Rationale This study aims to contribute to settling the lack of consensus regarding the determinants of bank performance, not only by considering bank governance, but also by including factors such as CEO compensation and risk management committee. Previous literature has included bank governance and considered only large banks in their surveys. The exclusion of other factors such as small- and medium-size banks may render the findings of these studies limited in applicability. Objective The objective of this paper is to examine the impact of internal governance on bank performance. Methodology To achieve this goal, we used annual data of a sample of ten Tunisian commercial banks listed in the Tunisian Stock Exchange observed during the period 1998–2015. We use the Generalized Method of Moments (GMM) to estimate the parameters of our econometric model. Results Our study finds that the correlation between the size of the board of directors, the state’s inclusion, and the presence of independent directors is positive and significant. On the other hand, we have found that CEO compensation, as well as foreign and institutional investors negatively affect the performance of the banks. Conclusions and implications Tunisian banks are invited to broaden their size through appropriate restructuring, adopt new remuneration policies and define the optimal number of directors representing the state within the board of directors. Our results suggest managerial implications that can be of great value to ensuring the success of Tunisian banks. The latter should favor a higher presence of independent directors to reduce the bank control ineffectiveness caused by having a significant number of foreign and institutional investors in the board of directors.

中文翻译：

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测试突尼斯银行的治理绩效关系：系统分析中的 GMM

基本原理 本研究旨在解决关于银行绩效决定因素缺乏共识的问题，不仅要考虑银行治理，还要考虑 CEO 薪酬和风险管理委员会等因素。以前的文献包括银行治理，并且在调查中只考虑了大型银行。排除中小型银行等其他因素可能会使这些研究结果的适用性受到限制。目标 本文的目标是检验内部治理对银行绩效的影响。方法论 为实现这一目标，我们使用了 1998-2015 年期间观察到的在突尼斯证券交易所上市的 10 家突尼斯商业银行样本的年度数据。我们使用广义矩法 (GMM) 来估计我们的计量经济模型的参数。结果我们的研究发现，董事会规模、国家的包容性和独立董事的存在之间存在显着的正相关关系。另一方面，我们发现 CEO 薪酬以及外国和机构投资者对银行的业绩产生负面影响。结论和影响 突尼斯银行受邀通过适当的重组扩大规模，采用新的薪酬政策，并确定董事会中代表国家的最佳董事人数。我们的研究结果表明，管理意义对于确保突尼斯银行的成功具有重要价值。