This study aims to investigate the moderating role of controlling shareholders on the relationship between bank efficiency and bank performance by considering a sample of 298 African banks for the 2006–2015 period. We use panel corrected standard error of Beck and Katz with robust standard error and country effect clustered. Our findings reveal three important findings. First, efficiency has a positive relationship with performance. Second, family-owned and foreign-owned banks have outperformed their peers. Third, there is a moderating effect of controlling shareholders on the bank efficiency–performance nexus; however, the moderating effect is small. Our findings support the alignment hypothesis of agency theory. Practitioners should consider controlling shareholders in examining the performance of efficient banks.

中文翻译：

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控股股东对非洲高效银行业绩的影响

本研究旨在通过考虑 298 家非洲银行 2006 年至 2015 年期间的样本，研究控股股东对银行效率与银行绩效之间关系的调节作用。我们使用 Beck 和 Katz 的面板校正标准误差，并具有稳健的标准误差和国家效应聚类。我们的发现揭示了三个重要的发现。首先，效率与绩效呈正相关。其次，家族银行和外资银行的表现优于同业。第三，控股股东对银行效率-业绩关系有调节作用；但调节作用很小。我们的研究结果支持代理理论的对齐假设。从业者在检查高效银行的表现时应考虑控股股东。