Board attributes, risk management and financial performance: Insights from Iraq

https://doi.org/10.35912/amor.v5i2.1810
Published: Jan 17, 2024

Abstract:

Purpose: This study examines how good corporate governance practices and the establishment of risk management committees reduce investors’ risks and improve performance.

Research Methodology: Data stream and annual reports were used to acquire secondary data for all 21 banks listed on the Iraqi Stock Exchange between 2019 and 2021, totalling 63 firm-year observations. Data were analyzed using Stata version 15.

Results: The data show that board size and independence have strong negative relationships with bank performance. The financial knowledge of the board and independence of the risk management committee had minor positive relationships with performance.

Limitations: This study examines board size, independence, financial expertise, and the presence of a risk management committee. Other factors that may impact bank performance include the type of ownership structure, audit committee, and the application of additional financial performance indicators such as Tobin’s Q. Future research could expand to encompass these factors.

Contribution: This study aims to provide valuable insights to the Iraqi government and regulators, aiding them in formulating new policies and deliberating on issues related to corporate governance concerning bank performance. It is well-established that both shareholders and companies rely on robust corporate governance mechanisms, especially as a means of augmenting bank value

Novelty: The presence of a risk management committee reduces managers' discretion to engage in opportunistic behavior. This study educates regulators on the importance of firms having sound corporate governance and separate and active risk management committees to improve internal control.

Keywords:
1. risk management
2. board independence
3. board size
4. board financial expertise
5. financial performance
Authors:
1 . Ahmad Haruna Abubakar
Management and Science University, Malaysia
2 . Bashar Yousif Ibrahim
Technical College of Administration, Duhok Polytechnic University, Iraq
3 . Nur Nashreen Binti Zakaria
Management and Science University, Malaysia
4 . Siti Fatimah Binti Mohd Kassim
Management and Science University, Malaysia
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How to Cite
Abubakar, A. H., Ibrahim, B. Y., Zakaria, N. N. B., & Kassim, S. F. B. M. (2024). Board attributes, risk management and financial performance: Insights from Iraq. Annals of Management and Organization Research, 5(2), 115–126. https://doi.org/10.35912/amor.v5i2.1810
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Issue & Section
Vol. 5 No. 2 (2023): November
Articles
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

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    Abubakar, A. H., Ado, A. B., Mohamed, M. I., & Mustapha, U. A. (2018). The effect of risk management committee attributes and board financial knowledge on the financial performance of listed banks in Nigeria. American International Journal of Business Management, 1(5), 7-13.

    Afza Amran, N., & Che Ahmad, A. (2009). Family business, board dynamics and firm value: Evidence from Malaysia. Journal of Financial Reporting and Accounting, 7(1), 53-74.

    Al-Kassar, T., Al-Nidawiy, M., Al, T., & Al, M. (2014). The role of corporate governance and its impact on the share price of industrial corporations listed on the Amman stock exchange. European Journal of Accounting Auditing and Finance Research, 2(6), 124-144.

    Al-Matari, E. M., Al-Swidi, A. K., & Fadzil, F. H. B. (2014). Audit committee characteristics and executive committee characteristics and firm performance in Oman: Empirical study. Asian Social Science, 10(12), 98.

    Al-Waeli, A. J., Hanoon, R. N., Ageeb, H. A., & Idan, H. Z. (2020). Impact of accounting information system on financial performance with the moderating role of internal control in Iraqi industrial companies: An analytical study. Jour of Adv Research in Dynamical & Control Systems, 12(8), 246-261.

    Alabdullah, T. T. Y., Ahmed, E. R., & Muneerali, M. (2019). Effect of board size and duality on corporate social responsibility: what has improved in corporate governance in Asia? Journal of Accounting Science, 3(2), 121-135.

    Alkhawaja, R. A. (2022). The Impact of Board Characteristics on Financial Performance: Evidence from Jordanian Banking Sector. University of Petra (Jordan).

    Almansouri, A. (2020). Exploring the Best Practices of Corporate Governance in Non-Listed Large Saudi Family Enterprises. Prince Mohammad Bin Fahd University.

    Ames, D. A., Hines, C. S., & Sankara, J. (2018). Board risk committees: Insurer financial strength ratings and performance. Journal of accounting and public policy, 37(2), 130-145.

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    Fernandes, C., Farinha, J., Martins, F. V., & Mateus, C. (2017). Supervisory boards, financial crisis and bank performance: do board characteristics matter? Journal of banking regulation, 18, 310-337.

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    Gafoor, C. A., Mariappan, V., & Thiyagarajan, S. (2018). Board characteristics and bank performance in India. IIMB Management Review, 30(2), 160-167.

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    Gray, S., & Nowland, J. (2017). The diversity of expertise on corporate boards in Australia. Accounting & finance, 57(2), 429-463.

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  1. Abubakar, A. H., Ado, A. B., Bambale, S. A., & Amos, J. (2019). Effect of Board Characteristics on the Financial Performance of Listed Banks in Nigeria. Nigerian Journal of Accounting and Finance, 10(2), 3-7.
  2. Abubakar, A. H., Ado, A. B., Mohamed, M. I., & Mustapha, U. A. (2018). The effect of risk management committee attributes and board financial knowledge on the financial performance of listed banks in Nigeria. American International Journal of Business Management, 1(5), 7-13.
  3. Afza Amran, N., & Che Ahmad, A. (2009). Family business, board dynamics and firm value: Evidence from Malaysia. Journal of Financial Reporting and Accounting, 7(1), 53-74.
  4. Al-Kassar, T., Al-Nidawiy, M., Al, T., & Al, M. (2014). The role of corporate governance and its impact on the share price of industrial corporations listed on the Amman stock exchange. European Journal of Accounting Auditing and Finance Research, 2(6), 124-144.
  5. Al-Matari, E. M., Al-Swidi, A. K., & Fadzil, F. H. B. (2014). Audit committee characteristics and executive committee characteristics and firm performance in Oman: Empirical study. Asian Social Science, 10(12), 98.
  6. Al-Waeli, A. J., Hanoon, R. N., Ageeb, H. A., & Idan, H. Z. (2020). Impact of accounting information system on financial performance with the moderating role of internal control in Iraqi industrial companies: An analytical study. Jour of Adv Research in Dynamical & Control Systems, 12(8), 246-261.
  7. Alabdullah, T. T. Y., Ahmed, E. R., & Muneerali, M. (2019). Effect of board size and duality on corporate social responsibility: what has improved in corporate governance in Asia? Journal of Accounting Science, 3(2), 121-135.
  8. Alkhawaja, R. A. (2022). The Impact of Board Characteristics on Financial Performance: Evidence from Jordanian Banking Sector. University of Petra (Jordan).
  9. Almansouri, A. (2020). Exploring the Best Practices of Corporate Governance in Non-Listed Large Saudi Family Enterprises. Prince Mohammad Bin Fahd University.
  10. Ames, D. A., Hines, C. S., & Sankara, J. (2018). Board risk committees: Insurer financial strength ratings and performance. Journal of accounting and public policy, 37(2), 130-145.
  11. Arifina, N. B., & Tazilahb, M. (2016). Government ownership, debts, board characteristics and performance of government link companies in Malaysia. Paper presented at the International Conference on Business, Accounting, Finance, and Economics (BAFE 2016).
  12. Awolowo, I. F., Garrow, N., Clark, M. C., & Chan, D. (2018). Accounting scandals: Beyond corporate governance. Paper presented at the 9th Conference on Financial Markets and Corporate Governance (FMCG).
  13. Bebeji, A., Mohammed, A., & Tanko, M. (2015). The effect of board size and composition on the financial performance of banks in Nigeria. African journal of business management, 9(16), 590-598.
  14. Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647.
  15. Bezemer, P. J., Pugliese, A., Nicholson, G., & Zattoni, A. (2023). Toward a synthesis of the board?strategy relationship: A literature review and future research agenda. Corporate Governance: an international review, 31(1), 178-197.
  16. Buettner, T., Holzmann, C., Kreidl, F., & Scholz, H. (2020). Withholding-tax non-compliance: the case of cum-ex stock-market transactions. International Tax and Public Finance, 27, 1425-1452.
  17. Chinyamunjiko, N., Makudza, F., & Mandongwe, L. (2022). The nexus between blockchain distributed ledger technology and financial crimes. International Journal of Financial, Accounting, and Management, 4(1), 17-30.
  18. Cole, R., Johan, S., & Schweizer, D. (2021). Corporate failures: Declines, collapses, and scandals. Journal of Corporate Finance, 67, 101872.
  19. Dabari, I. J., & Saidin, S. Z. (2014). A theoretical framework on the level of risk management implementation in the Nigerian banking sector: The moderating effect of top management support. Procedia-Social and Behavioral Sciences, 164, 627-634.
  20. Darmadi, S. (2013). Board members' education and firm performance: evidence from a developing economy. International Journal of Commerce and Management, 23(2), 113-135.
  21. Dionne, G., & Triki, T. (2005). Risk management and corporate governance: The importance of independence and financial knowledge for the board and the audit committee. Available at SSRN 686470.
  22. Do?an, B., & Ek?i, ?. H. (2020). The effect of board of directors characteristics on risk and bank performance: Evidence from Turkey. Economics and Business Review, 6(3), 88-104.
  23. El Idrissi, I., & Alami, Y. (2021). The financial impacts of board mechanisms on performance: The case of listed Moroccan banks. International Journal of Financial, Accounting, and Management, 3(2), 93-113.
  24. El Mokrani, Y., & Alami, Y. (2021). The effects of corporate governance mechanisms on earnings management: Empirical evidence from Moroccan listed firms. International Journal of Financial, Accounting, and Management, 3(3), 205-225.
  25. Elamer, A. A., & Benyazid, I. (2018). The impact of risk committee on financial performance of UK financial institutions. International Journal of Accounting and Finance, 8(2), 161-180.
  26. Endri, E., Dermawan, D., Abidin, Z., Riyanto, S., & Manajemen, M. (2019). Effect of financial performance on stock return: Evidence from the food and beverages sector. International Journal of Innovation, Creativity and Change, 9(10), 335-350.
  27. Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325.
  28. Fernandes, C., Farinha, J., Martins, F. V., & Mateus, C. (2017). Supervisory boards, financial crisis and bank performance: do board characteristics matter? Journal of banking regulation, 18, 310-337.
  29. Fuzi, S. F. S., Halim, S. A. A., & Julizaerma, M. K. (2016). Board independence and firm performance. Procedia Economics and Finance, 37, 460-465.
  30. Gafoor, C. A., Mariappan, V., & Thiyagarajan, S. (2018). Board characteristics and bank performance in India. IIMB Management Review, 30(2), 160-167.
  31. Gottesman, A., & Morey, M. R. (2010). CEO educational background and firm financial performance. Journal of Applied Finance (Formerly Financial Practice and Education), 20(2).
  32. Gray, S., & Nowland, J. (2017). The diversity of expertise on corporate boards in Australia. Accounting & finance, 57(2), 429-463.
  33. Gujarati, D. N. (2004). Basic Econometrics (4th ed.): McGraw-Hill Companies.
  34. Halim, E. H., Mustika, G., Sari, R. N., Anugerah, R., & Mohd-Sanusi, Z. (2017). Corporate governance practices and financial performance: The mediating effect of risk management committee at manufacturing firms. Journal of International Studies, 10(4).
  35. Hamzah, R. S., Gozali, E. O. D., Annisa, M. L., & Pratiwi, C. N. (2022). The Role of Corporate Social Responsibility on the Performance of Indonesian Banking Corporation. International Journal of Financial, Accounting, and Management, 4(3), 365-377.
  36. Hossain, S. K., Sultan, M. I., & Ahmed, M. M. (2021). Ownership structure and firm performance: Evidence manufacturing companies listed in Dhaka Stock Exchange. International Journal of Financial, Accounting, and Management, 3(3), 227-243.
  37. Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of risk and insurance, 78(4), 795-822.
  38. Jadah, H. M., & Adzis, A. B. A. (2016). Board characteristics and bank performance: Evidence from Iraq. JISR management and social sciences & economics, 14(1), 29-41.
  39. Jeanjean, T., & Stolowy, H. (2009). Determinants of board members' financial expertise—Empirical evidence from France. The International Journal of Accounting, 44(4), 378-402.
  40. Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831-880.
  41. Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
  42. Jia, J., & Bradbury, M. E. (2020). Complying with best practice risk management committee guidance and performance. Journal of Contemporary Accounting & Economics, 16(3), 100225.
  43. Johl, S. K., Kaur, S., & Cooper, B. J. (2015). Board characteristics and firm performance: Evidence from Malaysian public listed firms. Journal of Economics, Business and Management, 3(2), 239-243.
  44. Kakanda, M. M., Salim, B., & Chandren, S. (2017). Corporate governance reform and risk management disclosures: Evidence from Nigeria. Business and Economic Horizons, 13(3), 357-367.
  45. Kallamu, B. S. (2015). Risk management committee attributes and firm performance. International Finance and Banking, 2(2), 2374-2089.
  46. Karayel, M., & Do?an, M. (2016). Board Composition and Firm Performance: Evidence from BIST 100 Companies in Turkey. Annals of the University Dunarea de Jos of Galati: Fascicle: I, Economics & Applied Informatics, 22(2).
  47. Khalaf, A. H. (2018). Foreign exchange market pressure index and monetary policy in Iraq. Economic Annals, 63(219), 61-82.
  48. Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728.
  49. Larasati, D. A., Ratri, M. C., Nasih, M., & Harymawan, I. (2019). Independent audit committee, risk management committee, and audit fees. Cogent Business & Management, 6(1), 1707042.
  50. Latif, B., Shahid, M. N., Haq, M., Waqas, H. M., & Arshad, A. (2013). Impact of corporate governance on firm performance: Evidence from sugar mills of Pakistan. European Journal of Business and Management, 5(1), 51-59.
  51. Liang, Q., Xu, P., & Jiraporn, P. (2013). Board characteristics and Chinese bank performance. Journal of banking & finance, 37(8), 2953-2968.
  52. Liu, Y., Miletkov, M. K., Wei, Z., & Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223-244.
  53. Madhani, P. M. (2017). Diverse roles of corporate board: Review of various corporate governance theories. The IUP Journal of Corporate Governance, 16(2), 7-28.
  54. Makki, M. A. M., & Lodhi, S. A. (2014). Impact of corporate governance on intellectual capital efficiency and financial performance. Pakistan Journal of Commerce and Social Sciences (PJCSS), 8(2), 305-330.
  55. Mallin, C., Melis, A., & Gaia, S. (2015). The remuneration of independent directors in the UK and Italy: An empirical analysis based on agency theory. International Business Review, 24(2), 175-186.
  56. Merendino, A., & Melville, R. (2019). The board of directors and firm performance: empirical evidence from listed companies. Corporate Governance: The International Journal of Business in Society, 19(3), 508-551.
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