector Reforms arid the Imperatives of Good Corporate Governance in the Nigerian Banking System. NDIC Quarterly’s, No.1. Pound P(1988). Proxy context and the efficiency of shareholder- oversight, Journal of Financial Economic. 7 (20), 237-265.
Ongore, V. O., (2011). The relationship between ownership structure and firm performance: An empirical analysis of listed companies in Kenya, African Journal of Business Management, 5 (6), 2120-2128,
Pei Sai, F., (2004). Is Board Diversity Important for Corporate Governance and Firm Value? Review of Literature & Empirical Research.
Porta R. L., Silanes, F., and Shleifer, A., (2002). Government ownership of banks,The Journal of Finance, 82 (6), 265-301.
Soon, L. C., and Koh, P. T., (2007). Corporate governance of banks in Malaysia, Banker’s Journal Malaysia, 131 (5), 10-48.
Sullivan, R. J., and Spong, K. R. (2007). Manager wealth concentration, ownership structure and risk in commercial banks, Journal of Financial Intermediation, 16 (2), 229-248.
Sun, Q., & Tong, H. S., (2003). China share issue privatization: the extent of its success. Journal of Financial Economics, 70, 183-222. http://dx.doi.org/10.1016/S0304-405X (03)00145-4
Thomsen S., and Pedersen, T., (2000). Ownership structure and economic performance in the largest European companies, Strategic Management Journal, 21 (6), 689-705.
Tran, T., Thanh T., Pham B. K., & Phung D. Q., (2014). Develop Corporate Governance Index for Vietnamese Bank. International Journal of Financial Research, 5 (2), 21 - 63.
Ungureanu, M. S., (2008). Banks: regulation and corporate governance framework, Journal of Ownership and Control, 5 (2), 1-19.
Uwalomwa, U., & Olamide, O., (2012). An Empirical Examination of the Relationship between Ownership Structure and the Performance of Firms in Nigeria. International Business Research, 7 (5), 208-215.
Vethanayagam, J., Yahya, S., & Haron, H., (2006). Independent Non-Executive Directors, Managerial Ownership and Firm Performance in Malaysian Public Listed Companies. Proceeding Symposium on accountability, Governance and Performance. Griffith University, 2006.
Villalonga B., and Amit, R., (2006). How do family ownership control and management affect firm value? Journal of Financial Economics, 80 (2), 385-417.
Wen, W., (2010). Ownership structure and Banking Performance: New Evidence in China. Working paper.
Zaini, A. K. M., (2003). Ownership and efficiency in Malaysian banking, The Philippine Review of Economics, 40 (2), 91-101.
Published
2018-09-04
How to Cite
Orumo, J. I. (2018). Ownership Structure and Return on Assets of Commercial Bank in Nigeria. American Finance & Banking Review, 2(2), 20-33. https://doi.org/10.46281/amfbr.v2i2.134
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2018 Joseph Igbiks Orumo
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