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• W3123992663 abstract "ABSTRACTThis study examines the impact of corporate governance on financial performance of Lebanese banks during five years (from 2006 to 2010). Based on 182 observations, a quantitative method of data analysis was employed to investigate the relevance of corporate governance mechanisms. The first finding reveals a positive impact of independent boards on the performance of Lebanese banks. The research also finds a significant and negative relationship between CEO duality and bank performance. Finally, the paper reveals a positive impact of insider ownership concentration on the return of Lebanese banks indicating the more shares held by insiders, the better the performance. The weaknesses of corporate governance in some Lebanese banks might be compensated by higher insider ownership concentration.JEL: G2, G3KEYWORDS: Lebanese Banks, Financial Performance, Financial Trust, Corporate Governance.INTRODUCTIONLebanese banks play a key role in the Lebanese economy and dominate the financial system. Despite instability in Arab countries, confidence in the Lebanese banking system is solid due to several characteristics that attract the foreign capital. Recently, the sector is characterized by high systematic liquidity with overall confidence and trust from both investors and depositors. The safety of depositors' funds occurs based on solid banking secrecy, enhanced under supervision of the central bank which is the regulatory authority. According to the Association of banks in Lebanon (ABL), Lebanese banks have Strong growth and balance sheet activity. They are well capitalized with good returns. By their existence, they perform a vital role as providers of employment and act as a key player for economic growth and local development. The international monetary fund (IMF) has confirmed the importance of the banking sector by indicating that Lebanese banks are an important gauge to the viability of the Lebanese financial system.Before reaching its current status, the banking system in Lebanon experienced many changes (Mergers, acquisitions, competition and other reformation) through the last 30 years. About 50 banks cover the Lebanese territory with more than 90 units spread around the world especially in Arab countries, Africa, United-states and Europe. There are many remarkable Internationals banks in Lebanon through many branches.In this globalized system, Lebanese financial authorities believe that improving governance rules is a basic need because investments will follow sectors that have adopted efficient governance standards (OECD 2004). Therefore, Lebanese banks try to be in line with international regulatory standards on bank governance adequacy, especially with the principles published by Basel Committee on Banking Supervision. In January 2011, the ABL in collaboration with the Central bank (BDL), disseminated one of the best official corporate governance guidelines for the banks operating in Lebanon. We have witnessed in the last years a growing body of research regarding the importance of corporate governance and its impact on financial performance. Shleifer and Vishny (1997) noted that corporate governance mechanisms are used to reduce agency costs caused by conflicts of interest between firms' stakeholders. After six years, the Organization for Economic Cooperation and Development reported that effective corporate governance improves economic efficiency and growth as well as enhances investor confidence.Lloyd (2009) indicated the last international financial crisis can be viewed as a potential breakdown of banks' corporate governance. Hence, it can be argued that good corporate governance leads to better Lebanese banks performance. But, the rigorousness of the applicability may differ from bank to bank due to the nature of its ownership and the institution's size.Given the important role of banks in the Lebanese economy, and the critical effects of corporate governance, we focus on how and to which degree the governance structure of Lebanese banks affects financial performance in a globalized market. …" @default.
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• W3123992663 title "The Impact of Corporate Governance on the Performance of Lebanese Banks" @default.
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