Magoma, An hony; E nes , Enid; Kasheshi, E nes
A icle
Boa d cha ac e is ics and inancial pe o mance o banks
lis ed on on ie s ock ma ke s in Eas A ica. A panel
analysis
Cogen Business & Managemen
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and inancial pe o mance o banks lis ed on on ie s ock ma ke s in Eas A ica. A panel analysis,
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Boa d cha ac e is ics and financial pe o mance
o banks lis ed on on ie s ock ma ke s in Eas
A ica. A panel analysis
An hony Magoma, Enid E nes & E nes Kasheshi
To ci e his a icle: An hony Magoma, Enid E nes & E nes Kasheshi (2024) Boa d
cha ac e is ics and financial pe o mance o banks lis ed on on ie s ock ma ke s
in Eas A ica. A panel analysis, Cogen Business & Managemen , 11:1, 2400615, DOI:
10.1080/23311975.2024.2400615
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ACCOUNTING, CORPORATE GOVERNANCE & BUSINESS
ETHICS | RESEARCH ARTIClE
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2400615
Boa d cha ac e is ics and inancial pe o mance o banks lis ed on
on ie s ock ma ke s in Eas A ica. A panel analysis
An hony Magomaa , Enid E nes b and E nes Kasheshia
aDepa men o accoun ing and Finance, anzania ins i u e o accoun ancy, Mwanza, anzania; bDepa men o P ocu emen
and Logis ic Managemen , anzania ins i u e o accoun ancy, Mwanza, anzania
ABSTRACT
This s udy in es iga es he impac o boa d cha ac e is ics on he inancial pe o mance
o 14 lis ed banks in Kenya, Tanzania, and Uganda. We use 84 i m-yea obse a ions o
14 lis ed banks om h ee s ock ma ke s in Eas A ica, namely Da es Salaam S ock
Exchange (DSE), Nai obi Secu i y Exchange (NSE), and Uganda Secu i y Exchange (USE)
o a six-yea pe iod ha is 2017–2022. The accoun ing measu e o inancial pe o mance
was he ne in e es ma gin (NIM). This s udy used a ixed-e ec s panel analysis model
o es he hypo heses. The empi ical esul s e eal ha boa d inancial expe ise
posi i ely and signi ican ly in luences inancial pe o mance. This implies ha an
inc ease in he p opo ion o boa d membe s wi h inancial and accoun ing backg ounds
inc eases bank pe o mance. On he o he hand, he p opo ion o o eign di ec o s
dec eased bank pe o mance as he a iable exe ed a nega i e and signi ican e ec
on bank pe o mance. The esul s sugges ha boa d s uc u e has an impo an ole
o play in he go e nance o lis ed banks in Eas A ican on ie s ock ma ke s.
1. In oduc ion
The cu en global inancial c isis has necessi a ed co po a e go e nance in he banking indus y o
ecei e g ea e a en ion han e e be o e. This is because bank ailu es may be associa ed wi h poo
co po a e go e nance s uc u es, and his migh ha e a disas ous e ec on he gene al public by po en-
ially a ec ing paymen sys ems, causing liquidi y c ises, and o he mac oeconomic p oblems including
con agion isk (Be he, 2023; liang e al., 2013; Pa han & Fa , 2013). The banking sec o ’s pe o mance is
hough o be a mi o image o he economic s a us o any coun y (Magoma e al., 2022; Mis a & Aspal,
2013). In his con ex , he signi icance o bank pe o mance is widely acknowledged by academicians,
p ac i ione s, egula o y bodies, and o he key s akeholde s in he banking indus y (Elgadi & Gha dallou,
2022; N im & Sooba oyen, 2013). Thus, a well-pe o ming banking sys em ensu es ha sha eholde s’
in e es s a e me , p o i s a e maximized, and sha eholde s’ in es men s a e p o ec ed and p ese ed
(Kowoon e al., 2022). F om his p emise, ou s udy aims o explo e he ela ionship be ween a ious
boa d a ibu es and he inancial pe o mance o banks lis ed in Eas A ican (EA) on ie s ock ma ke s
ha is Kenya, Uganda, and Tanzania.
This s udy aims o add ess se en (7) esea ch ques ions (RQ): RQ1. Do boa d mee ings signi ican ly
impac bank inancial pe o mance? RQ2. Does boa d size signi ican ly impac bank pe o mance? RQ3.
Does gende di e si y signi ican ly impac bank pe o mance? RQ4. Does boa d inancial expe ise signi i-
can ly impac bank pe o mance? RQ5. Does boa d educa ional di e si y signi ican ly impac bank pe -
o mance? RQ6. Do independen di ec o s signi ican ly impac bank pe o mance? RQ7. Do o eign
di ec o s signi ican ly impac bank pe o mance? Thus, om he esea ch ques ions he ollowing esea ch
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT an hony Magoma an hony [email protected] Depa men o accoun ing and Finance, anzania ins i u e o accoun ancy,
P.o Box 5247, Mwanza, anzania.
h ps://doi.o g/10.1080/23311975.2024.2400615
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pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 7 No embe
2023
Re ised 2 Augus 2024
Accep ed 30 Augus 2024
KEYWORDS
Boa d cha ac e is ics;
inancial pe o mance;
agency heo y; esou ce
dependency heo y
SUBJECTS
Co po a e Go e nance;
Co po a e Social
Responsibili y & Business
E hics; Finance
2 A. MAGOMA ETAl.
objec i es a e adop ed by his s udy. 1. To examine he impac o boa d mee ings on bank pe o mance.
2. To examine he impac o boa d size bank pe o mance. 3. To examine he impac o gende di e si y
on bank pe o mance. 4. To examine he impac o boa d inancial expe ise on bank pe o mance. 5. To
examine he impac o boa d educa ion di e si y on bank pe o mance. 6. To examine he impac o
independen di ec o s on bank pe o mance. 7. To examine he impac o o eign di ec o s on bank
pe o mance.
Consequen ly, he p esen s udy seeks o make he ollowing con ibu ions o he exis ing li e a u e.
Fi s , his s udy ies o gi e a mo e comp ehensi e ep esen a ion o he boa d s uc u e and i s e ec
on he inancial pe o mance o banks lis ed in Eas A ica’s on ie s ock ma ke s. Be he (2023) poin ed
ou e y clea ly ha a success ul boa d is a p e equisi e o an e ec i e banking sys em. Secondly, he
p esen s udy uses a panel da a analysis ha allows a ia ions ac oss di e en banks and s udy pe iods.
Thi dly, o he issue o endogenei y in panel da a analysis he s udy u ilizes he use o a obus es ima-
ion echnique namely he Two S age leas Squa es (2SlS). This me hod is commonly used o add ess
he issue o endogenei y in panel da a analysis hus ensu ing he eliabili y and alidi y o he indings.
Fou hly, he s udy uses a mul i- heo e ical app oach by using wo di e en heo ies namely agency
heo y (AT) and Resou ce Dependency heo y (RDT).
Fi hly, p e ious empi ical s udies aimed a assessing he ela ionship be ween co po a e go e nance
s uc u es and i m pe o mance in Eas A ican on ie s ock ma ke s. Mos o hese s udies we e con-
duc ed on lis ed and non-lis ed i ms and mic o inance ins i u ions (Guney e al., 2020; Mo i, 2014;
Mwambuli, 2016; Oki o & Aduda, 2015). The la e s udies did no examine he in luence o co po a e
go e nance s uc u es on lis ed bank inancial pe o mance in he EA on ie s ock ma ke s in Kenya,
Uganda, and Tanzania. Due o limi ed empi ical s udies on he ela ionship be ween co po a e go e -
nance s uc u es and he inancial pe o mance o lis ed banks in Eas A ica, his s udy in ends o ill he
li e a u e acuum ha cu en ly exis s.
The pape was o ganized in o se en main pa s, as ollows: The i s pa p esen s he In oduc ion
co e ing he s udy objec i es, ques ions, and mo i a ions. The second pa highligh s he backg ound o
he s udy including co po a e go e nance issues in he banking indus y, and he need o he s udy.
The hi d pa co e s he Theo e ical li e a u e Re iew whe e co po a e go e nance heo ies like Agency
Theo y (AT) and Resou ce Dependency Theo y (RDT) we e used o guide he s udy. The nex pa co e s
he empi ical li e a u e e iew and hypo hesis de elopmen e iewing pas empi ical s udies on boa d
mee ings, he boa d size, gende di e si y, boa d inancial expe ise, boa d educa ion di e si y, boa d
independence, and o eign di ec o s and hei impac on bank pe o mance. F om he e iewed empi ical
li e a u e hypo heses we e de eloped. The i h pa co e s he esea ch design comp ising he sample
selec ion, ope a ionaliza ion o he a iables, and speci ica ion o he model. The six h pa co e s he
empi ical esul s and discussion co e ing s a is ical analysis and indings, obus ness checks, and discus-
sions. The las pa p esen s he conclusion, summa izing he s udy indings, s udy limi a ions, and a eas
o u u e esea ch.
2. Backg ound
O e wo decades ago, in e disciplina y esea ch on co po a e go e nance was popula among academi-
cians and egula o y a e ni ies because o se e al co po a e inancial scandals, including hose in ol ing
En on, Pa mala , and Wo ldCom. Resea che s ac oss he globe ha e shown g ea in e es in s udying he
ela ionship be ween co po a e go e nance and i m pe o mance in bo h de eloped and de eloping
economies (Bekia is, 2021; Dhiman & S i as a a, 2021; Mish a e al., 2021). P e ious empi ical s udies
ha e shown he impo ance o di e se boa d ooms in e ms o gende , skills, backg ound, and, expe i-
ence. The la e ac o s enable he boa d ooms o come up wi h hough -ou co po a e s a egies aiming
a mi iga ing and managing a ious isks ha he en i y may ace (Ga cía-Meca e al., 2015; Song
e al., 2020).
Gi en hei signi icance in he economy, bank boa ds a e o g ea e impo ance. Bank business is
iskie han o he business en u es because loan a ailabili y is anspa en and agen -p incipal con lic s
a e se e e o banks due o in o ma ion asymme y (Skully e al., 2007). Thus, he boa d o di ec o s plays
a c ucial ole in he go e nance o bo h inancial and non- inancial ins i u ions as hei ole ex ends
COGENT BUSINESS & MANAGEMENT 3
beyond sha eholde s, deposi o s, and egula o s (Pa han & Fa , 2013). Recen ly, boa ds ha e been highly
c i icized o hei ailu e o p e en i ms om expe iencing inancial dis ess, which has led o a new
analy ical pe spec i e on he ole played by e ec i e boa ds in educing a ious inancial and sys emic
isks aced by i ms (Fe nández-Temp ano & Teje ina-Gai e, 2020). Addi ionally, p e ious empi ical s udies
ha e linked weak co po a e go e nance s uc u es o i m’s inabili y o mee hei inancial obliga ions
and in u n eco d poo inancial pe o mance (Díez-Es eban e al., 2022; Ombaba & Kosgei, 2017).
The independence o he boa d membe s is iewed as an impo an aspec needed by he boa d
when execu ing hei supe iso y ole o he managemen . Fac o s such as boa d size, p esence o inde-
penden di ec o s, CEO duali y oles, and boa d mee ings ha e been linked o a i m’s pe o mance as
hey end o inc ease he boa d’s s uc u al di e si y (Fe nández-Temp ano & Teje ina-Gai e, 2020;
He malin & Weisbach, 2003). This has led many esea che s o inc ease hei a en ion on di e en issues
ela ed o boa d di e si y such as he age o he boa d membe s, educa ion le el, gende , p esence o
o eign di ec o s, and na ionali y belie ed o ha e a massi e impac on he boa d decision-making p o-
cess (Fe nández-Temp ano & Teje ina-Gai e, 2020). I is wo h no ing ha bo h de eloped and de eloping
coun ies ha e pu mo e emphasis on good co po a e go e nance p ac ices as he la e en ails he i m’s
commi men o upholding quali y co po a e go e nance mechanisms ha a e c ucial o a i m’s long- e m
su i al in a highly compe i i e business en i onmen (Melón-Izco e al., 2020).
3.Theo e ical li e a u e e iew
Many heo ies explain he ela ionship be ween boa d a ibu es and bank inancial pe o mance. I is
a gued ha a mul i- heo e ical explana ion is impo an o unde s and he ela ionship ha exis s
be ween boa d cha ac e is ics and bank inancial pe o mance (Nguyen e al., 2020). Thus, his cu en
s udy employs wo (2) heo ies namely agency heo y and esou ce dependency heo y in he ques o
d aw insigh s om bo h seminal and ecen ly published pape s such as (lu e al., 2022; Makuya, 2024;
Quoc T ung, 2022).
3.1. Agency heo y
The ounda ion o agency heo y ocuses on he sepa a ion o owne ship and con ol o he en i y. Thus,
acco ding o his heo y boa d o di ec o s se es as an in e nal moni o ing mechanism ha is used o
egula e he beha io o he managemen in he ques o p o ec he in e es o he sha eholde s (Jensen
& Meckling, 1976). Agency heo is s a gue ha he mo i a ion behind a manage ’s beha io s is oo ed
in sel -in e es ac s and seeking ex e nal ewa ds. In mos cases, managemen s i es o maximize hei
in e es abo e he in e es o he sha eholde s. These ac s esul in a con lic o in e es be ween he
managemen and sha eholde s (Fama & Jensen, 1983). Thus, his heo y a gues ha he co po a e go -
e nance mechanism es ablished by he i ms can be used o ea p incipal-agen con lic s. One o he
co po a e go e nance mechanisms is he p esence o compe en and di e se boa ds ha can be used
o minimize cy cos s (B ennan & Solomon, 2008; Ronen & Yaa i, 2008).
Empi ical s udies e eal ha banks ha hi e compe en manage s s and a be e chance o eco ding
be e inancial esul s and ea nings pe sha e (EPS) e en hough a manage ’s p esence in he banks can
ca alyze he con lic o in e es be ween p incipals and agen s (Quoc T ung, 2022; Shah, 2014). I is wo h
no ing ha he di e si y o he boa ds is an added ing edien ha will inc ease he pe o mance o he
eam because o he di e en s andpoin s b ough by di e se eams. These eams ha e a be e chance
o making in o med choices o ensu e a i m’s long- e m su i al. F om a heo e ical pe spec i e, agency
heo y suppo s small and di e se boa ds o imp o e company pe o mance (lücke a h-Ro e s, 2013;
Mo i & Towo, 2017). Agency heo is s asse ha smalle boa ds a e mo e e icien han la ge ones and
p e e ably boa d size should no exceed eigh (8) membe s (lip on & lo sh, 1992).
P oponen s o agency heo y a gue in a o o he p esence o women di ec o s as he la e ’s di e se
iewpoin in he boa d mee ings posi i ely in luences he pe o mance o he i m. Some empi ical s ud-
ies ha e a gued in a o o small boa ds and his heo y suppo s he p esence o o eigne s on boa d
as hey b ing a di e en ou look o he boa d decision-making p ocess (Pa han & Fa , 2013;
Rod iguez-Fe nandez e al., 2014). Thus, inco po a ing he agency heo y in his s udy allows he eade s
4 A. MAGOMA ETAl.
o unde s and how di e en boa d a ibu es can in luence decisions and ac ions ha aim a add essing
he con lic o in e es s be ween he managemen and sha eholde s o he banks. This heo y u he
explains how di e en boa d a ibu es in luence he inancial pe o mance o banks lis ed in on ie
s ock ma ke s in Eas A ica.
3.2. Resou ce dependence heo y
In 1978, P e e and Salancik came up wi h esou ce dependency heo y, which is mo e han 50 yea s old
(P e e & Salancik, 1978). This heo y a gues ha he acquisi ion o ex e nal esou ces is c ucial o a
i m’s exis ence and g ow h. The heo y u he con ends ha managemen plays a i al ole in connec -
ing he i m’s de elopmen s a egies and he esou ces needed o add ess he i m’s goals (Quoc T ung,
2022). I is wo h no ing ha a bank’s ope a ions equi e a a ie y o esou ces, none o which can be
ully owned by he en i y. The e o e, o b idge he gap be ween he esou ces needed and hose a ail-
able, i is only na u al o op execu i es o communica e and exchange in o ma ion wi h one ano he
due o limi ed a ailable esou ces. This is done o help he company g ow (Ping & Qihong, 2012; Zhang
e al., 2016).
Resou ce cons ain s can make i di icul o banks o conduc hei day- o-day ope a ions e i-
cien ly. These cons ain s can se iously a ec bank’s in es men ac i i ies ha highly depend on
capi al mobilized om he economy. I is wo h no ing ha capi al mobiliza ion is an in eg al ac o
needed o he su i al o banks in he economy. Thus, banks a e obliga ed o adjus hei loan- o-
deposi a io by issuing ewe loans and making deposi accoun s a ac i e o cus ome s in he
ques o ensu e he bank’s liquidi y posi ion is main ained a an op imum le el (Mo is, 2007; Quoc
T ung, 2022). Fu he mo e, esou ce dependency heo is s a gue ha he link be ween he bank and
he ou side en i onmen o esou ce mobiliza ion is e ec i e in he p esence o la ge boa ds, p es-
ence o women di ec o s, skilled boa d membe s, and p esence o o eign di ec o s (lücke a h-Ro e s,
2013; Ujunwa, 2012).
4. Empi ical li e a u e e iew and hypo hesis de elopmen
The signi icance o boa d a ibu es in connec ion o bank inancial pe o mance has been he subjec
o nume ous empi ical s udies. Many cha ac e is ics o he boa d, including i s size, mee ings, gende
di e si y, inancial expe ise, di e si y in educa ion, independen di ec o s, and o eign di ec o s impac
banks’ inancial pe o mance, as demons a ed by s udies such as: (Assenga e al., 2018; Ga cía-Meca
e al., 2015; Ho do a, 2023; lu e al., 2022; Mai e al., 2024; Nguyen e al., 2020; N im, 2015; N im &
Sooba oyen, 2013; Quoc T ung, 2022; Temba e al., 2023). Acco dingly, he empi ical li e a u e e iew
sec ion will discuss he ela ionship be ween a ious boa d a ibu es and he inancial pe o mance o
banks lis ed in Eas A ica’s on ie s ock ma ke s.
4.1. Boa d mee ings and bank pe o mance
S udies a gue ha when membe s o he boa ds mee equen ly, i ms’ pe o mance is mo e likely o be
enhanced as membe s o he boa d will ocus on add essing a ious issues ha aim a maximizing sha e-
holde alue (A o a & Sha ma, 2016; Conge e al., 1998). The pu pose o boa d mee ings and boa d
pe o mance has been he subjec o ongoing discussion in he li e a u e. Agency heo is s a gue ha
boa d mee ings enable membe s o ca y ou hei esponsibili ies o de eloping s a egies and o e see-
ing managemen success ully. In ligh o his, hey claim ha holding egula boa d mee ings esul s in
good inancial ou comes (Va eas, 1999). The equency o boa d mee ings delays he ime needed o
make decisions, as well as inc eases he inancial bu den on he business due o a el cos s and boa d
membe si ing compensa ion. Thus, i is no he numbe o boa d mee ings conduc ed bu he quali y
o such mee ings ha ha e an impac on he i m’s pe o mance (Oye inde, 2014; Taghizadeh & Sa emi,
2013). Thus, i is main ained ha a boa d mee ing is an impo an ool o se ling agency con lic s
be ween p incipals and agen s, which aids banks in de eloping e ec i e co po a e go e nance amewo ks.
COGENT BUSINESS & MANAGEMENT 5
A s udy ha was conduc ed among 20 Indian manu ac u ing companies om 2001 o 2010 e ealed
ha boa d mee ings exhibi ed a posi i e in luence on inancial pe o mance as measu ed by Re u n on
Asse s (ROA) and Re u n on Equi y (ROE) (A o a & Sha ma, 2016). Boa d mee ings ha e a signi ican
nega i e in luence on bank pe o mance in A ica as measu ed by ROE sugges ing ha ewe boa d
mee ings a e necessa y o imp o e bank pe o mance o a sample o 635 banks sp ead o e 48 A ican
coun ies (Kyei e al., 2022). A Nige ian s udy e ealed ha boa d mee ings exhibi ed a nega i e and
non-signi ican impac on a i m’s pe o mance as measu ed by ROA (Mohammed e al., 2023). Ano he
s udy conduc ed in Nige ia showed ha boa d mee ings exe ed a posi i e and non-signi ican impac
on bank pe o mance as measu ed by Tobin’s Q (Ae nan e al., 2023).
H1: Boa d mee ings nega i ely in luence banks’ pe o mance.
4.2. Boa d size and bank pe o mance
Agency heo is s a o smalle boa ds o e la ge ones because smalle boa ds a e belie ed o be mo e
e icien in moni o ing he managemen ole in unning he a ai s o he en i y (Pillai & Al-Malkawi,
2018). Resou ce dependency heo is s a o la ge boa ds as hey belie e hese boa ds can s eng hen
ies be ween an en i y and i s ex e nal su oundings (lücke a h-Ro e s, 2013). I is c ucial o emembe
ha co po a ions equi e di e se boa ds o add mo e knowledge, ideas, and expe ience ha will suppo
making decisions i al o he company’s long- e m su i al (A o a, 2022). Boa ds wi h a su icien num-
be o membe s may pe o m hei du ies mo e e ec i ely, especially in he case o banks whe e he size
o he boa d is conside ed impo an due o he na u e and complexi y o he ins i u ions (John e al.,
2016). In con as , smalle boa ds a e belie ed o be mo e p oduc i e in moni o ing he beha io o he
en i y as opposed o la ge ones ha a e cha ac e ized by longe ime o decision-making and hence
less p oduc i e (Nawaz & Ohl ogge, 2022).
P e ious li e a u e has shown a posi i e and signi ican ela ionship exis s be ween boa d size and a
i m’s pe o mance (Al-Ma a i e al., 2022; Ede i & Ga g, 2020; Goel e al., 2022; Gu usamy, 2017;
Mohammed e al., 2023). Ano he s udy e ealed a nega i e signi ican ela ionship exis s be ween boa d
size and he pe o mance o i ms lis ed on he Eas A ican on ie s ock ma ke s (Guney e al., 2020).
Boa d size exe ed a nega i e and signi ican impac on a i m’s pe o mance using da a sou ced om
52 insu ance i ms (Isaac e al., 2021).
H2: Boa d size nega i ely in luences banks’ pe o mance.
4.3. Gende di e si y and bank pe o mance
Resou ce dependence heo is s poin ou ha he p esence o women di ec o s can eassu e he s ake-
holde s abou he i m’s commi men owa ds di e si y, s eng hening he i m’s connec ion o he
ou side wo ld, and mo e impo an ly, boos ing he i m’s legi imacy in he eyes o he sha eholde s
(lücke a h-Ro e s, 2013). Agency heo is s a gue ha ha ing mo e women on boa d minimizes agency
cos s and imp o es he boa d’s e iciency by o e ing he unique pe spec i e needed when making
complex decisions ha a e i al o a i m’s long- e m su i al (Coles e al., 2008; Mo i, 2014). Women
on boa ds a e mo e likely o be independen as compa ed o men and hey a e assumed o o e
di e en pe spec i es in boa d oom mee ings (De Anca & Gabaldon, 2014). P e ious s udies ha e
shown he p esence o women di ec o s posi i ely in luences i m pe o mance (Benaguid e al., 2023;
B ahma e al., 2021; Hosny & Elgha bawy, 2022; Jaya, 2020; Kaba a e al., 2022) while o he s udies
showed a nega i e ela ionship (Adusei e al., 2017; Ple ze e al., 2015). O he s udies showed women
di ec o s ha e a posi i e non-signi ican impac on lis ed i ms’ pe o mance in Tanzania (Magoma &
E nes , 2023).
H3: Gende Di e si y nega i ely impac s banks pe o mance.
6 A. MAGOMA ETAl.
4.4. Boa d inancial expe ise and bank pe o mance
P oponen s o agency heo y a gue ha he boa d o di ec o s mus be inancially li e a e and ha e he
skills needed o o e see and moni o a i m’s o e all ope a ions, which will e en ually lead o be e
inancial esul s. Resou ce dependence heo is s a gue ha ele an inancial skills will acili a e ex e nal
linkages wi h he ou side wo ld ha would be e help he o ganiza ion mi iga e a ious isks, gain
access o aluable business ne wo ks, and os e s a egies ha will e en ually boos a i m’s pe o mance
(Mlay e al., 2023). Boa d membe s wi h inancial, economic, and business educa ion backg ounds a e
highly needed in guiding he company e ec i ely and e icien ly owa d inancial issues ha a e c ucial
o he i m’s pe o mance (A i ina & Tazilahb, 2016). By possessing inancial and accoun ing knowledge
boa d o di ec o s s ands a be e chance o unde s and, sc u inize, and in e p e inancial epo s p e-
sen ed o hem by he managemen (Gi haiga & Kosgei, 2022).
Financial expe s in he boa d oom can be e mi iga e he manipula ion o inancial esul s by man-
agemen , as hey a e con e san wi h inancial epo ing amewo k his gi es hem supe io knowledge
in issues ela ed o he p epa a ion and in e p e a ion o inancial epo s p epa ed by he managemen
(Pe e e al., 2023). P e ious s udies ha e shown a posi i e ela ionship be ween boa d inancial expe ise
and a i m’s pe o mance (Adams & Jiang, 2020; Jin & Mama zakis, 2018; Mlay e al., 2023). In con as , a
s udy in Nige ia u ilizing seconda y da a om 14 lis ed banks e ealed ha he inancial expe ise o he
boa d membe s exhibi s a nega i e impac on he i m’s pe o mance measu ed by ROA (Abubaka
e al., 2018).
H4: Boa d inancial expe ise posi i ely in luences banks pe o mance.
4.5. Boa d educa ion di e si y and bank pe o mance
Boa d membe s wi h di e en p o essional ields a e highly needed in he boa d oom o -inc ease
hedi e si y ha is needed in he decision-making p ocess (Toumi e al., 2016). Boa d membe s ha e he
esponsibili y o ad ising he managemen on a ious issues needed o imp o e he pe o mance o
hecompanies hey ha e been asked o con ol (Kaba a e al., 2022). Simila ly, a 2022 s udy conduc ed
in Nige ia showed ha educa ional di e si y posi i ely in luences he inancial pe o mance o lis ed i ms
(Kaba a e al., 2022). In Ghana, a s udy ha was conduc ed in 2022 e ealed ha he p opo ion o
boa d membe s wi h highe educa ional le els had a nega i e and signi ican impac on lis ed i ms’
pe o mance (Andoh e al., 2022).
H5: Boa d educa ional di e si y posi i ely in luences banks’ pe o mance.
4.6. Boa d independence and bank pe o mance
P oponen s o agency heo y con end ha independen di ec o s highly assis in esol ing
p incipal-agen con lic o in e es , as hey a e expec ed o moni o and egula e managemen ’s
ac ions owa ds he usage o a i m’s esou ces, which in u n will minimize agency issues by ensu -
ing ha he p incipals’ in e es s a e p o ec ed (Al-Ma a i e al., 2022; Al-Msiedeen e al., 2018; Mu a,
2007). Independen di ec o s on boa ds ha e supe io knowledge, abili ies, and expe ise because o
hei expe ience se ing on mul iple boa ds. Consequen ly, hei p esence in he boa d oom adds a
aluable con ibu ion o he decision-making p ocess (Puche a-Ma ínez & Gallego-Ál a ez, 2019;
Puni & Anlesinya, 2020).
P e ious empi ical s udies ha e epo ed mixed and con adic o y esul s be ween independen di ec-
o s and i m’s pe o mance o ins ance posi i e ela ionship (Al-Msiedeen e al., 2018; Puche a-Ma ínez
& Gallego-Ál a ez, 2019; Puni & Anlesinya, 2020; Sa a anan e al., 2021). Some epo ed nega i e ela-
ionships (A ayssi e al., 2020; Mish a, 2020) while o he s epo ed no ela ionship exis ed (Rashid, 2018).
H6: Boa d independence nega i ely in luences banks’ pe o mance.
COGENT BUSINESS & MANAGEMENT 7
4.7. Fo eign di ec o s and bank pe o mance
Resou ce dependence heo is s a gue ha he p esence o o eigne s on boa d is an added ing edien
aimed a inc easing he i ali y o he boa d in e ms o skills sha ing, exchange o expe iences, and
ne wo king he i ms wi h o he na ions, which can lead o new pe spec i es and a di e en
p oblem-sol ing app oach. Consequen ly, o eign di ec o s p o ide expe ise, knowledge, and new ne -
wo ks ha assis he company, in gene al, o pe o m be e (Mnza a, 2022; Ujunwa, 2012). The p esence
o many o eigne s on boa d is highly ad oca ed by agency heo is s as hey belie e ha o eigne s
enhance he moni o ing o sha eholde s’ in e es s and esou ces (Fama & Jensen, 1983).
Empi ical e idence on he impac o o eign di ec o s on and i m’s inancial pe o mance is inconclu-
si e. Some s udies con end ha he e is no ela ionship be ween he p esence o o eigne s on boa d
and he i m’s pe o mance (Assenga e al., 2018; Jhunjhunwala & Mish a, 2012). O he s udies e ealed
ha o eign di ec o s’ pa icipa ion in he boa d oom exe s a nega i e in luence a on i m’s pe o mance
(Bekia is, 2021; Ra inda e al., 2018). I was also e iden ha o he s udies showed a posi i e ela ionship
exis s be ween he p esence o o eigne s in he boa d oom and he i m’s pe o mance (Andoh
e al., 2023).
H7: Fo eigne s on boa ds nega i ely in luence banks’ pe o mance
5. Resea ch design
5.1. Sample selec ion and da a
This s udy adop ed an explana o y esea ch design o es ablish he cause-and-ou come ela ionship ha
exis s be ween esponse and explana o y a iables (Magoma e al., 2022; Saunde e al., 2009). A quan-
i a i e app oach was adop ed by sou cing seconda y da a om audi ed inancial s a emen s and annual
epo s om lis ed banks in Kenya, Tanzania, and Uganda o six yea s om 2017 o 2022. The a ionale
behind selec ing he 2017–2022 ime ame is oo ed in da a accessibili y, economic dynamics, and ele-
ance o con empo a y issues in co po a e go e nance s udies. The popula ion o lis ed banks om
Kenya, Tanzania, and Uganda was Twen y- h ee (23).
The sampling me hod used was pu posi e sampling. Sampled lis ed banks we e selec ed based on
p e-de ined c i e ia. P e-de ined c i e ia include banks ha we e lis ed in he s ock ma ke s o hese
espec i e coun ies, and hese banks ough o ha e disclosed hei inancial s a emen s and annual
epo s om 2017 o 2022. Thus, Nine (9) banks we e d opped due o missing da a o banks being
c oss-lis ed. C oss-lis ed banks we e selec ed om hei pa en coun ies. Thus, we ob ained da a om
ou een (14) lis ed banks om 2017 o 2022 yielding a balanced panel da a o 84 bank-yea obse a-
ions. Table 1 shows he sample selec ion p ocess.
5.2. Measu emen s o esponse and explana o y a iables and sou ce o da a
The s udy used Ne In e es Ma gin (NIM) as he esponse a iable, sou ced om audi ed inancial
s a emen s e ie ed om EA-lis ed banks’ o icial websi es. The explana o y a iables o he s udy
included boa d mee ings, boa d size, gende di e si y, boa d educa ion di e si y, boa d independence,
and o eign di ec o s. These explana o y a iables we e also ob ained om audi ed inancial s a e-
men s and annual epo s on he EA-lis ed bank’s o icial websi e. Bank-speci ic and indus y-speci ic
a iables we e used as con ol a iables (CV). Bank-speci ic a iables included capi al adequacy, bank
Table 1. sample o lis ed banks om nse, Dse, and use.
Popula ion o lis ed banks om nse, Dse, and use 23
numbe o lis ed banks wi h missing da a/c oss-lis ed (9)
numbe o banks wi h da a 14
Pe iod (2017–2022)- 6 yea s
Bank-yea obse a ions 84
14 A. MAGOMA ETAl.
local and in e na ional pee - e iewed jou nals in a eas such as g een p ocu emen , s uden s’ in o ma ion sys ems,
elec onic p ocu emen , modeling consume p ice index, and con empo a y issues a ec ing lis ed i ms in A ica.
E nes Kasheshi is a lec u e a Tanzania Ins i u e o Accoun ancy (TIA) Mwanza campus, Depa men o Accoun ing
and Finance. He holds a Mas e ’s deg ee in Accoun ing and Finance om Mzumbe Uni e si y (MU). His esea ch
in e es is in Co po a e go e nance issues and he inancial pe o mance o lis ed i ms ac oss A ican s ock ma ke s.
ORCID
An hony Magoma h p://o cid.o g/0000-0002-1132-0902
Enid E nes h p://o cid.o g/0000-0002-4533-7753
E nes Kasheshi h p://o cid.o g/0009-0003-8821-4336
Da a a ailabili y s a emen
Da a we e e ie ed om he annual epo s and audi ed inancial s a emen s om he o icial websi es o lis ed
banks in Kenya, Tanzania, and Uganda. Da a a e eely a ailable om hese o icial websi es.
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