Corporate governance parties effect on private banks’ profitability: Panel fixed effect regression analysis

Corporate governance parties effect on private banks’ profitability: Panel fixed effect regression analysis | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Corporate governance parties effect on private banks’ profitability: Panel fixed effect regression analysis Agumas Alamirew Mebratu This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-4173755/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract The banking disaster affects the monetary mechanism and economic system of a country. The aim of this article is to quantitatively examine the factors that affect the profitability of Ethiopian private commercial banks. In this study, the quantitative research approach, descriptive research design, and secondary data sources collected from the National Bank of Ethiopia for the period 2013 to 2022. The population of this study included all private commercial banks operating in Ethiopia. The findings of the panel fixed-effect regression analysis revealed that the profitability of the selected bank, as measured by return on assets, was significantly influenced by various factors including the size and capital adequacy ratio of the financial institution, control performance, legal reserve ratio, and liquidity ratio. The implications of these findings highlight the combined impact of macro and micro factors on the overall profitability of private commercial banks in Ethiopia. Finance Control performance Profitability Private commercial banks Return on Assets Ethiopia Figures Figure 1 Figure 2 Figure 3 1. Introduction Banking disaster affects monetary mechanism and economic system of a country. It specifically safeguards the rights of the organization and its player agencies (Al-Tamimi, 2012). Ethiopian banking sector's company governance became characterized via way of means of the absence of well-prepared proportion marketplace and has distinct rules, regulations, practices, and monetary features which wishes to behavior a separate take a look at the usage of diverse perspectives, meaning they have been targeting enterprise concept that is the vital want to cooperate governance are to defend the hobby of shareholders most effective have now no longer been performed inside a properly prepared company governance mechanism (Bennedsen & Nielsen, 2006). Therefore, banking governance attitudes are vital in terms of establishing the moralities and responsibilities of agencies and ensuring investor confidence. Most previous research, such as Yasser (2011) and Kyereboah-Coleman (2007), has focused on large corporations operating within well-structured corporate governance frameworks in developed financial systems and in countries with established capital markets. When we observe developing countries, especially Ethiopia, few studies on banking have been conducted in the past. This study examines external and internal factors affecting the financial performance of private commercial banks. Hence, the remaining part of the study is organized as follows: literature review and hypothesis development, materials and methods, results and discussion, and lastly, conclusion and recommendations. 2. Literature review and hypothesis development Board size As Yermack (1998) stated that there is negative relationship seems to exist between board size and firm performance. A large board is probably less effective in facilitating substantive discussions of major problems and is likely to suffer from free-rider issues among administrators in their management (Hermalin & Weisbach, 2002). They determined that the board characteristics are endogenous and that failing to consider indignity might lead to a significant relationship with performance that does not actually exist. Mak and Kusandi (2002) jointly declared an inverse relationship between board size and firm profitability. Adams and Mehran (2008) conducted a study on the relationship between banking firms' performance (measured by Tobin's Q) and board size. They found a non-negative relationship between board size and Tobin's Q. However, concerning board size, the study found a negative relationship between the board size share and the associated return on assets (ROA) with an insignificant value .The board might ideally comprise administrators who, as a group, offer a mix of core competencies such as finance, insurance, accounting, legal expertise, business administration, auditing, information technology, and investment management. From these, the primary hypothesis was developed. H1: There is a significant relationship between board size and financial performance of private commercial banks in Ethiopia. Legal Reserve According to the National Bank of Ethiopia, each bank is required to transfer to its legal reserve account at the end of each fiscal year an amount equal to at least 25 percent of its net profit. The cash reserve ratio is the minimum reserve that the national bank is required to hold out of the total deposit liabilities held by private commercial banks. According to Abdurazik (2017), a higher Cash Reserve Ratio reduces borrowing funds, while a low Cash Reserve Ratio increases borrowing funds. Since lending is the main source of income for private commercial banks and the cash reserve ratio does not generate income for them, it diminishes the profitability of private commercial banks. From these, the second research hypothesis is formulated. H2: There is a significant relationship between legal reserve and the financial performance of private commercial performance in Ethiopia. Capital Adequacy According to the Banking Business Supervision and Licensing Directive No. SBB/50/2011 of the National Bank of Ethiopia, the bank must maintain a capital-to-risk-weighted assets ratio of 8% at all times when calculating risk-weighted assets in accordance with the regulations of Directive No. SBB/9/95 dated August 18, 1995. The capital ratio is the ratio of the bank's equity base to the bank's risk-weighted assets. According to Lidya (2017), the capital adequacy ratio indicates the degree of compliance of a bank with regulations that serve to protect the public interest. A higher capital adequacy ratio reflects the greater responsiveness of banks to the public interest. The capital included in the Capital Adequacy Ratio (CAR) consists of the primary capital and the supplementary capital, calculated by dividing the capital by the risk-weighted average assets. As Khaled (2015) pointed out, he also discovers that the enforcement of capital requirements diminishes commercial banks' risk appetite. From these, the third research hypothesis is formulated. H3: There is a significant relationship between capital adequacy and the financial performance of private commercial banks in Ethiopia. Board Gender Diversity Board diversity may be defined as the range in the composition of the board of directors of organizations. There are two classes of variety – observable variety, which are easily detectable functions of administrators, and much less visible variety, which includes the history of administrators. Visible diversity includes race/ethnicity, nationality, gender, and age, while less visible diversity encompasses educational, functional, and occupational backgrounds, business experience, and organizational membership. Specific benefits of board diversity include promoting a better understanding of the market, fostering creativity and innovation, and enhancing problem-solving skills (Carter, Simkins, & Simpson, 2003). On the other hand, Rose (2007) discovered an insignificant association between the number of women administrators on the board and the overall performance of the company. However, numerous researchers now agree that an increase in board diversity leads to better performance. Diversity allows boards to access broader talent pools for the role of directors (Bathula H., 2008; Belete Zegeye, 2015). They also established that board gender composition does not have a significant impact on the financial performance of microfinance institutions. From these, the fourth study hypothesis is formulated. H4: There is a significant relationship between gender diversity on the board of private commercial banks and financial performance in Ethiopia. Bank size Some research suggests that the size of a corporation can also have an impact on its overall performance. There have been stable and crucial relationships between corporation size and company performance. The findings of Sheikh, Wang, and Khan (2013) suggest that the size of a corporation is significantly linked to various performance indicators. The accounting literature, as demonstrated by Chow & Wong-Boren (1987), consistently illustrates a strong relationship between company size and the extent of voluntary information disclosure. Bujaki (2002) documented a strong correlation between company size and the amount of information disclosed by listed companies regarding their corporate governance practices in 1997. From those, the 5th study hypothesis was formulated. H5: There is a significant relationship between bank size and the financial performance of private commercial banks in Ethiopia. Audit Committee The audit committee is authorized to act on behalf of the board of directors by assuming a critical oversight role in corporate governance. Its primary purpose is to protect investors and ensure corporate accountability. It was not until 2003 that the SEC implemented a ruling requiring all publicly listed companies to establish an audit committee in accordance with SOX requirements to oversee the independence of a firm's external auditor. Zhou and Chen (2004) recorded that a more impartial audit committee is a critical component in constraining income control regarding banks' loan loss reserves. In addition, Haat, Rahman, and Mahenthiran (2008) tested the relationship between corporate governance practices, transparency, and overall performance among Malaysian PLCs. The study reveals a negative association between audit quality and the performance of Malaysian companies. A study found a positive correlation between the availability of an audit committee and financial institution performance in Ethiopian banks. This suggests that an increase in the availability of audit committees will lead to an improvement in financial institution performance. From these the sixth research hypothesis was formulated. H6: There is a significant relationship between the presence of an audit committee on the board and the financial performance of private commercial banks in Ethiopia. Liquidity Ratio According to the Business Dictionary, liquidity is a measure of the extent to which a person or organization has cash to meet immediate and short-term obligations or assets that can be quickly converted to do this. Liquidity refers to the ease and speed with which assets can be converted into cash. Liquid assets are those that can be converted to cash quickly if needed to meet financial obligations. Examples of liquid assets generally include cash, central bank reserves, and government debt. To remain practical, a financial institution must have enough liquid assets to meet its short-term obligations, such as withdrawals by depositors. There is a significant positive relationship between liquidity and commercial bank profit. In contrast, Abdurazik (2017) found a negative relationship between liquidity and commercial bank performance. The seventh research hypothesis is formulated from these findings. H7: There is a significant relationship between liquidity ratio and the financial performance of private commercial banks in Ethiopia. Management Efficiency Management efficiency is one of the key internal factors that determine bank's bank profitability. It is represented by different financial ratios such as total asset growth, loan growth rate, and earnings growth rate. Yet, it is one of the complex subjects to capture with financial ratios. Moreover, operational efficiency in managing operating expenses is another dimension of management quality. The performance of management is often evaluated qualitatively through subjective assessment of management systems, organizational discipline, control systems, staff quality, and other factors. Cost-to-Income Ratio (CIR) is used as an indicator of management's ability to control costs and is expected to have a negative relationship with profits. Improved management of these expenses will increase efficiency and, therefore, raise profits. From these the eighth research hypothesis was formulated. H8: There is a significant relationship between management efficiency and the financial performance of private commercial banks in Ethiopia. 3. Research Materials and Methods In this study, the quantitative research approach, descriptive research design, and secondary data sources from the Ethiopian National Bank Audited Financial Reports were adopted for the period from 2013 to 2022. The population of this study included all private commercial banks operating in Ethiopia and registered with the National Bank of Ethiopia. As of 2022, twenty private commercial banks operate in Ethiopia. Model Specification By combining time series and cross-sectional observations, panel data can enrich empirical analysis and better detect and measure effects that simply cannot be observed in pure cross-section or pure time series data (Gujarati, 2004). There are two types of estimation for panel data regression models: fixed effects (FE) and random effects (RE). The Haussmann test can be used to choose between Fixed Effects (FE) and Random Effects (RE). The general form of the panel data model can be as follows: $$Yit=\beta 0+\beta 1X1it+\beta 2X2it\dots +\beta nXnit+\epsilon it$$ With the subscript i denoting the cross-sectional dimension and t representing the time-series dimension. In this equation, Y represents the dependent variable in the model, which is the bank's return on assets; X contains the set of explanatory variables in the estimation model; and β0 is the intercept value. β1 – βn represent the coefficients of the explanatory variables, and ε is the error term. In relation to the above model and based on the selected variables, the current study used the following econometric model: $$ROA=f(BGD, BoS,BSZ,LR,LRR,CAR,AC,ME)$$ Model: \(ROAit=\beta 0+\beta 1BGDit+\beta 2BOSit+\beta 3BSZit+\beta 4LRit+\beta 5LRRit+\beta 6CARit+\beta 7ACit+\beta 8MEit+\epsilon it\) Table 1 Variables and terms of measurement Variables Acronym Description Terms of Measurement ROA Return on Asset Amount of profit after tax as a percentage of total assets. BGD Board Gender diversity Percentage of number of female directors divided by the total number of board members BOS Board size The number of boards in each year. AC Audit committee Number of directors in the audit committee CAR Capital adequacy ratio Total capital/risk weighted asset BSZ Bank size Natural logarithm of total assets LR Liquidity Ratio Liquid assets / total asset LRR Legal Reserve Ratio Total reserve/ total asset ME Management Efficiency Measured through cost to income ratio (Source: Author owns formulation, 2023) 4. Results and Discussions Descriptive Statistics Table 2 below presents a summary of descriptive statistics, including the mean, standard deviation, minimum, maximum, and observations for both dependent and independent variables of fifteen private commercial banks for the period 2013–2022 (ten-year data) with a total of 150 observations. Table 2 Descriptive statistics results Descriptive Statistics N Minimum Maximum Mean Std. Deviation Board Gender Diversity 150 .026 .789 .085 .140 Board Size 150 8.125 11.493 9.823 .822 Capital Asset Ratio 150 .063 .790 .236 .178 Management Efficiency 150 .0189 .675 .072 .110 Liquidity Ratio 150 .023 .971 .3173 .292 Bank Size 150 8.135 11.040 9.886 .605 Legal Reserve Ratio 150 .202 .578 .304 .065 Audit Committee 150 .500 .900 .690 .115 Return On Asset 150 .018 .789 .081 .147 Valid N (Listwise) 150 (Source: Author owns computation, 2023) As stated in Table 2 above, the average return on assets for the sample private commercial banks in Ethiopia was 8.10%, with a mean value of 0.081, and a maximum and minimum value of 0.789 and 0.018, respectively. On average, Ethiopian private commercial banks earned 8.12 cents for each birr invested in assets. Among the sampled private commercial banks, the most profitable one achieved a profit of 78.9 cents per birr invested in assets, while the least profitable bank incurred a loss of 1.8 percent per birr invested. The standard deviation of return on assets is 0.147, which means the return on assets can deviate from its mean by 14.7%. The availability of an audit committee is one of the manifestations of a good corporate governance mechanism. In the case of Ethiopian private commercial banks, although the practice of having an audit committee on the board is improving over time, there are still banks that operate without this subcommittee. According to the results, on average, the sample banks had an audit committee (AC) 69% of the time during the study period. A maximum of 90% of banks have an audit committee, while a minimum of 50% do (Table 2 ). In general, the presence of an audit committee is effective in reducing the occurrence of errors in earnings management, which may result in inaccurate financial statements. However, it is important to recognize that the presence of an audit committee does not automatically ensure its effectiveness. Attention has shifted towards examining the organization and functions of audit committees. Considering board gender diversity, on average, 8.56% or a mean value of 0.085 of the sample private commercial bank directors are female, as measured by the percentage of female directors divided by the total number of directors (Table 2 ). The study suggests that the diversity of the sample Ethiopian private commercial bank's board, as measured by the proportion of directors who are women, is low during the study period. In terms of board size, the average number of board members in the bank during the sample period was 9.82. The maximum and minimum numbers of boards in the sample period were 11.4 and 8.12, respectively (Table 2 ). If we analyze the trend in the data, there is no consistency in the number of board members in sample banks. For instance, the number increases one year and decreases the next. Therefore, we cannot infer whether governance practices in this aspect are improving. This is one of the most debated issues in corporate governance. From Table 2 , the mean value of private commercial bank size used as a control variable, measured by the natural logarithm of total assets, is 9.88. The maximum value is 11.04, and the minimum value is 8.13. The standard deviation of private commercial bank size among the sample private commercial banks is 0.605. The highest value of size is due to the inclusion of the largest private banks (Ethiopian private commercial banks) in the study. In the case of the capital adequacy ratio, the average of the sample private commercial banks was 23.68% (Table 2 ), which is significantly higher than the minimum CAR required by the National Bank of Ethiopia. Even if maintaining a higher ratio of Capital Adequacy Ratio (CAR) in banks represents a higher level of sensitivity of banks towards the public. Banks with surplus capital relative to their target levels show a strong positive relationship between capital and profitability. National bank regulations require banks to maintain a capital adequacy ratio of 8%. During the previous ten years, Ethiopian banks, on average, maintained a capital adequacy ratio of 23.68%. This moderate margin may be important for the performance of private commercial banks. On average, Ethiopian private commercial banks invest 31.73% of their funds in liquid assets, exceeding the legal requirement for banks to invest no less than 25%. Out of the total 31.73% liquidity ratio around 19% is kept at NBE as deposit reserve, payment and settlement account. The remaining amount 12.73% is financed on other liquid assets. This revealed that liquidity ratio supports to increase the financial performance of private commercial banks in Ethiopia. The average legal reserve ratio maintained by sample private commercial banks was by far more than reserve ratio required by the NBE regulation 15% of all birr and foreign currency deposit. As to legal reserve ratio, during the sample period, on average, Ethiopian private commercial banks kept their 30.48% asset as a reserve in National Bank of Ethiopia. The standard deviation is 6.51% from the mean of 30.48% (Table 2 ). The average value of management efficiency (ME) within the period of the study was 7.24% and the median 3.7%. Management efficiency was maximum and minimum with the values of 67.54% and 1.89% respectively, while the standard deviation was 11.07%. Correlation analysis The purpose of the discussions and section below is to examine the relationship between the independent variables and financial performance metrics for bankers. According to Table 3 , there was a significant positive correlation between board gender diversity and return on asset (ROA) with a coefficient of 0.683. This indicates that both variables change in the same direction. There is a positive correlation between bank size and return on assets. This indicates that private commercial banks that were founded earlier have higher returns than those that are established now. The return on assets is positively correlated with both board size and capital asset ratio (coefficients: 0.152 and 0.089, respectively). Increasing the value of board gender diversity and the legal reserve ratio will likewise increase the return on assets. Return on assets is positively correlated with the other variables: capital adequacy, liquidity ratio, and audit committee. This indicates that the three variables are increasing in tandem with each other when the value of one variable rises. The amount of return on assets for banks decreases as the size of their boards grows. Table 3 : correlation Matrix Return On Asset Board Gender Diversity Board Size Capital Asset Ratio Management Efficiency Liquidity Ratio Bank Size Legal Reserve Ratio Audit Committee Return On Asset Pearson Correlation 1 Sig. (2-tailed) N 150 Board Gender Diversity Pearson Correlation .683 ** 1 Sig. (2-tailed) .000 N 150 150 Board Size Pearson Correlation .152 .154 1 Sig. (2-tailed) .064 .060 N 150 150 150 Capital Asset Ratio Pearson Correlation .089 .149 .183 * 1 Sig. (2-tailed) − .277 .068 .025 N 150 150 150 150 Management Efficiency Pearson Correlation .461 ** .306 ** .150 .075 1 Sig. (2-tailed) .000 .000 .067 .362 N 150 150 150 150 150 Liquidity Ratio Pearson Correlation .283 ** .114 − .144 .028 − .028 1 Sig. (2-tailed) .000 .163 .080 .731 .735 N 150 150 150 150 150 150 Bank Size Pearson Correlation .110 .078 .052 .164 * − .080 − .118 1 Sig. (2-tailed) .181 .346 .525 .045 .328 .151 N 150 150 150 150 150 150 150 Legal Reserve Ratio Pearson Correlation .518 ** .459 ** .063 .451 ** .185 * .194 * − .010 1 Sig. (2-tailed) .000 .000 .446 .000 .023 .017 .905 N 150 150 150 150 150 150 150 150 Audit Committee Pearson Correlation .027 − .012 − .038 .035 .004 − .051 − .013 − .026 1 Sig. (2-tailed) .746 .886 .644 .668 .960 .538 .877 .752 N 150 150 150 150 150 150 150 150 **. Correlation is significant at the 0.01 level (2-tailed). *. Correlation is significant at the 0.05 level (2-tailed). (Source: Author owns computation, 2023) Model Assumptions Test Unit Root Test A unit root test can be used to determine if the trading data should be first differenced or regressed over deterministic periods to render the data stationary. Accordingly, if the p-value of z(t) is not significant, the series is not stationary. If z ≤ z0.05, then we reject the null hypothesis H0 that the series has a unit root. If there are no unit roots, then we conclude the series is stationary and the lag level of measurement is one (1). Autocorrelation Test Breusch Godfrey Serial Correlation LM test to examine a joint test for autocorrelation that will allow examination of the relationship between the error term and several of its lagged values at the same time. Thus, the Breusch-Godfrey test was also conducted for the model see below Table 5 and found no problem of autocorrelation for the model, meaning that the p-value of the test resulted in 0.673 which is greater than 0.05. Multicollinearity Test Multicollinearity problems arise when the correlation coefficient between variables exceeds 0.90. To detect multicollinearity, the variance inflation factor (VIF) is the best test. All variables have VIF values less than 10 and 5 in this panel data set, so there are no multicollinearity problems. Normality Test Parametric tests assume that the variable in question is Normal distribution: Not skewed in any direction from a normal distribution in case the population is normally distributed (not skewed) since its skewness and kurtosis values are within the cutoff values of -3 to + 3, it can be concluded that there is no problem with the normality in the data set. It is not acceptable to reject the null hypothesis of normality at the 5% level. As we can see in the figure below p-value of 0.39 (greater than 0.05) which is insignificant for the model and the researcher failed to reject the null hypothesis, which says the residual value is normally distributed. Therefore, there is no normality problem with the data used for this study. Moreover, it implies that the inferences drawn about the population parameters from the sample parameters are generally true. (Source: Author owns computation, 2023) No autocorrelation between the disturbances (cov (ui,uj) = 0) Table 4 Autocorrelation Test- Breusch-Godfrey Seri Correlation LM Test Lags(p) Chi2 Df Prob > chi2 1 0.177 1 0.6737 Ho: no serial correlation (Source: Author owns computation, 2023) Table 5 variance inflation factor result Model Collinearity Statistics Tolerance VIF 1 (Constant) Board Gender Diversity .707 1.415 Board Size .907 1.102 Capital Asset Ratio .733 1.363 Management Efficiency .877 1.140 Liquidity Ratio .915 1.093 Bank Size .927 1.079 Legal Reserve Ratio .607 1.646 Audit Committee .991 1.009 (Source: Author owns computation, 2023) Homoscedasticity test As we have seen in Fig. 3 below, it can be assured that the point is random and evenly throughout the scattered diagram and no evidence of funnel-like the shape of points on one side than the other is observed, so no heteroscedasticity in the data is confirmed. Table 6 Model summary Model Summary b Model R R Square Adjusted R Square Std. Error of the Estimate 1 .815 a .664 .645 .087950564 a. Predictors: (Constant), audit committee, management efficiency, liquidity ratio, capital asset ratio, bank size, bored size, board gender diversity, legal reserve ratio b. Dependent Variable: return on asset (Source: Author owns computation,2023) As shown in Table 7 above the corporate governance practice variables in the model are good fit with R 2 value of 66.4%. This implies 66.4% of variation return on asset explained by explanatory variables used in the study. The reminder (100 − 66.4) % percentage is unexplained portion due to the errors and other factors. The adjusted R square were; it measures how well the model fits the data by taking into account the loss of degrees of freedom associated with adding extra variables. Therefore, the model best fits the data. Table 7 ANOVA Results ANOVA a Model Sum of Squares df Mean Square F Sig. 1 Regression 2.157 8 .270 34.851 .000 b Residual 1.091 141 .008 Total 3.247 149 a. Dependent Variable: return on asset b. Predictors: (Constant), audit committee, management efficiency, liquidity ratio, capital asset ratio, bank size, bored size, board gender diversity, legal reserve ratio (Source: Author owns computation,2023) Regression Results Analysis Fixed effect is a statically regression mod applied in which the intercept of the regression model allowed to vary freely across individual or groups. The fixed effect model assumes that the individual specific effect is correlated to the independent variables. The random effects model allows making inferences on the population data based on the assumption of normal distribution. Table 8 Fixed effect regression result Model Unstandardized Coefficients Standardized Coefficients T Sig. B Std. Error Beta 1 (Constant) − .767 .168 -4.555 .000 Board Gender Diversity .455 .061 .433 7.454 .000 Board Size .015 .009 .082 1.597 .112 Capital Asset Ratio − .151 .047 − .182 -3.201 .002 Management Efficiency .389 .069 .292 5.606 .000 Liquidity Ratio .112 .026 .221 4.330 .000 Bank Size .038 .012 .155 3.061 .003 Legal Reserve Ratio .685 .142 .302 4.830 .000 Audit Committee .078 .063 .061 1.249 .214 (Source: Author owns computation,2023) Test of research hypothesis based on fixed effect regression results After regression undertaken and out puts are obtained the next activity is testing hypothesis that is formulated in the research hypothesis. A. Internal factors on financial performance Audit committee The hypothesis was stated as there is insignificant association between audit committee on board and private commercial banks financial performance. Audit committee is one of explanatory variables of financial performance (ROA) and the results shown in table 9 indicate that banks with independent audit committees could not benefit than those who have an audit committee. This means that the availability of an audit committee in the bank increase its return by 0.78 percent other factors remain constant and p value of 0.214 means that the relationship between availability of audit committee and financial performance (ROA) are statically insignificant. Therefore, the hypothesis was rejected. Board gender diversity The hypothesis was predicted that the number of women directors on the board is a significant positively associated with financial performance. The relationship between board gender diversity (BGD) and return on asset has a positive coefficient 0.455 which is significant (p-value of 0.000) (Table 9). The positive and significant coefficient of the percentage of women directors support this hypothesis. Meaning that composition of board in terms of gender have a significant effect on private commercial banks financial performance. Therefore, this study was supported the view that gender diversity leads to encourage private commercial banks financial performance. Board size Table 8 result shows that statistically insignificant relationship between board size and financial performance (ROA) with the p-value of 0.112 and coefficient 0.15. The importance of board size to influence the corporate governance and financial performance of the firms is commonly applicable and larger boards offer more knowledge, diverse opinions, and of course different investment opportunities that can ultimately benefit stakeholders. In contrast, Jensen (2001), argued that a lager board size usually lacks effective communications causing lack of open interface and arguments resulting in increasing the board’s power. Bank size The hypothesis was expected as there is positive significant relationship between bank size and private commercial banks financial performance. The result indicated that size of private commercial banks has a positive beta coefficient of 0.038 and p value of 0.003 when the size of private commercial banks increased by one percent, return on asset increased by 3.8 percent (Table 8). The relationship is statically significant. Therefore, the hypothesis was as expected. This study was related to Megbaru (2019), result shows firm size has statistically significant relationship with return on asset. Management efficiency Management efficiency has a significant positive relationship with return on asset which is positive 3.56 (Table 9). This means increases in management efficiency directly related with the growth of capital of the bank, as the capital of the bank increase the ability of the bank to provide loan to borrowers also increase this leads the bank to get more return and having strong financial performance. Increase 1% in management efficiency increase financial performance of bank by 0.0356 cents. External factors on financial performance Legal reserve ratio Legal reserve ratio is one of explanatory variables of return on asset which have two purposes. First, to be able to meet sudden and unexpected cash withdrawal demands of depositors. Second, the purpose of regulation is not only maximizing profit making but also protecting the whole public by minimizing the risk-taking behavior of managers. The results in table 9 shows a positive beta coefficient of 0.685. This means that when return on asset increases by one unit the private commercial bank of Ethiopian reserve balance deposited in NBE increases by 1.2 percent other factors remain constant and p value of 0.000 means that the relationship between legal reserve ratio and return on asset are statically significant. The result accepted the alternative hypothesis which was stated as there is significant association between legal reserve ratio and private commercial banks financial performance. Liquidity ratio The hypothesis was stated as there is a significant positive association between liquidity ratio and private commercial banks financial performance. The result shows liquidity has a positive and statically significant relationship with return on asset with beta coefficient of 0.112 which means that liquidity ratio increases by one percent return on asset also decreases by 11.2 percent in the same direction. The p value of 0.000 indicates their relationship is statistically significant. According to bankruptcy cost hypothesis increase in the relative liquid assets holdings of a bank decreases its probability of default and this increases trust from investors and then reduces coast of raising fund. But the empirical result of this study does support both stands. Therefore, in this study liquidity ratio has a positive return on asset in Ethiopian private commercial banks Capital adequacy Ratio The coefficient of capital strength which is measured by the equity to total risk weighted asset ratio was negative and statistically significant at15.1%, p-value 0.002, which is as to the expectation. The coefficient parameter of -0.151 shows that, other things remaining constant, at 1% increase in CAR will result in a reduction of 15.1% on ROA (Table 8). Therefor we accept the hypothesis. According to the second proposition of Modigliani and Miller (1958), higher capital is often supposed to be costly for banks due to capital market imperfections and tax advantages of debt. This negative and significant effect of CAR on Ethiopian banks performance may be also attributed to keeping higher amount of capital in excess of CAR required by the regulation. 5. Conclusions The result of fixed effect regression analysis showed that insignificant positive relationship between audit committee and return on asset. Board gender diversity result showed that positive significant relationship with return on asset. The result also showed that insignificant positive relationship between board size and return on asset. Legal reserve ratio has positive and significant effect on return on asset. The size of the private commercial bank is an important factor with a significant positive contribution to its profitability. Bank size has a positive significant effect on the private commercial bank financial performance, return on asset implying large private commercial banks enjoy better profits than smaller private commercial banks. This benefit is likely to be due to economies of scale and larger market share possessed by the larger private commercial banks. The capital adequacy ratio has negative and significant impact on the performance of private commercial banks of Ethiopia. The Empirical result shows that liquidity ratio affects performance of private commercial banks positively and this variable is statistically significant. Generally, the research concludes that board gender diversity, bank size, legal required ratio, liquidity ratio, management efficiency and capital adequacy ratio have statistically significant effect on financial performance in terms of return on asset of banks in Ethiopia. Declarations Further implication Financial performance of commercial banks in Ethiopia will be better improved if adoption and implementation of corporate governance mechanisms are systematically performed and clearly framed. Financial performance of the banks will be improved if limiting board size is believed to improve firm performance because the benefits by larger boards of increased monitoring are outweighed by the worse communication and decision-making of larger groups. Financial performance of commercial banks in Ethiopia will be better improved if adoption new rules have needed each listed company to form an audit committee comprised of solely independent directors who are financially literate with one member designated a financial expert. A. Ethical Approval This article does not involve any studies with human participants conducted by any of the authors. B. Informed consent This article does not contain any studies with human participants performed by any of the authors C. Competing Interests There are no conflicts of interest associated with this publication. D. Author Contributions This paper was solely conducted by one author, from conceptualization and design of the article to analysis and interpretation of the data for the study, final approval of the version to be published, and agreement to be responsible for all aspects of the work. The author ensured that any questions regarding the accuracy or completeness of any part of the work were properly investigated and resolved. E. Data Availability The datasets generated and analyzed during the current study are available upon reasonable request. References Abdurazak, H. (2017). Corporate Governance and its Effect on Financial Performance of the Ethiopian Private Commercial Banks: MSc thesis, Addis Ababa University. Adams, R., &Mehran , H. (2008). Corporate Performance, Board Structure and them Determinants in the Banking Industry. Al-Tamimi, H. A. (2012). The effects of corporate governance on performance and financial distress:The experience of UAE national banks. Journal of financial regulation and compliance, 20(2), 169-181. Bathula H. (2008). Board Characteristics and Firm Performance: Evidence from New Zealand. Belete Zegeye. (2015). The impact of corporate Governance on Microfinance Institutions Financial Performance in Ethiopia. Bennedsen, M., Kongsted, H., & Nielsen, K. (2006). Board Size Effects in Closely Held Corporation working papers. Bujaki, M. &. (2002). Corporate Governance: Factors Influencing Voluntary Disclosure by publicly traded Canadian Firms Canadian Accounting Perspective. Carter, D., Simkins, B., & Simpson, W. (2003). Corporate Governance, Board Diversity and Firm Value. The Financial Review. Chow, C., & Wong-Boren, A. (1987). Voluntary Financial Disclosure by Mexican Corporations. The Accounting Review. Gujarati.(2004). Basic Econometrics Fourth Edition. The McGraw−Hill Companies, 2004. Haat , M., Rahman , A., &Mahenthiran, S. (2008). Corporate Governance, Transparency And performance of Malaysian Companies. Managerial Auditing Journal. Hermalin, B., &Wesibach, M. (2002). Boards of Directors as Endogenously Determined Institutions A Survey of the Economy Literature. Economy Policy Review. Jensen, M., &Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency costs and Ownership Structure. Journal of Financial Economics 3, 305-360. Khaled , A. (2015). Capital Adequacy, Bank Behavior and Crisis: Evidence from Emergent Economies.European Journal of Sustainable Development. Kyereboah- Coleman A. (2007). Corporate governance and firm performance in Africa: a dynamic panel data analysis. Asian Institute of Corporate Governance, Turkey. Lidya, J. (2017). CORPORATE Governance and its effect on Financial Performance of Ethiopian Private commercial Banks. Mak, Y., &Kusandi, Y. (2002). Further Evidence on the Negative Relationship Between Board Size and Firm Value.National Bank of Ethiopia. (2021). Annual Report. NBE. (2015). Annual financial reports and directives in Ethiopia. NBE.(2015). Corporate Governance Directives. Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Journal compilation Blackwell Publishing Ltd,, 15(2), , 404-413. Sheikh, N., Wang, Z., & Khan, S. (2013). The Impact Of Internal Attributes Of Corporate Governance on firms performance. Yasser. (2011). Corporate governance and performance: An Analysis of Pakistani listed firms.International Research Journals,, 1(3), , 081-090. Yermack , D. (1996). Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics, 15, 185–211. Zhou, J., & Chen, K. (2004). Audit Committee, Board Characteristics and Earnings Management by Commercial Banks’, Working Paper (SUNY at Binghamton). Additional Declarations The authors declare no competing interests. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-4173755","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":284367854,"identity":"4032815f-e957-41c6-917a-60f211d739c5","order_by":0,"name":"Agumas Alamirew Mebratu","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA6ElEQVRIiWNgGAWjYBADOTZmxsYHDAwHiNdizM/e3GxAkpbEmT3H2ySI0sLfv8Z0w48/DIwbbiS2VfPU3JHjZ2B++OgGHi0SN96Y3extY2A2AGq5zXPsmbFkA5uxcQ4+a26cMbvB28DABtHCdjhxwwEeNml8WuSBWm7++cPAA9JSzPOPCC0G53vMgIYzSEj2HGxj5m0jQovhDbay27JtEgb87I3NknP7DhtLNhPwi9z5w9tuvvljU9/GzP7ww5tvh+WAEfTwMV7vSySASTCbiQdEMuNTDgL8BxBsxh+EVI+CUTAKRsGIBAAbU1MVsb1eAAAAAABJRU5ErkJggg==","orcid":"https://orcid.org/0000-0002-0007-7871","institution":"Bahir Dar University, College of Business and Economics, Accounting and Finance Department, Bahir Dar, Ethiopia","correspondingAuthor":true,"prefix":"","firstName":"Agumas","middleName":"Alamirew","lastName":"Mebratu","suffix":""}],"badges":[],"createdAt":"2024-03-27 06:08:07","currentVersionCode":1,"declarations":{"humanSubjects":false,"vertebrateSubjects":true,"conflictsOfInterestStatement":false,"humanSubjectEthicalGuidelines":false,"humanSubjectConsent":false,"humanSubjectClinicalTrial":false,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":true},"doi":"10.21203/rs.3.rs-4173755/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-4173755/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":53608283,"identity":"39120be5-f0a1-4607-9cf6-2e124ea1e283","added_by":"auto","created_at":"2024-03-28 04:23:58","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":90771,"visible":true,"origin":"","legend":"\u003cp\u003eConceptual frame work adapted from different literature\u003c/p\u003e\n\u003cp\u003e(Source: Author owns formulation)\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-4173755/v1/7e22b5aeecc7fd51bef2cdf8.png"},{"id":53608284,"identity":"227ac512-8caa-424d-9488-0bedc6815a36","added_by":"auto","created_at":"2024-03-28 04:23:58","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":39256,"visible":true,"origin":"","legend":"\u003cp\u003eNormality test result\u003c/p\u003e\n\u003cp\u003e(Source: Author owns computation, 2023)\u003c/p\u003e","description":"","filename":"2.png","url":"https://assets-eu.researchsquare.com/files/rs-4173755/v1/52b2a3787fe0fed45855726b.png"},{"id":53608285,"identity":"c61c7b6e-bec7-4849-9bc3-fb9f8836473d","added_by":"auto","created_at":"2024-03-28 04:23:59","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":26562,"visible":true,"origin":"","legend":"\u003cp\u003eHomoscedasticity test\u003c/p\u003e\n\u003cp\u003e(Source: Author owns computation,2023)\u003c/p\u003e","description":"","filename":"3.png","url":"https://assets-eu.researchsquare.com/files/rs-4173755/v1/daa8a6906168353b21b48704.png"},{"id":53608288,"identity":"42a0db8c-967d-4286-8cd8-37344a3cffad","added_by":"auto","created_at":"2024-03-28 04:24:05","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":686626,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-4173755/v1/52175c43-6b3a-4a6d-8583-404d52fdcfc7.pdf"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003eCorporate governance parties effect on private banks’ profitability: Panel fixed effect regression analysis\u003c/p\u003e","fulltext":[{"header":"1. Introduction","content":"\u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eBanking disaster affects monetary mechanism and economic system of a country. It specifically safeguards the rights of the organization and its player agencies (Al-Tamimi, 2012). Ethiopian banking sector's company governance became characterized via way of means of the absence of well-prepared proportion marketplace and has distinct rules, regulations, practices, and monetary features which wishes to behavior a separate take a look at the usage of diverse perspectives, meaning they have been targeting enterprise concept that is the vital want to cooperate governance are to defend the hobby of shareholders most effective have now no longer been performed inside a properly prepared company governance mechanism (Bennedsen \u0026amp; Nielsen, 2006).\u003c/p\u003e \u003cp\u003eTherefore, banking governance attitudes are vital in terms of establishing the moralities and responsibilities of agencies and ensuring investor confidence. Most previous research, such as Yasser (2011) and Kyereboah-Coleman (2007), has focused on large corporations operating within well-structured corporate governance frameworks in developed financial systems and in countries with established capital markets. When we observe developing countries, especially Ethiopia, few studies on banking have been conducted in the past.\u003c/p\u003e \u003cp\u003eThis study examines external and internal factors affecting the financial performance of private commercial banks. Hence, the remaining part of the study is organized as follows: literature review and hypothesis development, materials and methods, results and discussion, and lastly, conclusion and recommendations.\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e"},{"header":"2. Literature review and hypothesis development","content":"\u003cp\u003e\u003cstrong\u003eBoard size\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAs Yermack (1998) stated that there is negative relationship seems to exist between board size and firm performance. A large board is probably less effective in facilitating substantive discussions of major problems and is likely to suffer from free-rider issues among administrators in their management (Hermalin \u0026amp; Weisbach, 2002). They determined that the board characteristics are endogenous and that failing to consider indignity might lead to a significant relationship with performance that does not actually exist. Mak and Kusandi (2002) jointly declared an inverse relationship between board size and firm profitability. Adams and Mehran (2008) conducted a study on the relationship between banking firms\u0026apos; performance (measured by Tobin\u0026apos;s Q) and board size. They found a non-negative relationship between board size and Tobin\u0026apos;s Q. However, concerning board size, the study found a negative relationship between the board size share and the associated return on assets (ROA) with an insignificant value .The board might ideally comprise administrators who, as a group, offer a mix of core competencies such as finance, insurance, accounting, legal expertise, business administration, auditing, information technology, and investment management. From these, the primary hypothesis was developed.\u003c/p\u003e\n\u003cp\u003eH1: There is a significant relationship between board size and financial performance of private commercial banks in Ethiopia.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eLegal Reserve\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAccording to the National Bank of Ethiopia, each bank is required to transfer to its legal reserve account at the end of each fiscal year an amount equal to at least 25 percent of its net profit. The cash reserve ratio is the minimum reserve that the national bank is required to hold out of the total deposit liabilities held by private commercial banks. According to Abdurazik (2017), a higher Cash Reserve Ratio reduces borrowing funds, while a low Cash Reserve Ratio increases borrowing funds. Since lending is the main source of income for private commercial banks and the cash reserve ratio does not generate income for them, it diminishes the profitability of private commercial banks. From these, the second research hypothesis is formulated.\u003c/p\u003e\n\u003cp\u003eH2: There is a significant relationship between legal reserve and the financial performance of private commercial performance in Ethiopia.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eCapital Adequacy\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAccording to the Banking Business Supervision and Licensing Directive No. SBB/50/2011 of the National Bank of Ethiopia, the bank must maintain a capital-to-risk-weighted assets ratio of 8% at all times when calculating risk-weighted assets in accordance with the regulations of Directive No. SBB/9/95 dated August 18, 1995. The capital ratio is the ratio of the bank\u0026apos;s equity base to the bank\u0026apos;s risk-weighted assets. According to Lidya (2017), the capital adequacy ratio indicates the degree of compliance of a bank with regulations that serve to protect the public interest. A higher capital adequacy ratio reflects the greater responsiveness of banks to the public interest. The capital included in the Capital Adequacy Ratio (CAR) consists of the primary capital and the supplementary capital, calculated by dividing the capital by the risk-weighted average assets. As Khaled (2015) pointed out, he also discovers that the enforcement of capital requirements diminishes commercial banks\u0026apos; risk appetite. From these, the third research hypothesis is formulated.\u003c/p\u003e\n\u003cp\u003eH3: There is a significant relationship between capital adequacy and the financial performance of private commercial banks in Ethiopia.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBoard Gender Diversity\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eBoard diversity may be defined as the range in the composition of the board of directors of organizations. There are two classes of variety \u0026ndash; observable variety, which are easily detectable functions of administrators, and much less visible variety, which includes the history of administrators. Visible diversity includes race/ethnicity, nationality, gender, and age, while less visible diversity encompasses educational, functional, and occupational backgrounds, business experience, and organizational membership. Specific benefits of board diversity include promoting a better understanding of the market, fostering creativity and innovation, and enhancing problem-solving skills (Carter, Simkins, \u0026amp; Simpson, 2003). On the other hand, Rose (2007) discovered an insignificant association between the number of women administrators on the board and the overall performance of the company. However, numerous researchers now agree that an increase in board diversity leads to better performance. Diversity allows boards to access broader talent pools for the role of directors (Bathula H., 2008; Belete Zegeye, 2015). They also established that board gender composition does not have a significant impact on the financial performance of microfinance institutions. From these, the fourth study hypothesis is formulated.\u003c/p\u003e\n\u003cp\u003eH4: There is a significant relationship between gender diversity on the board of private commercial banks and financial performance in Ethiopia.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBank size\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eSome research suggests that the size of a corporation can also have an impact on its overall performance. There have been stable and crucial relationships between corporation size and company performance. The findings of Sheikh, Wang, and Khan (2013) suggest that the size of a corporation is significantly linked to various performance indicators. The accounting literature, as demonstrated by Chow \u0026amp; Wong-Boren (1987), consistently illustrates a strong relationship between company size and the extent of voluntary information disclosure. Bujaki (2002) documented a strong correlation between company size and the amount of information disclosed by listed companies regarding their corporate governance practices in 1997. From those, the 5th study hypothesis was formulated.\u003c/p\u003e\n\u003cp\u003eH5: There is a significant relationship between bank size and the financial performance of private commercial banks in Ethiopia.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eAudit Committee\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe audit committee is authorized to act on behalf of the board of directors by assuming a critical oversight role in corporate governance. Its primary purpose is to protect investors and ensure corporate accountability. It was not until 2003 that the SEC implemented a ruling requiring all publicly listed companies to establish an audit committee in accordance with SOX requirements to oversee the independence of a firm\u0026apos;s external auditor. Zhou and Chen (2004) recorded that a more impartial audit committee is a critical component in constraining income control regarding banks\u0026apos; loan loss reserves. In addition, Haat, Rahman, and Mahenthiran (2008) tested the relationship between corporate governance practices, transparency, and overall performance among Malaysian PLCs. The study reveals a negative association between audit quality and the performance of Malaysian companies. A study found a positive correlation between the availability of an audit committee and financial institution performance in Ethiopian banks. This suggests that an increase in the availability of audit committees will lead to an improvement in financial institution performance. From these the sixth research hypothesis was formulated.\u003c/p\u003e\n\u003cp\u003eH6: There is a significant relationship between the presence of an audit committee on the board and the financial performance of private commercial banks in Ethiopia.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eLiquidity Ratio\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAccording to the Business Dictionary, liquidity is a measure of the extent to which a person or organization has cash to meet immediate and short-term obligations or assets that can be quickly converted to do this. Liquidity refers to the ease and speed with which assets can be converted into cash. Liquid assets are those that can be converted to cash quickly if needed to meet financial obligations. Examples of liquid assets generally include cash, central bank reserves, and government debt. To remain practical, a financial institution must have enough liquid assets to meet its short-term obligations, such as withdrawals by depositors. There is a significant positive relationship between liquidity and commercial bank profit. In contrast, Abdurazik (2017) found a negative relationship between liquidity and commercial bank performance. The seventh research hypothesis is formulated from these findings.\u003c/p\u003e\n\u003cp\u003eH7: There is a significant relationship between liquidity ratio and the financial performance of private commercial banks in Ethiopia.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eManagement Efficiency\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eManagement efficiency is one of the key internal factors that determine bank\u0026apos;s bank profitability. It is represented by different financial ratios such as total asset growth, loan growth rate, and earnings growth rate. Yet, it is one of the complex subjects to capture with financial ratios. Moreover, operational efficiency in managing operating expenses is another dimension of management quality. The performance of management is often evaluated qualitatively through subjective assessment of management systems, organizational discipline, control systems, staff quality, and other factors. Cost-to-Income Ratio (CIR) is used as an indicator of management\u0026apos;s ability to control costs and is expected to have a negative relationship with profits. Improved management of these expenses will increase efficiency and, therefore, raise profits. From these the eighth research hypothesis was formulated.\u003c/p\u003e\n\u003cp\u003eH8: There is a significant relationship between management efficiency and the financial performance of private commercial banks in Ethiopia.\u003c/p\u003e"},{"header":"3. Research Materials and Methods","content":"\u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eIn this study, the quantitative research approach, descriptive research design, and secondary data sources from the Ethiopian National Bank Audited Financial Reports were adopted for the period from 2013 to 2022. The population of this study included all private commercial banks operating in Ethiopia and registered with the National Bank of Ethiopia. As of 2022, twenty private commercial banks operate in Ethiopia.\u003c/p\u003e \u003cp\u003e \u003cb\u003eModel Specification\u003c/b\u003e \u003c/p\u003e \u003cp\u003eBy combining time series and cross-sectional observations, panel data can enrich empirical analysis and better detect and measure effects that simply cannot be observed in pure cross-section or pure time series data (Gujarati, 2004). There are two types of estimation for panel data regression models: fixed effects (FE) and random effects (RE). The Haussmann test can be used to choose between Fixed Effects (FE) and Random Effects (RE). The general form of the panel data model can be as follows:\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Equa\" class=\"Equation\"\u003e \u003cdiv format=\"TEX\" class=\"mathdisplay\" id=\"FileID_Equa\" name=\"EquationSource\"\u003e\n$$Yit=\\beta 0+\\beta 1X1it+\\beta 2X2it\\dots +\\beta nXnit+\\epsilon it$$\u003c/div\u003e \u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eWith the subscript i denoting the cross-sectional dimension and t representing the time-series dimension. In this equation, Y represents the dependent variable in the model, which is the bank's return on assets; X contains the set of explanatory variables in the estimation model; and β0 is the intercept value. β1 \u0026ndash; βn represent the coefficients of the explanatory variables, and ε is the error term. In relation to the above model and based on the selected variables, the current study used the following econometric model:\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Equb\" class=\"Equation\"\u003e \u003cdiv format=\"TEX\" class=\"mathdisplay\" id=\"FileID_Equb\" name=\"EquationSource\"\u003e\n$$ROA=f(BGD, BoS,BSZ,LR,LRR,CAR,AC,ME)$$\u003c/div\u003e \u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"BlockQuote\"\u003e \u003cp\u003eModel: \u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(ROAit=\\beta 0+\\beta 1BGDit+\\beta 2BOSit+\\beta 3BSZit+\\beta 4LRit+\\beta 5LRRit+\\beta 6CARit+\\beta 7ACit+\\beta 8MEit+\\epsilon it\\)\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e \u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eVariables and terms of measurement\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"3\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eVariables\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAcronym Description\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eTerms of Measurement\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eROA\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eReturn on Asset\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eAmount of profit after tax as a percentage of total assets.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBGD\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBoard Gender diversity\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003ePercentage of number of female directors divided by the total number of board members\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBOS\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBoard size\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eThe number of boards in each year.\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAC\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAudit committee\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eNumber of directors in the audit committee\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCAR\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCapital adequacy ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eTotal capital/risk weighted asset\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBSZ\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBank size\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eNatural logarithm of total assets\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eLR\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLiquidity Ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eLiquid assets / total asset\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eLRR\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLegal Reserve Ratio\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eTotal reserve/ total asset\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eME\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eManagement Efficiency\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003eMeasured through cost to income ratio\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"3\"\u003e(Source: Author owns formulation, 2023)\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e"},{"header":"4. Results and Discussions","content":"\u003cp\u003e\u003cstrong\u003eDescriptive Statistics\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eTable \u003cspan class=\"InternalRef\"\u003e2\u003c/span\u003e below presents a summary of descriptive statistics, including the mean, standard deviation, minimum, maximum, and observations for both dependent and independent variables of fifteen private commercial banks for the period 2013\u0026ndash;2022 (ten-year data) with a total of 150 observations.\u003c/p\u003e\n\u003cdiv class=\"gridtable\"\u003e\u0026nbsp;\u0026nbsp;\u003ctable id=\"Tab2\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003eDescriptive statistics results\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\" colspan=\"7\"\u003e\n \u003cp\u003eDescriptive Statistics\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eMinimum\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eMaximum\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eMean\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eStd. Deviation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBoard Gender Diversity\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.026\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.789\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.085\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.140\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBoard Size\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e8.125\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e11.493\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e9.823\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.822\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eCapital Asset Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.063\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.790\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.236\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.178\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eManagement Efficiency\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.0189\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.675\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.072\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.110\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eLiquidity Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.023\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.971\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.3173\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.292\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBank Size\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e8.135\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e11.040\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e9.886\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.605\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eLegal Reserve Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.202\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.578\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.304\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.065\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eAudit Committee\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.900\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.690\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.115\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eReturn On Asset\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.018\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.789\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.081\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.147\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eValid N (Listwise)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003ctfoot\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"7\"\u003e(Source: Author owns computation, 2023)\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tfoot\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003eAs stated in Table \u003cspan class=\"InternalRef\"\u003e2\u003c/span\u003e above, the average return on assets for the sample private commercial banks in Ethiopia was 8.10%, with a mean value of 0.081, and a maximum and minimum value of 0.789 and 0.018, respectively. On average, Ethiopian private commercial banks earned 8.12 cents for each birr invested in assets. Among the sampled private commercial banks, the most profitable one achieved a profit of 78.9 cents per birr invested in assets, while the least profitable bank incurred a loss of 1.8 percent per birr invested. The standard deviation of return on assets is 0.147, which means the return on assets can deviate from its mean by 14.7%. The availability of an audit committee is one of the manifestations of a good corporate governance mechanism. In the case of Ethiopian private commercial banks, although the practice of having an audit committee on the board is improving over time, there are still banks that operate without this subcommittee. According to the results, on average, the sample banks had an audit committee (AC) 69% of the time during the study period. A maximum of 90% of banks have an audit committee, while a minimum of 50% do (Table \u003cspan class=\"InternalRef\"\u003e2\u003c/span\u003e). In general, the presence of an audit committee is effective in reducing the occurrence of errors in earnings management, which may result in inaccurate financial statements. However, it is important to recognize that the presence of an audit committee does not automatically ensure its effectiveness. Attention has shifted towards examining the organization and functions of audit committees. Considering board gender diversity, on average, 8.56% or a mean value of 0.085 of the sample private commercial bank directors are female, as measured by the percentage of female directors divided by the total number of directors (Table \u003cspan class=\"InternalRef\"\u003e2\u003c/span\u003e). The study suggests that the diversity of the sample Ethiopian private commercial bank\u0026apos;s board, as measured by the proportion of directors who are women, is low during the study period. In terms of board size, the average number of board members in the bank during the sample period was 9.82. The maximum and minimum numbers of boards in the sample period were 11.4 and 8.12, respectively (Table \u003cspan class=\"InternalRef\"\u003e2\u003c/span\u003e). If we analyze the trend in the data, there is no consistency in the number of board members in sample banks. For instance, the number increases one year and decreases the next. Therefore, we cannot infer whether governance practices in this aspect are improving. This is one of the most debated issues in corporate governance.\u003c/p\u003e\n\u003cp\u003eFrom Table \u003cspan class=\"InternalRef\"\u003e2\u003c/span\u003e, the mean value of private commercial bank size used as a control variable, measured by the natural logarithm of total assets, is 9.88. The maximum value is 11.04, and the minimum value is 8.13. The standard deviation of private commercial bank size among the sample private commercial banks is 0.605. The highest value of size is due to the inclusion of the largest private banks (Ethiopian private commercial banks) in the study. In the case of the capital adequacy ratio, the average of the sample private commercial banks was 23.68% (Table \u003cspan class=\"InternalRef\"\u003e2\u003c/span\u003e), which is significantly higher than the minimum CAR required by the National Bank of Ethiopia. Even if maintaining a higher ratio of Capital Adequacy Ratio (CAR) in banks represents a higher level of sensitivity of banks towards the public. Banks with surplus capital relative to their target levels show a strong positive relationship between capital and profitability. National bank regulations require banks to maintain a capital adequacy ratio of 8%. During the previous ten years, Ethiopian banks, on average, maintained a capital adequacy ratio of 23.68%. This moderate margin may be important for the performance of private commercial banks. On average, Ethiopian private commercial banks invest 31.73% of their funds in liquid assets, exceeding the legal requirement for banks to invest no less than 25%. Out of the total 31.73% liquidity ratio around 19% is kept at NBE as deposit reserve, payment and settlement account. The remaining amount 12.73% is financed on other liquid assets. This revealed that liquidity ratio supports to increase the financial performance of private commercial banks in Ethiopia. The average legal reserve ratio maintained by sample private commercial banks was by far more than reserve ratio required by the NBE regulation 15% of all birr and foreign currency deposit. As to legal reserve ratio, during the sample period, on average, Ethiopian private commercial banks kept their 30.48% asset as a reserve in National Bank of Ethiopia. The standard deviation is 6.51% from the mean of 30.48% (Table \u003cspan class=\"InternalRef\"\u003e2\u003c/span\u003e). The average value of management efficiency (ME) within the period of the study was 7.24% and the median 3.7%. Management efficiency was maximum and minimum with the values of 67.54% and 1.89% respectively, while the standard deviation was 11.07%.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eCorrelation analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe purpose of the discussions and section below is to examine the relationship between the independent variables and financial performance metrics for bankers. According to Table \u003cspan class=\"InternalRef\"\u003e3\u003c/span\u003e, there was a significant positive correlation between board gender diversity and return on asset (ROA) with a coefficient of 0.683. This indicates that both variables change in the same direction. There is a positive correlation between bank size and return on assets. This indicates that private commercial banks that were founded earlier have higher returns than those that are established now. The return on assets is positively correlated with both board size and capital asset ratio (coefficients: 0.152 and 0.089, respectively). Increasing the value of board gender diversity and the legal reserve ratio will likewise increase the return on assets. Return on assets is positively correlated with the other variables: capital adequacy, liquidity ratio, and audit committee. This indicates that the three variables are increasing in tandem with each other when the value of one variable rises. The amount of return on assets for banks decreases as the size of their boards grows.\u003c/p\u003e\n\u003cdiv class=\"gridtable\"\u003e\n \u003cdiv align=\"left\" class=\"colspec\"\u003e\u003cbr\u003e\u003c/div\u003e\u0026nbsp;\u003ctable id=\"Taba\" border=\"1\"\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eTable \u003cspan class=\"InternalRef\"\u003e3\u003c/span\u003e: \u003cspan type=\"Underline\" class=\"Underline\" name=\"Emphasis\"\u003ecorrelation Matrix\u003c/span\u003e\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eReturn On Asset\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eBoard Gender Diversity\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eBoard Size\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eCapital Asset Ratio\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eManagement Efficiency\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eLiquidity Ratio\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eBank Size\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eLegal Reserve Ratio\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\" colspan=\"3\"\u003e\n \u003cp\u003eAudit Committee\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003eReturn On Asset\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003eBoard Gender Diversity\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.683\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003eBoard Size\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.152\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.154\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.064\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.060\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003eCapital Asset Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.089\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.149\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.183\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.277\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.068\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.025\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003eManagement Efficiency\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.461\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.306\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.075\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.067\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.362\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003eLiquidity Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.283\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.114\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.144\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.028\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.028\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.163\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.080\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.731\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.735\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003eBank Size\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.110\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.078\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.052\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.164\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.080\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.118\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.181\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.346\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.525\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.045\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.328\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.151\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003eLegal Reserve Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.518\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.459\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.063\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.451\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.185\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.194\u003csup\u003e*\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.010\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.446\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.023\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.017\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.905\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003eAudit Committee\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003ePearson Correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.027\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.012\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.038\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.035\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.004\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.051\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.013\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.026\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig. (2-tailed)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.746\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.886\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.644\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.668\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.960\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.538\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.877\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.752\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eN\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"3\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"1\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"14\"\u003e\n \u003cp\u003e**. Correlation is significant at the 0.01 level (2-tailed).\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"14\"\u003e\n \u003cp\u003e*. Correlation is significant at the 0.05 level (2-tailed).\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003ctfoot\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"16\"\u003e(Source: Author owns computation, 2023)\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tfoot\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003e\u003cstrong\u003eModel Assumptions Test\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eUnit Root Test\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eA unit root test can be used to determine if the trading data should be first differenced or regressed over deterministic periods to render the data stationary. Accordingly, if the p-value of z(t) is not significant, the series is not stationary. If z\u0026thinsp;\u0026le;\u0026thinsp;z0.05, then we reject the null hypothesis H0 that the series has a unit root. If there are no unit roots, then we conclude the series is stationary and the lag level of measurement is one (1).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eAutocorrelation Test\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eBreusch Godfrey Serial Correlation LM test to examine a joint test for autocorrelation that will allow examination of the relationship between the error term and several of its lagged values at the same time. Thus, the Breusch-Godfrey test was also conducted for the model see below Table \u003cspan class=\"InternalRef\"\u003e5\u003c/span\u003e and found no problem of autocorrelation for the model, meaning that the p-value of the test resulted in 0.673 which is greater than 0.05.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eMulticollinearity Test\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eMulticollinearity problems arise when the correlation coefficient between variables exceeds 0.90. To detect multicollinearity, the variance inflation factor (VIF) is the best test. All variables have VIF values less than 10 and 5 in this panel data set, so there are no multicollinearity problems.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eNormality Test\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eParametric tests assume that the variable in question is Normal distribution: Not skewed in any direction from a normal distribution in case the population is normally distributed (not skewed) since its skewness and kurtosis values are within the cutoff values of -3 to +\u0026thinsp;3, it can be concluded that there is no problem with the normality in the data set. It is not acceptable to reject the null hypothesis of normality at the 5% level. As we can see in the figure below p-value of 0.39 (greater than 0.05) which is insignificant for the model and the researcher failed to reject the null hypothesis, which says the residual value is normally distributed. Therefore, there is no normality problem with the data used for this study. Moreover, it implies that the inferences drawn about the population parameters from the sample parameters are generally true.\u003c/p\u003e\n\u003cp\u003e\u003cimg 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\"\u003e\u003cbr\u003e\u003c/p\u003e\n\u003cdiv class=\"gridtable\"\u003e(Source: Author owns computation, 2023)\u003cstrong\u003eNo autocorrelation between the disturbances (cov (ui,uj)\u0026thinsp;=\u0026thinsp;0)\u003c/strong\u003e\u003cbr\u003e\n \u003ctable id=\"Tab3\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003e\u003cbr\u003e\u003c/div\u003e\n \u003c/caption\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cdiv class=\"gridtable\"\u003e\u0026nbsp;\u003ctable id=\"Tab4\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 4\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003eAutocorrelation Test- Breusch-Godfrey Seri Correlation LM Test\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eLags(p)\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eChi2\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eDf\u003c/p\u003e\n \u003c/th\u003e\n \u003cth align=\"left\"\u003e\n \u003cp\u003eProb\u0026thinsp;\u0026gt;\u0026thinsp;chi2\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.177\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e0.6737\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003ctfoot\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"4\"\u003eHo: no serial correlation\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"4\"\u003e(Source: Author owns computation, 2023)\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tfoot\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cdiv class=\"gridtable\"\u003e\n \u003cdiv align=\"left\" class=\"colspec\"\u003e\u003cbr\u003e\u003c/div\u003e\u0026nbsp;\u003ctable id=\"Tab5\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 5\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003evariance inflation factor result\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"2\" rowspan=\"2\"\u003e\n \u003cp\u003eModel\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eCollinearity Statistics\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eTolerance\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eVIF\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"9\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e(Constant)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBoard Gender Diversity\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.707\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.415\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBoard Size\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.907\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.102\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eCapital Asset Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.733\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.363\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eManagement Efficiency\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.877\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.140\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eLiquidity Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.915\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.093\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBank Size\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.927\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.079\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eLegal Reserve Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.607\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.646\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eAudit Committee\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.991\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.009\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cdiv class=\"BlockQuote\"\u003e\n \u003cp\u003e(Source: Author owns computation, 2023)\u003c/p\u003e\n\u003c/div\u003e\n\u003cp\u003e\u003cstrong\u003eHomoscedasticity test\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAs we have seen in Fig. \u003cspan class=\"InternalRef\"\u003e3\u003c/span\u003ebelow, it can be assured that the point is random and evenly throughout the scattered diagram and no evidence of funnel-like the shape of points on one side than the other is observed, so no heteroscedasticity in the data is confirmed.\u0026nbsp;\u003c/p\u003e\n\u003ctable id=\"Tab6\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 6\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003eModel summary\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\" colspan=\"5\"\u003e\n \u003cp\u003eModel Summary\u003csup\u003eb\u003c/sup\u003e\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eModel\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eR Square\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eAdjusted R Square\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eStd. Error of the Estimate\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.815\u003csup\u003ea\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.664\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.645\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.087950564\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"5\"\u003e\n \u003cp\u003ea. Predictors: (Constant), audit committee, management efficiency, liquidity ratio, capital asset ratio, bank size, bored size, board gender diversity, legal reserve ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"5\"\u003e\n \u003cp\u003eb. Dependent Variable: return on asset\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003ctfoot\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"5\"\u003e(Source: Author owns computation,2023)\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tfoot\u003e\n\u003c/table\u003e\n\u003cp\u003eAs shown in Table \u003cspan class=\"InternalRef\"\u003e7\u003c/span\u003e above the corporate governance practice variables in the model are good fit with R\u003csup\u003e2\u003c/sup\u003evalue of 66.4%. This implies 66.4% of variation return on asset explained by explanatory variables used in the study. The reminder (100\u0026thinsp;\u0026minus;\u0026thinsp;66.4) % percentage is unexplained portion due to the errors and other factors. The adjusted R square were; it measures how well the model fits the data by taking into account the loss of degrees of freedom associated with adding extra variables. Therefore, the model best fits the data.\u0026nbsp;\u003c/p\u003e\n\u003ctable id=\"Tab7\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 7\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003eANOVA Results\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003cthead\u003e\n \u003ctr\u003e\n \u003cth align=\"left\" colspan=\"7\"\u003e\n \u003cp\u003eANOVA\u003csup\u003ea\u003c/sup\u003e\u003c/p\u003e\n \u003c/th\u003e\n \u003c/tr\u003e\n \u003c/thead\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eModel\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSum of Squares\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003edf\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eMean Square\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eSig.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"3\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eRegression\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e2.157\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e8\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.270\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e34.851\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003csup\u003eb\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eResidual\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.091\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e141\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.008\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eTotal\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.247\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e149\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"7\"\u003e\n \u003cp\u003ea. Dependent Variable: return on asset\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"7\"\u003e\n \u003cp\u003eb. Predictors: (Constant), audit committee, management efficiency, liquidity ratio, capital asset ratio, bank size, bored size, board gender diversity, legal reserve ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003ctfoot\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"7\"\u003e(Source: Author owns computation,2023)\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tfoot\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cstrong\u003eRegression Results Analysis\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eFixed effect is a statically regression mod applied in which the intercept of the regression model allowed to vary freely across individual or groups. The fixed effect model assumes that the individual specific effect is correlated to the independent variables. The random effects model allows making inferences on the population data based on the assumption of normal distribution.\u0026nbsp;\u003c/p\u003e\n\u003ctable id=\"Tab8\" border=\"1\"\u003e\n \u003ccaption language=\"En\"\u003e\n \u003cdiv class=\"CaptionNumber\"\u003eTable 8\u003c/div\u003e\n \u003cdiv class=\"CaptionContent\"\u003e\n \u003cp\u003eFixed effect regression result\u003c/p\u003e\n \u003c/div\u003e\n \u003c/caption\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" colspan=\"2\" rowspan=\"2\"\u003e\n \u003cp\u003eModel\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eUnstandardized Coefficients\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eStandardized Coefficients\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" rowspan=\"2\"\u003e\n \u003cp\u003eT\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" rowspan=\"2\"\u003e\n \u003cp\u003eSig.\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eB\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003eStd. Error\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBeta\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\" rowspan=\"9\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e(Constant)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.767\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.168\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\u0026nbsp;\u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e-4.555\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBoard Gender Diversity\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.455\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.061\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.433\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e7.454\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBoard Size\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.015\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.009\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.082\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.597\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.112\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eCapital Asset Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.151\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.047\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e\u0026minus;\u0026thinsp;.182\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e-3.201\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.002\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eManagement Efficiency\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.389\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.069\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.292\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e5.606\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eLiquidity Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.112\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.026\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.221\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e4.330\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eBank Size\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.038\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.012\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.155\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e3.061\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.003\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eLegal Reserve Ratio\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.685\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.142\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.302\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e4.830\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003eAudit Committee\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.078\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\" colspan=\"2\"\u003e\n \u003cp\u003e.063\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.061\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e1.249\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd align=\"left\"\u003e\n \u003cp\u003e.214\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003ctfoot\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"8\"\u003e(Source: Author owns computation,2023)\u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tfoot\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cstrong\u003eTest of research hypothesis based on fixed effect regression results\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAfter regression undertaken and out puts are obtained the next activity is testing hypothesis that is formulated in the research hypothesis.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eA. Internal factors on financial performance\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eAudit committee\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe hypothesis was stated as there is insignificant association between audit committee on board and private commercial banks financial performance. Audit committee is one of explanatory variables of financial performance (ROA) and the results shown in table 9 indicate that banks with independent audit committees could not benefit than those who have an audit committee. This means that the availability of an audit committee in the bank increase its return by 0.78 percent other factors remain constant and p value of 0.214 means that the relationship between availability of audit committee and financial performance (ROA) are statically insignificant. Therefore, the hypothesis was rejected.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBoard gender diversity\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe hypothesis was predicted that the number of women directors on the board is a significant positively associated with financial performance. The relationship between board gender diversity (BGD) and return on asset has a positive coefficient 0.455 which is significant (p-value of 0.000) (Table\u0026nbsp;9). The positive and significant coefficient of the percentage of women directors support this hypothesis. Meaning that composition of board in terms of gender have a significant effect on private commercial banks financial performance. Therefore, this study was supported the view that gender diversity leads to encourage private commercial banks financial performance.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBoard size\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 8 result\u003c/strong\u003e shows that statistically insignificant relationship between board size and financial performance (ROA) with the p-value of 0.112 and coefficient 0.15. The importance of board size to influence the corporate governance and financial performance of the firms is commonly applicable and larger boards offer more knowledge, diverse opinions, and of course different investment opportunities that can ultimately benefit stakeholders. In contrast, Jensen (2001), argued that a lager board size usually lacks effective communications causing lack of open interface and arguments resulting in increasing the board\u0026rsquo;s power.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eBank size\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe hypothesis was expected as there is positive significant relationship between bank size and private commercial banks financial performance. The result indicated that size of private commercial banks has a positive beta coefficient of 0.038 and p value of 0.003 when the size of private commercial banks increased by one percent, return on asset increased by 3.8 percent (Table 8). The relationship is statically significant. Therefore, the hypothesis was as expected. This study was related to Megbaru (2019),\u0026nbsp;result shows firm size has statistically significant relationship with return on asset.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eManagement efficiency\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eManagement efficiency has a significant positive relationship with return on asset which is positive 3.56 (Table 9). This means increases in management efficiency directly related with the growth of capital of the bank, as the capital of the bank increase the ability of the bank to provide loan to borrowers also increase this leads the bank to get more return and having strong financial performance. Increase 1% in management efficiency increase financial performance of bank by 0.0356 cents.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eExternal factors on financial performance\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eLegal reserve ratio\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eLegal reserve ratio is one of explanatory variables of return on asset which have two purposes. First, to be able to meet sudden and unexpected cash withdrawal demands of depositors. Second, the purpose of regulation is not only maximizing profit making but also protecting the whole public by minimizing the risk-taking behavior of managers. The results in table 9 shows a positive beta coefficient of 0.685. This means that when return on asset increases by one unit the private commercial bank of Ethiopian reserve balance deposited in NBE increases by 1.2 percent other factors remain constant and p value of 0.000 means that the relationship between legal reserve ratio and return on asset are statically significant. The result accepted the alternative hypothesis which was stated as there is significant association between legal reserve ratio and private commercial banks financial performance.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eLiquidity ratio\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe hypothesis was stated as there is a significant positive association between liquidity ratio and private commercial banks financial performance.\u0026nbsp;The result shows liquidity has a positive and statically significant relationship with return on asset with beta coefficient of 0.112 which means that liquidity ratio increases by one percent return on asset also decreases by 11.2 percent in the same direction. The p value of 0.000 indicates their relationship is statistically significant. According to bankruptcy cost hypothesis increase in the relative liquid assets holdings of a bank decreases its probability of default and this increases trust from investors and then reduces coast of raising fund. But the empirical result of this study does support both stands. Therefore, in this study liquidity ratio has a positive return on asset in Ethiopian private commercial banks\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eCapital adequacy Ratio\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe coefficient of capital strength which is measured by the equity to total risk weighted asset ratio was negative and statistically significant at15.1%, p-value 0.002, which is as to the expectation. The coefficient parameter of -0.151 shows that, other things remaining constant, at 1% increase in CAR will result in a reduction of 15.1% on ROA (Table 8). Therefor we accept the hypothesis. According to the second proposition of Modigliani and Miller (1958), higher capital is often supposed to be costly for banks due to capital market imperfections and tax advantages of debt. This negative and significant effect of CAR on Ethiopian banks performance may be also attributed to keeping higher amount of capital in excess of CAR required by the regulation.\u003c/p\u003e"},{"header":"5. Conclusions","content":"\u003cp\u003eThe result of fixed effect regression analysis showed that insignificant positive relationship between audit committee and return on asset. \u0026nbsp;Board gender diversity result showed that positive significant relationship with return on asset. The result also showed that insignificant positive relationship between board size and return on asset. Legal reserve ratio has positive and significant effect on return on asset. The size of the private commercial bank is an important factor with a significant positive contribution to its profitability. Bank size has a positive significant effect on the private commercial bank financial performance, return on asset implying large private commercial banks enjoy better profits than smaller private commercial banks. This benefit is likely to be due to economies of scale and larger market share possessed by the larger private commercial banks.\u003c/p\u003e\n\u003cp\u003eThe capital adequacy ratio has negative and significant impact on the performance of private commercial banks of Ethiopia. The Empirical result shows that liquidity ratio affects performance of private commercial banks positively and this variable is statistically significant. \u0026nbsp; \u0026nbsp; Generally, the research concludes that board gender diversity, bank size, legal required ratio, liquidity ratio, management efficiency and capital adequacy ratio have statistically significant effect on financial performance in terms of return on asset of banks in Ethiopia.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e\u003cstrong\u003eFurther implication\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eFinancial performance of commercial banks in Ethiopia will be better improved if adoption\u0026nbsp;and implementation of corporate governance mechanisms are systematically performed and clearly framed. Financial performance of the banks will be improved if limiting board size is believed to improve firm performance because the benefits by larger boards of increased monitoring are outweighed by the worse communication and decision-making of larger groups. Financial performance of commercial banks in Ethiopia will be better improved if adoption new rules have needed each listed company to form an audit committee comprised of solely independent directors who are financially literate with one member designated a financial expert.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eA. Ethical Approval\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis article does not involve any studies with human participants conducted by any of the authors.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eB. Informed consent\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis article does not contain any studies with human participants performed by any of the authors\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eC. Competing Interests\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThere are no conflicts of interest associated with this publication.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eD. Author Contributions\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis paper was solely conducted by one author, from conceptualization and design of the article to analysis and interpretation of the data for the study, final approval of the version to be published, and agreement to be responsible for all aspects of the work. The author ensured that any questions regarding the accuracy or completeness of any part of the work were properly investigated and resolved.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eE. Data Availability\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe datasets generated and analyzed during the current study are available upon reasonable request.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n \u003cli\u003eAbdurazak, H. (2017). Corporate Governance and its Effect on Financial Performance of the Ethiopian Private Commercial Banks: MSc thesis, Addis Ababa University.\u003c/li\u003e\n \u003cli\u003eAdams, R., \u0026amp;Mehran , H. (2008). Corporate Performance, Board Structure and them Determinants in the Banking Industry.\u003c/li\u003e\n \u003cli\u003eAl-Tamimi, H. A. (2012). The effects of corporate governance on performance and financial distress:The experience of UAE national banks. Journal of financial regulation and compliance, 20(2), 169-181.\u003c/li\u003e\n \u003cli\u003eBathula H. (2008). Board Characteristics and Firm Performance: Evidence from New \u0026nbsp;Zealand.\u003c/li\u003e\n \u003cli\u003eBelete Zegeye. (2015). The impact of corporate Governance on Microfinance Institutions Financial Performance in Ethiopia.\u003c/li\u003e\n \u003cli\u003eBennedsen, M., Kongsted, H., \u0026amp; Nielsen, K. (2006). Board Size Effects in Closely Held Corporation working papers.\u003c/li\u003e\n \u003cli\u003eBujaki, M. \u0026amp;. (2002). Corporate Governance: Factors Influencing Voluntary Disclosure by publicly traded Canadian Firms Canadian Accounting Perspective.\u003c/li\u003e\n \u003cli\u003eCarter, D., Simkins, B., \u0026amp; Simpson, W. (2003). Corporate Governance, Board Diversity and Firm Value. The Financial Review.\u003c/li\u003e\n \u003cli\u003eChow, C., \u0026amp; Wong-Boren, A. (1987). Voluntary Financial Disclosure by Mexican Corporations. The Accounting Review.\u003c/li\u003e\n \u003cli\u003eGujarati.(2004). Basic Econometrics Fourth Edition. The McGraw\u0026minus;Hill Companies, 2004.\u003c/li\u003e\n \u003cli\u003eHaat , M., Rahman , A., \u0026amp;Mahenthiran, S. (2008). Corporate Governance, Transparency And performance of Malaysian Companies. Managerial Auditing Journal.\u003c/li\u003e\n \u003cli\u003eHermalin, B., \u0026amp;Wesibach, M. (2002). Boards of Directors as Endogenously Determined Institutions A Survey of the Economy Literature. Economy Policy Review.\u003c/li\u003e\n \u003cli\u003eJensen, M., \u0026amp;Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency costs and Ownership Structure. Journal of Financial Economics 3, 305-360.\u003c/li\u003e\n \u003cli\u003eKhaled , A. (2015). Capital Adequacy, Bank Behavior and Crisis: Evidence from Emergent \u0026nbsp;Economies.European Journal of Sustainable Development.\u003c/li\u003e\n \u003cli\u003eKyereboah- Coleman A. (2007). Corporate governance and firm performance in Africa: a dynamic panel data analysis. Asian Institute of Corporate Governance, Turkey.\u003c/li\u003e\n \u003cli\u003eLidya, J. (2017). CORPORATE Governance and its effect on Financial Performance of Ethiopian Private commercial Banks.\u0026nbsp;\u003c/li\u003e\n \u003cli\u003eMak, Y., \u0026amp;Kusandi, Y. (2002). Further Evidence on the Negative Relationship Between Board Size and Firm Value.National Bank of Ethiopia. (2021). Annual Report.\u003c/li\u003e\n \u003cli\u003eNBE. (2015). Annual financial reports and directives in Ethiopia. NBE.(2015). Corporate Governance Directives.\u003c/li\u003e\n \u003cli\u003eRose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Journal compilation Blackwell Publishing Ltd,, 15(2), , 404-413.\u003c/li\u003e\n \u003cli\u003eSheikh, N., Wang, Z., \u0026amp; Khan, S. (2013). The Impact Of Internal Attributes Of Corporate Governance on firms performance.\u003c/li\u003e\n \u003cli\u003eYasser. (2011). Corporate governance and performance: An Analysis of Pakistani listed firms.International Research Journals,, 1(3), , 081-090.\u003c/li\u003e\n \u003cli\u003eYermack , D. (1996). Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics, 15, 185\u0026ndash;211.\u003c/li\u003e\n \u003cli\u003eZhou, J., \u0026amp; Chen, K. (2004). Audit Committee, Board Characteristics and Earnings Management by Commercial Banks\u0026rsquo;, Working Paper (SUNY at Binghamton).\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Control performance, Profitability, Private commercial banks, Return on Assets, Ethiopia","lastPublishedDoi":"10.21203/rs.3.rs-4173755/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-4173755/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe banking disaster affects the monetary mechanism and economic system of a country. The aim of this article is to quantitatively examine the factors that affect the profitability of Ethiopian private commercial banks. In this study, the quantitative research approach, descriptive research design, and secondary data sources collected from the National Bank of Ethiopia for the period 2013 to 2022. The population of this study included all private commercial banks operating in Ethiopia. The findings of the panel fixed-effect regression analysis revealed that the profitability of the selected bank, as measured by return on assets, was significantly influenced by various factors including the size and capital adequacy ratio of the financial institution, control performance, legal reserve ratio, and liquidity ratio. The implications of these findings highlight the combined impact of macro and micro factors on the overall profitability of private commercial banks in Ethiopia.\u003c/p\u003e","manuscriptTitle":"Corporate governance parties effect on private banks’ profitability: Panel fixed effect regression analysis","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2024-03-28 04:23:52","doi":"10.21203/rs.3.rs-4173755/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"16146575-a8fc-4dae-abcf-dcb4d0ba0681","owner":[],"postedDate":"March 28th, 2024","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":29935836,"name":"Finance"}],"tags":[],"updatedAt":"2024-03-28T04:23:52+00:00","versionOfRecord":[],"versionCreatedAt":"2024-03-28 04:23:52","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-4173755","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-4173755","identity":"rs-4173755","version":["v1"]},"buildId":"qtupq5eGEP_6zYnWcrvyt","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}