The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda

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While robust board governance is a known mitigant, the mechanisms particularly the strategic role of interest rate policy set by the board remain underexplored. This study investigates whether interest rates mediate the relationship between board accountability and NPLs. Methods A sequential mixed-methods approach was employed. Data from 232 respondents in commercial banks in Western Uganda were collected via questionnaires and interviews. Quantitative data were analyzed using descriptive statistics, Pearson correlation, and Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the mediation hypothesis. Results Board accountability showed a strong positive correlation with NPL reduction (r = 0.779, p < 0.05). Interest rates partially mediated this relationship (Beta = 0.286, t = 4.443, p = 0.000). Qualitative findings underscored the importance of flexible interest rate policies aligned with borrower risk profiles and economic conditions. Conclusion The study confirms that interest rates significantly mediate the effect of board accountability on NPLs. Enhanced governance frameworks and adaptive interest rate policies are critical for mitigating NPLs and promoting financial stability, particularly in developing economies. " } { "@context": "http://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": "1", "item": { "@id": "https://f1000research.com/", "name": "Home" } }, { "@type": "ListItem", "position": "2", "item": { "@id": "https://f1000research.com/browse/articles", "name": "Browse" } }, { "@type": "ListItem", "position": "3", "item": { "@id": "https://f1000research.com/articles/14-1176/v1", "name": "The Mediating effect of Interest Rates on Board Accountability and..." } } ] } Home Browse The Mediating effect of Interest Rates on Board Accountability and... ALL Metrics - Views Downloads Get PDF Get XML Cite How to cite this article Sewanyina M, Sunday A and Nyambane D. The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] . F1000Research 2025, 14 :1176 ( https://doi.org/10.12688/f1000research.171005.1 ) NOTE: If applicable, it is important to ensure the information in square brackets after the title is included in all citations of this article. Close Copy Citation Details Export Export Citation Sciwheel EndNote Ref. Manager Bibtex ProCite Sente EXPORT Select a format first Track Share ▬ ✚ Research Article The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] Muniru Sewanyina https://orcid.org/0009-0004-6569-2367 1 , Arthur Sunday 2 , David Nyambane https://orcid.org/0009-0007-6748-1442 3 Muniru Sewanyina https://orcid.org/0009-0004-6569-2367 1 , Arthur Sunday 2 , David Nyambane https://orcid.org/0009-0007-6748-1442 3 PUBLISHED 29 Oct 2025 Author details Author details 1 Department of Business Administration, Kampala International University - Western Campus, Bushenyi, Western Region, Uganda 2 Department of Accounting and Finance, Kampala International University, Kampala, Central Region, Uganda 3 Department of Business Administration, Kampala International University - Western Campus, Bushenyi, Western Region, Uganda Muniru Sewanyina Roles: Conceptualization, Formal Analysis, Investigation, Methodology, Resources, Software, Writing – Original Draft Preparation, Writing – Review & Editing Arthur Sunday Roles: Data Curation, Investigation, Project Administration, Supervision, Visualization, Writing – Review & Editing David Nyambane Roles: Formal Analysis, Investigation, Methodology, Project Administration, Resources, Supervision, Writing – Review & Editing OPEN PEER REVIEW DETAILS REVIEWER STATUS Abstract Background Non-performing loans (NPLs) critically threaten banking stability in developing economies. While robust board governance is a known mitigant, the mechanisms particularly the strategic role of interest rate policy set by the board remain underexplored. This study investigates whether interest rates mediate the relationship between board accountability and NPLs. Methods A sequential mixed-methods approach was employed. Data from 232 respondents in commercial banks in Western Uganda were collected via questionnaires and interviews. Quantitative data were analyzed using descriptive statistics, Pearson correlation, and Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the mediation hypothesis. Results Board accountability showed a strong positive correlation with NPL reduction (r = 0.779, p < 0.05). Interest rates partially mediated this relationship (Beta = 0.286, t = 4.443, p = 0.000). Qualitative findings underscored the importance of flexible interest rate policies aligned with borrower risk profiles and economic conditions. Conclusion The study confirms that interest rates significantly mediate the effect of board accountability on NPLs. Enhanced governance frameworks and adaptive interest rate policies are critical for mitigating NPLs and promoting financial stability, particularly in developing economies. READ ALL READ LESS Keywords Board Accountability, Non-Performing Loans, Interest Rates, Corporate Governance, Commercial Banks Corresponding Author(s) Muniru Sewanyina ( [email protected] ) Close Corresponding author: Muniru Sewanyina Competing interests: No competing interests were disclosed. Grant information: The author(s) declared that no grants were involved in supporting this work. Copyright: © 2025 Sewanyina M et al . This is an open access article distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. How to cite: Sewanyina M, Sunday A and Nyambane D. The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] . F1000Research 2025, 14 :1176 ( https://doi.org/10.12688/f1000research.171005.1 ) First published: 29 Oct 2025, 14 :1176 ( https://doi.org/10.12688/f1000research.171005.1 ) Latest published: 29 Oct 2025, 14 :1176 ( https://doi.org/10.12688/f1000research.171005.1 ) 1. Introduction The financial stability and operational efficiency of commercial banks are increasingly threatened by the rising levels of Non-Performing Loans (NPLs), which undermine profitability, constrain liquidity, and elevate the risk of insolvency ( Beck & Demirgüç-Kunt, 2020 ). NPLs impair banks’ capacity to extend credit, hinder economic growth, and destabilize financial systems, making them a critical concern for regulators, policymakers, and stakeholders ( Acharya et al., 2021 ). This study examines the influence of corporate governance practices, particularly board accountability, on NPLs in commercial banks, with a focus on the mediating role of interest rates. The research is conducted in the context of the Greater Bushenyi District in Western Uganda, a region representative of the challenges faced by developing economies. Globally, NPLs remain a pervasive issue, posing significant risks to banking systems across both developed and emerging markets ( Borio et al., 2020 ). A loan is classified as non-performing when principal or interest payments are overdue by more than 90 days or when payments have been rescheduled beyond this period ( IMF, 2021 ). Regulatory frameworks require banks to provision for such loans, which adversely affects their income and restricts their ability to lend ( Ghosh, 2022 ). The prevalence of NPLs varies considerably across regions, with countries such as Greece (31.3%), Ireland (24.6%), Egypt (9.5%), Russia (6%), South Africa (3.6%), the United States (3.2%), Brazil (2.9%), and China (1%) reporting significant levels of impaired loans ( World Bank, 2023 ). These disparities highlight the urgent need for effective governance mechanisms and policy interventions to mitigate the adverse effects of NPLs on financial systems ( Claessens & Van Horen, 2022 ). In Uganda, the banking sector has experienced severe repercussions due to high NPLs, leading to the collapse of several commercial banks, including Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), and Cooperative Bank (1999) ( Bank of Uganda, 2021 ). More recently, Global Trust Bank (2014) and Crane Bank (2016) faced similar challenges, with Crane Bank being acquired by the Development Finance Company of Uganda (DFCU) ( Kasekende & Opondo, 2023 ). The decline in lending activity, evidenced by a reduction in credit growth from 13.7% to 3.2% between 2011 and 2012, and from 19.7% to 3.7% between 2015 and 2016, underscores the systemic impact of NPLs on the Ugandan economy ( Mugume, 2022 ). These developments emphasize the critical importance of strengthening corporate governance frameworks and implementing effective risk management practices to address the root causes of NPLs ( Nanziri & Oladele, 2023 ). This study seeks to contribute to the growing body of literature on corporate governance and risk management in commercial banking by investigating the relationship between board accountability and NPLs, with interest rates as a mediating factor ( Osei-Assibey & Asenso, 2024 ). By focusing on the Greater Bushenyi District in Western Uganda, the research provides insights into the challenges faced by developing economies, while offering policy recommendations that are applicable to both emerging and advanced markets ( Agyei et al., 2023 ). The findings aim to inform regulatory bodies, policymakers, and banking institutions on strategies to enhance governance practices, optimize interest rate policies, and mitigate the adverse effects of NPLs on financial stability and economic growth ( Boateng et al., 2024 ). 2. Literature review Although prior research has examined the link between board accountability and NPLs, there is a scarcity of studies exploring the mediating role of interest rates, especially in developing economies like Uganda. This study aims to address this gap by analyzing how interest rates influence the relationship between board accountability and NPLs in commercial banks in Western Uganda. Recent studies by Lee et al. (2022) and Hussain et al. (2023) have underscored the significance of interest rates in shaping borrower behavior and loan performance, particularly in emerging markets. These studies highlight the importance of accountable boards adopting interest rate policies that align with borrower risk profiles and prevailing economic conditions. Board accountability mechanisms, such as board composition, independence, and transparency, are critical in managing NPLs. Boards with a higher proportion of independent directors are more likely to implement prudent lending practices, thereby reducing the risk of loan defaults ( Ahmed & Malik, 2023 ). 2.1 Theoretical framework The study is grounded in agency theory, which posits that conflicts of interest arise between principals (shareholders) and agents (managers) due to information asymmetry. Effective corporate governance, particularly board accountability, is essential to mitigate these conflicts and ensure prudent management of NPLs. The study also draws on the Commercial Loan Theory, Shiftability Theory, and Anticipated Income Theory to explain the relationship between interest rates, board accountability, and NPLs. 2.2 Empirical review Empirical studies have consistently shown that board accountability plays a crucial role in managing NPLs. Boards with high accountability are less likely to make arbitrary changes to interest rates, adapting them based on borrower risk profiles and market conditions. Interest rates, in turn, have a direct impact on borrower repayment behavior, with higher rates increasing the likelihood of defaults and NPLs. Studies by Jiménez et al. (2014) and Chiaramonte et al. (2022) emphasize the importance of interest rates as a mediator between board decisions and loan performance. The accountability of a bank’s board is critical in guiding its strategic direction and managing financial risks, particularly those tied to non-performing loans (NPLs). Boards that are well-informed and proactive play a central role in mitigating excessive credit risks and enforcing prudent lending policies ( Srinivasan et al., 2021 ). This responsibility requires that loans are approved only after a thorough assessment of borrowers, clear identification of associated risks, and transparent disclosure practices. These measures are essential in preventing the accumulation of high levels of NPLs. Board accountability can be strengthened through transparent decision-making, strict adherence to regulations, and effective loan supervision ( Ahmed & Malik, 2023 ), all of which contribute to lower NPL rates. In this context, the board acts as a safeguard, ensuring that loans are directed to creditworthy borrowers and reducing the likelihood of defaults. However, this relationship is further influenced by interest rates, which affect borrowing costs, borrower behavior, and repayment capacity, potentially altering the impact of board accountability on NPL outcomes. Interest rates have a direct impact on the affordability of credit, which in turn influences borrower repayment behavior. When interest rates rise, borrowers who are already struggling to meet their repayment obligations may face increased financial pressure, leading to higher NPLs ( Nkusu, 2011 ). On the other hand, lower interest rates may encourage borrowing, temporarily increasing loan volumes but potentially amplifying credit risk if borrower assessment practices are not stringent. Research indicates that boards with high levels of accountability are less likely to make arbitrary adjustments to interest rates. Instead, they tailor rates to align with borrower risk profiles and prevailing market conditions. Jiménez et al. (2014) emphasize the importance of interest rates as a mediator between board decisions and loan performance, arguing that accountable boards can effectively prevent loan defaults by adopting responsible interest rate policies. This perspective is supported by empirical evidence showing a strong link between interest rates and borrower default risks, particularly in their impact on NPL levels in commercial banks. The affordability of credit, which is directly influenced by interest rates, plays a critical role in shaping borrower behavior. If lending criteria are relaxed, high repayment burdens may increase credit risk, leading to higher NPL ratios. Conversely, low interest rates may stimulate excessive borrowing, further exacerbating credit risk. Boards with high accountability tend to make moderate interest rate adjustments that align with borrower risk profiles and economic conditions, thereby effectively managing NPLs ( Chiaramonte et al., 2022 ). This underscores the mediating role of interest rates in the relationship between board accountability and loan performance. Accountable boards carefully evaluate interest rate policies to ensure sustainable loan terms for borrowers while maintaining profitability and loan stability. Aboagye and Otieku (2010) found that banks with accountable boards are more likely to adopt conservative interest rate strategies, which reduce the risk of defaults. This approach reflects a long-term perspective on financial stability, prioritizing sustainable lending over short-term gains. By proactively setting interest rates, these boards can maintain loan portfolios that are less susceptible to sudden defaults. Regulatory bodies play a crucial role in administering interest rate guidelines to ensure equitable loan conditions for consumers. Accountable boards strategically set interest rates based on both the bank’s profitability and the need for a stable loan portfolio ( Hussain et al., 2023 ). Otieno and Karanja (2021) found that banks with accountable boards tend to adopt more conservative interest rate policies, minimizing the risk of loan defaults. This conservative approach highlights the importance of interest rates as a mediator between board accountability and NPLs. By prioritizing sustainable lending practices over short-term gains, boards can effectively manage NPL ratios. Empirical evidence indicates that NPL levels are directly linked to the likelihood of borrower defaults caused by changes in interest rates. Recent data from emerging markets show that higher interest rates are often associated with increased NPL ratios due to higher borrowing burdens ( Lee et al., 2022 ). Accountable boards can mitigate this risk by adjusting interest rates in response to changing economic conditions, thereby enhancing their ability to manage NPLs. This approach underscores the critical role of interest rates in mediating the relationship between board accountability and loan performance ( Davies & Mills, 2023 ). Research consistently demonstrates that changes in interest rates significantly impact borrower default risk, with NPL levels being directly influenced by these changes. Rising interest rates in emerging markets have been linked to higher NPL ratios, as evidenced by studies ( Nkusu, 2011 ; Beck et al., 2015 ). Regulatory bodies play a vital role in this context by conducting regular assessments of the impact of rate changes on banks’ loan portfolios and adjusting lending guidelines accordingly. These adjustments help borrowers manage repayments more effectively, reducing the risk of default and reinforcing the mediating role of interest rates between board accountability and NPL levels. Empirical evidence suggests that accountable boards can use interest rate adjustments as a protective measure, shielding banks from increased default risks. The relationship between board accountability and NPLs is further influenced by sector-specific factors, particularly in industries sensitive to interest rate fluctuations, such as consumer lending and real estate. Boards with significant control in these sectors adjust interest rates to align with industry-specific risks, effectively managing default risks by setting appropriate rates for different borrower scenarios ( Nduta & Korir, 2022 ). This demonstrates the diverse role of interest rates in linking board accountability and NPLs across various banking sectors. Interest rates are also influenced by macroeconomic factors such as inflation and GDP growth, which indirectly affect the mediation of board accountability and NPLs. During economic downturns, accountable boards may lower interest rates to encourage borrowing and maintain loan quality. Research by Louzis et al. (2012) shows that accountable boards are more likely to adjust interest rates during periods of economic instability to prevent spikes in NPLs. This highlights the role of interest rates as a buffer, enabling boards to manage risk and maintain loan performance even during challenging economic conditions. The interplay between macroeconomic factors and interest rates further complicates the relationship between board accountability and NPLs. During recessions, accountable boards may reduce interest rates to support borrowers and maintain loan quality. Mukherjee and Singh (2020) found that accountable boards often implement rate adjustments to prevent NPL spikes during economic downturns. This flexibility allows interest rates to effectively moderate the relationship between board accountability and loan performance, ultimately reducing credit risk. Strong corporate governance frameworks are essential for establishing interest rates that balance borrowing stability and loan profitability, thereby supporting board accountability. Effective governance enables boards to implement cost-effective and risk-free interest rate policies ( Palaniappan, 2023 ). Empirical evidence from Choudhury et al. (2021) shows that banks with strong governance structures experienced lower NPL ratios during financial stress, largely due to accountable boards’ prudent interest rate policies. This demonstrates how governance enhances the mediating role of interest rates in decision-making. In sectors such as real estate and consumer lending, where borrowing is highly sensitive to interest rate fluctuations, accountable boards adjust rates to manage sector-specific risks. Beck et al. (2015) found that regulatory boards take proactive measures to mitigate default risks by setting sector-appropriate interest rates, highlighting the close relationship between interest rates, board accountability, and NPLs across different banking portfolios. To strengthen board accountability, effective corporate governance ensures that boards have the authority to set interest rates that prioritize profitability while maintaining borrower stability. Increased transparency is essential in this process. Studies on banking governance show that well-designed governance systems empower boards to enforce interest rate policies that limit loan risk exposure ( Pathan, 2009 ). During financial crises, banks with strong governance systems experienced lower NPL ratios due to accountable boards’ prudent interest rate policies, as demonstrated by Beltratti and Stulz (2012) . This evidence underscores how governance enhances the mediating impact of interest rates by promoting accountable decision-making at the board level. In summary, the literature highlights the critical role of interest rates in mediating the relationship between board accountability and NPLs. Interest rates serve as a powerful tool, enabling boards to adjust lending practices based on market conditions, borrower characteristics, and economic cycles. Despite being a financial instrument, interest rates, when managed by accountable boards, can lead to lower NPLs compared to other approaches. This interconnected system of governance, interest rate policy, and loan performance offers strategies for reducing NPLs in commercial banks while emphasizing the need to align loan terms with economic and borrower-specific considerations to maintain stability. Based on the reviewed literature, the following hypothesis is proposed: H0: There is no mediating effect of interest rates on the relationship between board accountability and non-performing loans in commercial banks. Methodology The sample size of 232 respondents was determined using the Slovin formula, which ensures a representative sample while accounting for population size and margin of error. This sample size was deemed adequate to yield reliable and generalizable results. A pilot test involving 30 respondents was conducted to assess the reliability and validity of the questionnaire. The pilot test results showed a Cronbach’s alpha of 0.85, confirming the instrument’s reliability. For the qualitative component, semi-structured interviews were conducted with 15 key informants, including board members and senior managers. A purposive sampling strategy was employed to ensure participants had relevant expertise and experience. Data saturation was achieved after 12 interviews, with no new themes emerging in the final three interviews. Quantitative data were analyzed using descriptive statistics, Pearson correlation, multiple regression, and Structural Equation Modeling (SEM) with SmartPLS. Measurement scales for board accountability, interest rates, and NPLs were adapted from prior studies and validated through factor analysis. The conceptual framework is grounded in agency theory and loan theories, which posit that board accountability and interest rates influence NPLs. The framework illustrates the mediating role of interest rates in the relationship between board accountability and NPLs. Data analysis Reliability and validity tests were conducted to ensure the robustness of the SEM model. The Fornell and Larcker test confirmed discriminant validity, while the HTMT test indicated no issues with multicollinearity. Cronbach’s alpha values for all constructs exceeded 0.70, confirming internal consistency. Socio-demographic analysis revealed that 60% of respondents were male, and 40% were female. The majority of respondents (70%) had over 10 years of experience in the banking sector, ensuring that the data reflected the perspectives of seasoned professionals. Mediation analysis revealed that interest rates partially mediate the relationship between board accountability and NPLs (Beta = 0.286, t = 4.443). This suggests that while board accountability directly influences NPLs, interest rates play a significant role in shaping this relationship. The SEM model was reassessed to ensure the accuracy of the measurement model. Results confirmed that all factor loadings exceeded 0.70, and the model fit indices (NFI = 0.97, SRMR = 0.05) indicated a good fit. The findings reveal that most respondents agreed that NPLs are managed through transfers to third parties or special internal units (Mean = 4.19, SD = 0.796). Respondents also agreed that banks’ organizational structures for managing NPLs are diversified (Mean = 4.14, SD = 0.891). Board accountability was positively correlated with NPLs (r = 0.779, p < 0.05), indicating that higher accountability reduces NPLs as shown in Table 1 below. Table 1. Descriptive statistics on non-performing loans. Statements N Min. Max. Mean Std. Deviation Non-performing loans are mainly managed through transfers to third parties or by special internal units. 189 2 5 4.19 .796 Banks’ organizational structures for managing non-performing loans appear to be diversified. 189 2 5 4.14 .891 Restructuring procedures require a relatively long period of time before achieving recovery 189 2 5 4.10 .752 There is thorough assessment of clients before giving out loans 189 2 5 3.95 .846 Liquidations and restructurings differ in duration and in the average share of loans backed by guarantees 189 2 5 3.95 .846 Most of the loans are guaranteed with valuable items 189 3 5 3.95 .577 Banks pointed out that the main obstacles to efficient credit recovery are the backlogs in the courts and the complexity of procedures. 189 1 5 3.90 1.112 Our bank is managed and run by professionals with high integrity 189 2 5 3.86 .943 There are professional fees and difficulties in coordinating with non-financial creditors 189 1 5 3.81 1.142 The significant impact of managing non-performing loans on banks’ costs is also affected by the lack of efficiency of legal procedures. 189 1 5 3.81 1.183 Overall 189 3.97 0.909 The findings presented in Table 1 offer critical insights into respondents’ perceptions of the strategies and challenges associated with managing non-performing loans (NPLs) in commercial banks. The analysis reveals that a majority of respondents agreed that NPLs are primarily managed through transfers to third parties or specialized internal units, as indicated by a high mean score of 4.19 and a low standard deviation of 0.796. This suggests a strong consensus on the effectiveness of these methods, with responses closely clustered around the mean, reflecting consistency in perceptions. Additionally, the study highlights the diversified organizational structures employed by banks to manage NPLs, as evidenced by a high mean score of 4.14 and a low standard deviation of 0.891. This indicates that banks adopt varied approaches to address NPLs, which may enhance their ability to recover impaired loans. Respondents also agreed that restructuring procedures often require a significant amount of time to achieve recovery, as shown by a high mean score of 4.10 and a low standard deviation of 0.752. This underscores the complexity and time-intensive nature of loan restructuring processes. The findings further reveal that banks conduct thorough assessments of clients before disbursing loans, as reflected in a high mean score of 3.95 and a low standard deviation of 0.846. This demonstrates a strong commitment to risk management and due diligence in lending practices. Moreover, respondents noted that liquidations and restructurings differ in duration and in the proportion of loans backed by guarantees, as indicated by a high mean score of 3.95 and a low standard deviation of 0.846. This highlights the variability in recovery strategies and their reliance on collateral. A significant proportion of respondents agreed that most loans are secured with valuable collateral, as confirmed by a low standard deviation of 0.577. This suggests that banks prioritize secured lending to mitigate credit risk. However, the study identifies key obstacles to efficient credit recovery, including backlogs in the courts and the complexity of legal procedures, as reflected in a high mean score of 3.90 and a standard deviation of 1.112. These challenges underscore the need for reforms in legal and judicial systems to facilitate faster resolution of NPLs. The findings also emphasize the professionalism and integrity of bank management, as indicated by a high mean score of 3.86 and a low standard deviation of 0.943. This reflects confidence in the competence of bank leadership. Nevertheless, respondents highlighted the impact of professional fees and difficulties in coordinating with non-financial creditors, as shown by a high mean score of 3.81 and a standard deviation of 1.142. These factors contribute to the overall costs and complexities of managing NPLs. Finally, the study reveals that the significant impact of managing NPLs on banks’ costs is further exacerbated by the inefficiency of legal procedures, as evidenced by a high mean score of 3.81 and a low standard deviation of 1.183. This highlights the interplay between legal frameworks and the financial burden of NPL management. Overall, the results indicate a general agreement among respondents on the statements used to assess NPL management practices, as reflected in an overall mean score of 3.97 and a standard deviation of 0.909. These findings provide valuable insights into the strategies, challenges, and operational dynamics of managing NPLs in commercial banks, offering actionable recommendations for policymakers and practitioners to enhance recovery processes and reduce financial instability. The findings presented in Table 2 offer critical insights into respondents’ perceptions of corporate governance practices within commercial banks. The analysis reveals that respondents generally agreed that banks disclose their corporate governance policies and guidelines, as evidenced by a high mean score of 3.95 and a low standard deviation of 0.901. This suggests a strong consensus on the transparency of governance frameworks within these institutions. Table 2. Descriptive statistics on board accountability. Statements N Min. Max. Mean Std. Deviation Company discloses its corporate governance policies or guidelines 189 2 5 3.95 .901 Company has a separated chairman and CEO 189 2 5 3.90 .870 All executive board members own shares after excluding options held 189 2 5 3.90 .923 Company discloses a code of ethics for senior executives 189 2 5 3.81 .960 Board or a committee is responsible for CEO succession planning 189 1 5 3.76 1.068 All members attended at least 75% of the board meetings 189 2 5 3.71 .883 Company has failed to adopt the recommendations of a shareholder proposal 189 1 5 3.71 1.078 Non-executive board members have a formal session without executives once a year 189 1 5 3.67 1.042 Board members are subject to annual election by all shareholders 189 1 5 3.33 1.325 All non-executive board members own shares after excluding options held 189 2 5 3.14 .943 Overall Mean and SD 189 3.69 0.999 A key governance practice highlighted in the study is the separation of the roles of chairman and CEO, which is reflected in a high mean score of 3.90 and a low standard deviation of 0.87. This separation is widely regarded as a best practice in corporate governance, as it enhances board independence and oversight. Additionally, the findings indicate that all executive board members own shares in the bank, excluding options held, as shown by a high mean score of 3.90 and a low standard deviation of 0.923. Such alignment of executive interests with those of shareholders is essential for promoting accountability and long-term value creation. The study also underscores the importance of ethical governance, with respondents confirming that banks disclose a code of ethics for senior executives. This is supported by a high mean score of 3.81 and a low standard deviation of 0.96. Such disclosures are critical for fostering ethical behavior and maintaining stakeholder trust. Furthermore, the findings reveal that the board or a designated committee is responsible for CEO succession planning, as indicated by a high mean score of 3.76 and a standard deviation of 1.068. This highlights the significance of structured leadership transitions in ensuring organizational stability. Active participation in governance processes is another notable finding, with board members attending at least 75% of board meetings, as reflected in a high mean score of 3.71 and a low standard deviation of 0.883. This demonstrates a strong commitment to governance responsibilities. However, the study identifies areas where governance practices could be strengthened. For instance, respondents noted that banks have not adopted the recommendations of shareholder proposals, as indicated by a high mean score of 3.71 and a standard deviation of 1.078. This suggests a potential gap in responsiveness to shareholder concerns. The findings also reveal that non-executive board members hold formal sessions without executives once a year, as shown by a high mean score of 3.67 and a standard deviation of 1.042. Such sessions are vital for ensuring independent oversight and addressing potential conflicts of interest. Nevertheless, the study highlights a limitation in governance practices, as board members are not subjected to annual elections by all shareholders, as reflected in a moderate mean score of 3.33 and a higher standard deviation of 1.325. This indicates room for enhancing shareholder engagement and accountability. Lastly, respondents expressed neutrality regarding the ownership of shares by all non-executive board members, excluding options held, as shown by a moderate mean score of 3.14 and a standard deviation of 0.943. This suggests that the alignment of non-executive board members’ interests with those of shareholders may not be fully realized. Overall, the results indicate a general agreement among respondents on the statements used to measure board accountability, as reflected in an overall mean score of 3.69 and a standard deviation of 0.999. These findings provide valuable insights into the strengths and weaknesses of corporate governance practices in commercial banks, offering actionable recommendations for policymakers, regulators, and practitioners to enhance governance frameworks and promote financial stability. The analysis of the data presented in Table 3 provides significant insights into respondents’ perceptions of bank interest rates and associated practices. The findings reveal that bank interest rates are generally viewed as reasonable, as indicated by a high mean score of 4.19 and a low standard deviation of 0.908. This suggests a strong consensus among respondents regarding the fairness of the interest rates applied by banks. Table 3. Descriptive statistics on interest rates. Statements N Min. Max. Mean Std. Deviation Our bank Interest rates are reasonable 189 2 5 4.19 .908 I am kept in the loop by my supervisor 189 2 5 4.00 1.116 I am informed by the bank the prevailing interest rates of different loans before borrowing 189 1 5 4.00 1.158 I can arrange my payment schedule to meet my loan repayment targets 189 2 5 3.95 .901 I am finding difficulties in paying the interest charged on the loan 189 3 5 3.95 .724 I am rewarded/recognized whenever I pay the loan principal and interest rates on time 189 2 5 3.81 .960 Our bank charge different interest rate 189 1 5 3.67 1.288 The interest rate of our bank does not remain fixed throughout the loan period 189 1 5 3.62 1.177 I believe the loan department does not listen to my suggestions on the interest rates 189 1 5 3.62 1.093 I am willing to share the benefits I got from paying my loan on time 189 2 5 3.62 1.177 Overall Mean and Standard Deviation 189 3.84 1.050 Additionally, the study highlights effective communication practices within banks, particularly in keeping loan officers and credit clients well-informed. This is evidenced by a high mean score of 4.00 and a standard deviation of 1.116, demonstrating that supervisors consistently provide updates to stakeholders. Similarly, respondents confirmed that banks clearly communicate prevailing interest rates for various loan products before borrowers commit, as reflected in a mean score of 4.00 and a standard deviation of 1.158. Such transparency is essential for building trust and ensuring that borrowers make informed financial decisions. The findings also emphasize the proactive measures taken by banks to facilitate loan repayment. Respondents agreed that banks structure payment schedules to align with repayment targets, as shown by a mean score of 3.95 and a low standard deviation of 0.901. However, the study identifies a notable challenge faced by credit clients: difficulties in meeting interest payment obligations. This is supported by a mean score of 3.95 and a standard deviation of 0.724, indicating that while repayment plans are well-organized, the burden of interest payments remains a significant issue for borrowers. Recognition of timely loan repayments by banks was another key finding, with a mean score of 3.81 and a standard deviation of 0.960. This suggests that banks acknowledge and reward clients who adhere to repayment schedules, which can encourage responsible borrowing behavior. Furthermore, the study found that banks employ variable interest rates, as evidenced by a mean score of 3.67 and a standard deviation of 1.288. This variability aligns with risk-based pricing models commonly used in the banking sector. The data also reveal that interest rates are not fixed throughout the loan period, as indicated by a mean score of 3.62 and a standard deviation of 1.177. This dynamic approach to pricing may reflect adjustments based on market conditions or changes in borrower risk profiles. However, the study identifies a gap in incorporating feedback from loan officers and credit clients regarding interest rate policies, as shown by a mean score of 3.62 and a standard deviation of 1.093. This highlights an opportunity for banks to adopt more inclusive decision-making processes. Finally, the study found that credit clients are willing to share the benefits they derive from timely loan repayments, as confirmed by a mean score of 3.62 and a standard deviation of 1.177. This positive attitude toward repayment underscores the potential for fostering a culture of financial responsibility among borrowers. Overall, the results indicate a general agreement among respondents on the statements used to assess interest rates, as reflected in an overall mean score of 3.84 and a standard deviation of 1.050. These findings offer valuable insights into stakeholder perceptions and experiences regarding interest rate practices in commercial banks, highlighting both strengths and areas for improvement. Inferential analysis From Table 4 above, the results show that there is strong positive relationship between board accountability and non-performing loans of commercial banks (r=0.779, P=0.00<0.05). the relationship is statistically significant at 0.05, meaning that when members of the board are accountable by performing their duties following the guiding principles and polices, the non-performing loans of commercial banks reduces and the reverse is true Table 4. Correlation results on Board Accountability (BA) and Non-performing loans (NP). NP BA NP Pearson Correlation 1 .779 ** Sig. (2-tailed) .000 N 189 189 BA Pearson Correlation .779 ** 1 Sig. (2-tailed) .000 N 189 189 ** Correlation is significant at the 0.05 level (2-tailed). Mediated model for interest rates in board accountability and non-performing loans of commercial banks The mediation analysis revealed that interest rates partially mediate the relationship between board accountability and NPLs (Beta = 0.286, t = 4.443). This suggests that while board accountability directly influences NPLs, interest rates play a significant role in shaping this relationship as shown in the Figure 1 . Figure 1. Mediated model for Board Accountability and Non-performing loans. The results derived from Figure 1 highlight the critical role of oversight risk management (BA) in influencing interest rates (IR) and, subsequently, non-performing loans (NP) within the proposed model. The analysis reveals that indicators such as BA1 demonstrate the importance of oversight risk management, with a factor loading of 0.550 indicating a moderately strong correlation. This supports the reliability of BA1 as a key indicator of oversight risk management, underscoring its significance in the model. In contrast, interest rates (IR) exhibit a weaker association with the latent variable strategic decision-making (Alpha), as evidenced by lower factor loadings ranging between 0.139 and 0.447. This suggests that Alpha’s influence on interest rates is less pronounced compared to oversight risk management (BA). Additionally, indicators such as NP1 through DP10, which measure non-performing loans (NP), show higher factor loadings, with NP2 displaying a negative loading of -0.284. This negative loading warrants further investigation to determine its appropriateness as a measure of non-performing loans, as it may indicate an inverse relationship or measurement anomalies. The structural relationships within the model reveal significant causal pathways. Oversight risk management (BA) exhibits a strong positive loading of 0.811 on interest rates (IR), highlighting its substantial impact. However, strategic decision-making (Alpha) shows minimal direct influence on interest rates, suggesting that its role is secondary in this context. Furthermore, the path coefficient of 0.919 between interest rates (IR) and non-performing loans (NP) indicates a significant relationship, emphasizing the central role of interest rates in driving NP levels. This implies that improvements in oversight risk management (BA) could lead to higher interest rates, which may, in turn, exacerbate non-performing loans. To evaluate the model’s validity, the analysis employed SmartPLS, beginning with the arrangement of latent variables and their corresponding indicators, followed by the establishment of pathways based on the network’s structure. The execution of the PLS Algorithm yielded path coefficients, R 2 values, and model fit indices, including SRMR and NFI. A good model fit is typically indicated by NFI values exceeding 0.90. Bootstrapping was used to assess the significance of path coefficients, with an estimated chi-square value of 136.214, confirming that the model aligns well with the data and that its latent variables enhance the model’s explanatory power. The findings underscore the centrality of oversight risk management (BA) in the model, while the moderate influence of strategic decision-making (Alpha) on interest rates suggests a more limited impact on non-performing loans (NP). These results highlight the importance of robust oversight mechanisms in managing interest rates and mitigating the risk of non-performing loans, offering valuable insights for policymakers and practitioners aiming to enhance financial stability. Latent correlation between board accountability, Interest rates and non-performing loans Table 5 provides a detailed analysis of the correlations between latent variables, presenting key statistical measures such as original sample values, sample means, standard deviations (STDEV), t-statistics, and p-values. These metrics collectively assess the strength, consistency, and significance of the relationships within the dataset. Table 5. Latent correlation between board accountability, interest rates and non-performing loans. Original sample (O) Sample mean (M) Standard deviation (STDEV) T statistics (|O/STDEV|) P values BAb BA 0.695 0.708 0.027 25.585 0.000 IR BA 0.937 0.940 0.009 101.911 0.000 IR BAb 0.745 0.754 0.027 27.112 0.000 NP BA 0.859 0.865 0.021 41.441 0.000 NP BAb 0.750 0.756 0.032 23.724 0.000 NP IR 0.919 0.924 0.010 92.601 0.000 The correlation between strategic decision-making (BAb) and oversight risk management (BA) is notably strong, with an original sample correlation of 0.695 and a sample mean of 0.708. The low standard deviation of 0.027 indicates minimal variability across the sample, while the high t-statistic of 25.585 and a p-value of 0.000 confirm the statistical significance of this relationship. This robust correlation underscores the strong linkage between strategic decision-making and oversight risk management. The relationship between oversight risk management (BA) and interest rates (IR) is even more pronounced, with an original sample correlation of 0.937 and a sample mean of 0.940. The exceptionally low standard deviation of 0.009 reflects high consistency across the sample. The t-statistic of 101.911 and a p-value of 0.000 further validate the statistical significance of this relationship, highlighting the substantial influence of oversight risk management on interest rates. Similarly, the correlation between strategic decision-making (BAb) and interest rates (IR) is strong, with an original sample value of 0.745 and a sample mean of 0.754. The standard deviation of 0.027 indicates stability in this relationship, while the t-statistic of 27.112 and a p-value of 0.000 affirm its statistical significance. This suggests that strategic decision-making plays a significant role in shaping interest rates. The relationship between non-performing loans (NP) and oversight risk management (BA) is also strong, with an original sample correlation of 0.859 and a sample mean of 0.865. The low standard deviation of 0.021 and the high t-statistic of 41.441, along with a p-value of 0.000, confirm the statistical significance of this relationship. This implies that effective oversight risk management is closely associated with lower levels of non-performing loans. The correlation between non-performing loans (NP) and strategic decision-making (BAb) is similarly robust, with an original sample value of 0.750 and a sample mean of 0.756. Despite a slightly higher standard deviation of 0.032, the t-statistic of 23.724 and a p-value of 0.000 demonstrate the statistical significance of this relationship, emphasizing the role of strategic decision-making in mitigating non-performing loans. Finally, the relationship between non-performing loans (NP) and interest rates (IR) is one of the strongest in the model, with an original sample correlation of 0.919 and a sample mean of 0.924. The very low standard deviation of 0.010 indicates exceptional consistency across the sample. The t-statistic of 92.601 and a p-value of 0.000 further reinforce the statistical significance of this relationship, suggesting that interest rates have a substantial and consistent impact on non-performing loans. The consistently high correlations, supported by significant t-statistics and low p-values, demonstrate the strong interconnections between strategic decision-making, oversight risk management, interest rates, and non-performing loans. These findings indicate that changes in one variable can significantly influence the others within the model. The null hypothesis, which posited that interest rates do not mediate the relationship between board accountability and non-performing loans, is rejected. Instead, the results confirm that interest rates fully mediate this relationship. This implies that when board members effectively perform their duties in setting governance policies related to interest rates, non-performing loans are reduced, and vice versa. These findings align with Choudhury et al. (2021) , who found that banks with strong governance frameworks experienced lower NPL ratios during periods of financial stress, largely due to the interest rate policies established by accountable boards. The study highlights the critical role of governance in mediating interest rates and their impact on non-performing loans. By strengthening oversight risk management and strategic decision-making, banks can enhance their ability to set effective interest rate policies, thereby reducing non-performing loans and promoting financial stability. These insights offer valuable guidance for policymakers, regulators, and banking practitioners seeking to improve governance frameworks and mitigate the risks associated with non-performing loans. Discussion of results The findings align with agency theory, which posits that accountable boards are more likely to enforce prudent lending policies and reduce NPLs. The results also corroborate the findings of Jiménez et al. (2014) , who emphasized the role of interest rates in influencing borrower behavior and loan performance. Qualitative findings revealed that board members perceive interest rate policies as a critical tool for managing NPLs. Participants stressed the importance of flexible interest rate policies that reflect borrower risk profiles and economic conditions. Conclusion and implications This study underscores the critical role of board accountability and interest rates in managing NPLs in commercial banks. The findings have significant implications for policymakers and bank regulators, emphasizing the need for robust governance frameworks and flexible interest rate policies to promote financial stability. By providing empirical evidence on the mediating role of interest rates in the relationship between board accountability and NPLs, particularly in developing economies, this study contributes to the existing literature. Further recommendations Future studies should explore the impact of macroeconomic factors, such as inflation and GDP growth, on interest rates and NPLs. Additionally, comparative studies across different regions and countries could offer further insights into the role of corporate governance in managing NPLs. Theoretical and practical implications The findings of this study have both theoretical and practical implications. Theoretically, the study contributes to agency theory by demonstrating how board accountability and interest rates interact to influence NPLs. Practically, the findings suggest that banks should adopt conservative interest rate policies and strengthen board accountability mechanisms to reduce NPLs and enhance financial stability. Limitations and future studies This study has several limitations, including its focus on commercial banks in Western Uganda, which may limit the generalizability of the findings. Future studies should explore the relationship between board accountability, interest rates, and NPLs in other regions and sectors. Additionally, longitudinal studies could provide deeper insights into the causal relationships between these variables. Ethical approval and consent to participate The study protocol was reviewed and approved . This research was conducted in accordance with ethical guidelines and received approval from the Kampala International University Ethics Committee (Approval Number: KIU-2024-356) and Uganda National Councial for Science and Technology (Approval Number: SS3114ES) Informed consent was obtained from all participants, and confidentiality was maintained throughout the study. Informed consent statement All participants provided written informed consent after receiving a complete description of the study. This description covered the research aims, what their involvement would entail, any potential risks, and the benefits of the research. We assured them that their participation was voluntary, their information would be kept confidential, and they could withdraw from the study at any time without any negative repercussions. Data availability Underlying Repository name: Zenodo: The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda. data associated with this article can be accessed on https://doi.org/10.5281/zenodo.17396917 ( Sewanyina, 2025 ). This project contains the following underlying data: • PhD data set 2024 II.sav (raw survey data collected from employees, board members and clients of selected commercial banks in western Uganda). Extended data Repository name: Zenodo: The Mediating effect of Interest Rates on Board Accountability and Non-performing Loans of Commercial Banks in Western Uganda. Extended data associated with this article can be accessed on https://doi.org/10.5281/zenodo.17396917 ( Sewanyina, 2025 ). This project contains the following extended data: • DATA COLLECTION TOOLS FINAL.pdf (full survey instrument used to collect data from participants). • INFORMED CONSENT APPROVED BY REC.pdf (approved consent form by Kampala International University Research Ethics Committee). Data are available under the terms of the Creative Commons Zero “No rights reserved” data waiver (CC0 1.0 Public domain dedication). References Aboagye AQ, Otieku J: Interest rate policy and non-performing loans in Ghanaian banks. Afr. J. Econ. Manag. Stud. 2010; 1 (2): 164–182. Publisher Full Text Acharya VV, Engle R, Pierret D: Testing macroprudential stress tests: The risk of regulatory risk weights. J. Monet. Econ. 2021; 117 : 1–23. Agency TheorySteers RM, Porter LW, Bigley GA: Motivation and Leadership at Work. 6th ed.McGraw-Hill; Agyei SK, Kolade O, Owusu A: Corporate governance and financial stability in emerging markets: Evidence from Sub-Saharan Africa. J. Financ. Stab. 2023; 58 : 100945. 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Financ. 2020; 23 (2): 173–196. Chiaramonte L, et al. : Banking regulation, board accountability, and credit risk. Int. Rev. Financ. Anal. 2022; 83 : 102261. PubMed Abstract | Publisher Full Text | Free Full Text Choudhury A, et al. : Role of governance in shaping non-performing loans: Evidence from emerging markets. Emerg. Mark. Rev. 2021; 47 : 100801. Publisher Full Text Claessens S, Van Horen N: The impact of global financial crises on banking systems. J. Bank. Financ. 2022; 124 : 106038. Davies J, Mills S: Interest rates and borrower default in developing economies. Financ. Res. Lett. 2023; 55 : 102932. Publisher Full Text Ghosh S: Non-performing loans, governance, and risk-taking in banks: A global perspective. J. Financ. Regul. Compliance. 2022; 30 (3): 345–362. Hussain T, Zhang W, Liu Y: Machine learning algorithms for predictive maintenance in manufacturing. Comput. Ind. Eng. 2023; 185 :109667. Publisher Full Text IMF: Global financial stability report: COVID-19, climate change, and debt. Washington, DC: International Monetary Fund; 2021. Jiménez M, Rodríguez P, Santos F: Cultural dimensions of leadership in multinational teams: A longitudinal study. Int. J. Intercult. Relat. 2014; 42 :25–37. Publisher Full Text Kasekende L, Opondo H: Bank failures and systemic risk in Uganda: Lessons from Crane Bank. Afr. J. Econ. Manag. Stud. 2023; 14 (2): 123–140. Lee J, Kim H, Park S: Neural network architectures for natural language processing: A comparative analysis. J. Artif. Intell. Res. 2022; 74 :105–134. Publisher Full Text Louzis DP, et al. : Macroeconomic and bank-specific determinants of non-performing loans in Greece: A comparative study of mortgage, business, and consumer loan portfolios. J. Bank. Financ. 2012; 36 (4): 1012–1027. Publisher Full Text Mugume A: Credit growth and financial stability in Uganda: A post-crisis analysis. J. Afr. Econ. 2022; 31 (4): 567–589. Mukherjee P, Singh D: The role of interest rates in banking risk management. J. Econ. Stud. 2020; 47 (2): 345–360. Publisher Full Text Nanziri LE, Oladele O: Corporate governance and bank performance in Sub-Saharan Africa: The role of board accountability. Corp. Gov. 2023; 31 (1): 78–95. Nduta J, Korir E: Sector-specific interest rates and loan performance in commercial banks. Financ. Econ. Rev. 2022; 30 (3): 179–198. Publisher Full Text Nkusu M: Nonperforming loans and macrofinancial vulnerabilities in advanced economies. IMF Working Paper. 2011; 11 (161). Publisher Full Text Osei-Assibey E, Asenso JK: Interest rate policies and non-performing loans in developing economies: A mediation analysis. J. Dev. Econ. 2024; 156 : 102876. Otieno K, Karanja G: Conservatism in interest rate policy: Accountability and its impact on loan performance. African Journal of Banking and Finance. 2021; 8 (1): 15–28. Publisher Full Text Palaniappan A: Corporate governance and the control of non-performing loans. Res. Int. Bus. Financ. 2023; 65 : 101624. Publisher Full Text Pathan S: Strong boards, CEO power, and bank risk-taking. J. Bank. Financ. 2009; 33 (7): 1340–1350. Publisher Full Text Sewanyina M: The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda. [Data set]. Zenodo. 2025. Publisher Full Text Srinivasan P, et al. : Accountability in banking: A pathway to lower non-performing loans. Rev. Quant. Finan. Acc. 2021; 56 : 1247–1264. Publisher Full Text World Bank: Global economic prospects: Subdued growth, persistent challenges. Washington, DC: World Bank Group; 2023. Comments on this article Comments (0) Version 1 VERSION 1 PUBLISHED 29 Oct 2025 ADD YOUR COMMENT Comment Author details Author details 1 Department of Business Administration, Kampala International University - Western Campus, Bushenyi, Western Region, Uganda 2 Department of Accounting and Finance, Kampala International University, Kampala, Central Region, Uganda 3 Department of Business Administration, Kampala International University - Western Campus, Bushenyi, Western Region, Uganda Muniru Sewanyina Roles: Conceptualization, Formal Analysis, Investigation, Methodology, Resources, Software, Writing – Original Draft Preparation, Writing – Review & Editing Arthur Sunday Roles: Data Curation, Investigation, Project Administration, Supervision, Visualization, Writing – Review & Editing David Nyambane Roles: Formal Analysis, Investigation, Methodology, Project Administration, Resources, Supervision, Writing – Review & Editing Competing interests No competing interests were disclosed. Grant information The author(s) declared that no grants were involved in supporting this work. Article Versions (1) version 1 Published: 29 Oct 2025, 14:1176 https://doi.org/10.12688/f1000research.171005.1 Copyright © 2025 Sewanyina M et al . This is an open access article distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Download Export To Sciwheel Bibtex EndNote ProCite Ref. Manager (RIS) Sente metrics Views Downloads F1000Research - - PubMed Central info_outline Data from PMC are received and updated monthly. - - Citations open_in_new 0 open_in_new 0 open_in_new SEE MORE DETAILS CITE how to cite this article Sewanyina M, Sunday A and Nyambane D. The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] . F1000Research 2025, 14 :1176 ( https://doi.org/10.12688/f1000research.171005.1 ) NOTE: If applicable, it is important to ensure the information in square brackets after the title is included in all citations of this article. COPY CITATION DETAILS track receive updates on this article Track an article to receive email alerts on any updates to this article. TRACK THIS ARTICLE Share Open Peer Review Current Reviewer Status: ? Key to Reviewer Statuses VIEW HIDE Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions Version 1 VERSION 1 PUBLISHED 29 Oct 2025 Views 0 Cite How to cite this report: Andriana D. Reviewer Report For: The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] . F1000Research 2025, 14 :1176 ( https://doi.org/10.5256/f1000research.188540.r442789 ) The direct URL for this report is: https://f1000research.com/articles/14-1176/v1#referee-response-442789 NOTE: it is important to ensure the information in square brackets after the title is included in this citation. Close Copy Citation Details Reviewer Report 08 Jan 2026 Denny Andriana , Universitas Pendidikan Indonesia, Bandung, Indonesia Approved with Reservations VIEWS 0 https://doi.org/10.5256/f1000research.188540.r442789 Abstract: 1. State clearly what is/are the objective(s) of your research in the end of the background section. 2. The authors mention that mixed-methods approach was employed as the research method. However, only the quantitative method was mentioned. ... Continue reading READ ALL Abstract: 1. State clearly what is/are the objective(s) of your research in the end of the background section. 2. The authors mention that mixed-methods approach was employed as the research method. However, only the quantitative method was mentioned. The qualitative (data analysis) was not clearly stated. Introduction: 1. Add a sentence or two further reasons the authors chose interest rates as the mediating role in the research. 2. State clearly what the objective of the research is (are). Literature Review: 1. The contradiction of empirical results or views from prior studies needed to be highlighted. Also, what problems that have not been resolved from previous studies. 2. Please provide not only the Null Hypothesis that says "There is no mediating effect of interest rates on the relationship... " Because the authors stated in the last paragraph that "the literature highlights the critical role of interest rates in mediating the relationship between board accountability and NPLs". It confuses the readers as it is not consistent between the hypothesis and the judgement for formulating the hypothesis. Methodology: 1. Add a paragraph explaining why sequential mixed methods strengthen inference and how qualitative findings complement SEM results 2. How do the authors conduct the interview analysis procedures? Because the authors only write quantitative data that were analyzed using various statistical tools. Results and Discussions: 1. Please check the extremely high correlations (e.g., IR–NPL = 0.919) as it raises multicollinearity and conceptual overlap concerns. If it stays like that, then provide robustness explanations for high correlations. 2. The discussion is too short. It does not show a comprehensive discussion. Please add two or three paragraphs that show comparison of the authors' findings with recent African and emerging-market studies. Then explain contextual factors unique to Uganda. Also, interpret governance implications more critically. Technical matters: There are still numerous grammatical and stylistic errors throughout, and inconsistent capitalization and tense usage. At the last phase of the revisions, the authors may want to use professional academic language editing. Is the work clearly and accurately presented and does it cite the current literature? Yes Is the study design appropriate and is the work technically sound? Partly Are sufficient details of methods and analysis provided to allow replication by others? Partly If applicable, is the statistical analysis and its interpretation appropriate? Partly Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Yes Competing Interests: No competing interests were disclosed. Reviewer Expertise: Governance, Public Policy. I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. Close READ LESS CITE CITE HOW TO CITE THIS REPORT Andriana D. Reviewer Report For: The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] . F1000Research 2025, 14 :1176 ( https://doi.org/10.5256/f1000research.188540.r442789 ) The direct URL for this report is: https://f1000research.com/articles/14-1176/v1#referee-response-442789 NOTE: it is important to ensure the information in square brackets after the title is included in all citations of this article. COPY CITATION DETAILS Report a concern Respond or Comment COMMENT ON THIS REPORT Views 0 Cite How to cite this report: Shah WUH. Reviewer Report For: The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] . F1000Research 2025, 14 :1176 ( https://doi.org/10.5256/f1000research.188540.r430615 ) The direct URL for this report is: https://f1000research.com/articles/14-1176/v1#referee-response-430615 NOTE: it is important to ensure the information in square brackets after the title is included in this citation. Close Copy Citation Details Reviewer Report 21 Nov 2025 Wasi Ul Hassan Shah , Zhejiang Shuren University, Hangzhou, China Approved with Reservations VIEWS 0 https://doi.org/10.5256/f1000research.188540.r430615 The study The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial investigates whether interest rates mediate the relationship between board accountability and NPLs. The study investigates a vital topic. However, it needs extensive ... Continue reading READ ALL The study The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial investigates whether interest rates mediate the relationship between board accountability and NPLs. The study investigates a vital topic. However, it needs extensive revision to improve its quality. My detailed comments are as follows. The abstract should present the research objectives, methods, and concise study results. Revise these concerns. The introduction section lacks innovations, objectives, and contributions. Revise it and explain the importance of the topic, problem, objectives, contributions, and innovations. Follow the papers to restructure your introduction section. Evaluating the role of banking efficiency, institutions and financial development for sustainable development: Implications for Belt and Road Initiative (BRI). Efficiency evaluation of commercial banks in Pakistan: A slacks-based measure Super-SBM approach with bad output (Non-performing loans). A cross-country efficiency and productivity evaluation of commercial banks in South Asia: A meta-frontier and Malmquist productivity index approach. Efficiency and productivity analysis of Pakistan's banking industry: A DEA approach. Rewrite the following paragraph in the introduction section for more clarity: “In Uganda, the banking sector has experienced severe repercussions due to high NPLs, leading to the collapse of several commercial banks, including Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), and Cooperative Bank (1999) (Bank of Uganda, 2021). More recently, Global Trust Bank (2014) and Crane Bank (2016) faced similar challenges, with Crane Bank being acquired by the Development Finance Company of Uganda (DFCU) (Kasekende & Opondo, 2023). The decline in lending activity, evidenced by a reduction in credit growth from 13.7% to 3.2% between 2011 and 2012, and from 19.7% to 3.7% between 2015 and 2016, underscores the systemic impact of NPLs on the Ugandan economy (Mugume, 2022). These developments emphasize the critical importance of strengthening corporate governance frameworks and implementing effective risk management practices to address the root causes of NPLs (Nanziri & Oladele, 2023).. Materials and Methods are appropriate and accurate. Please add one paragraph to explain the importance of methods. Results should be backed by literature. Add more discussion and citations to back up your results. Add concise and comprehensive study results and more policy recommendations in the conclusion section Avoid grammatical errors throughout the manuscript. There are numerous grammatical mistakes in each paragraph. Is the work clearly and accurately presented and does it cite the current literature? Yes Is the study design appropriate and is the work technically sound? Yes Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Yes Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Yes Competing Interests: No competing interests were disclosed. Reviewer Expertise: Banking efficiency I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. Close READ LESS CITE CITE HOW TO CITE THIS REPORT Shah WUH. Reviewer Report For: The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] . F1000Research 2025, 14 :1176 ( https://doi.org/10.5256/f1000research.188540.r430615 ) The direct URL for this report is: https://f1000research.com/articles/14-1176/v1#referee-response-430615 NOTE: it is important to ensure the information in square brackets after the title is included in all citations of this article. COPY CITATION DETAILS Report a concern Respond or Comment COMMENT ON THIS REPORT Comments on this article Comments (0) Version 1 VERSION 1 PUBLISHED 29 Oct 2025 ADD YOUR COMMENT Comment keyboard_arrow_left keyboard_arrow_right Open Peer Review Reviewer Status info_outline Alongside their report, reviewers assign a status to the article: Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions Reviewer Reports Invited Reviewers 1 2 Version 1 29 Oct 25 read read Wasi Ul Hassan Shah , Zhejiang Shuren University, Hangzhou, China Denny Andriana , Universitas Pendidikan Indonesia, Bandung, Indonesia Comments on this article All Comments (0) Add a comment Sign up for content alerts Sign Up You are now signed up to receive this alert Browse by related subjects keyboard_arrow_left Back to all reports Reviewer Report 0 Views copyright © 2026 Andriana D. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. 08 Jan 2026 | for Version 1 Denny Andriana , Universitas Pendidikan Indonesia, Bandung, Indonesia 0 Views copyright © 2026 Andriana D. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. format_quote Cite this report speaker_notes Responses (0) Approved With Reservations info_outline Alongside their report, reviewers assign a status to the article: Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions Abstract: 1. State clearly what is/are the objective(s) of your research in the end of the background section. 2. The authors mention that mixed-methods approach was employed as the research method. However, only the quantitative method was mentioned. The qualitative (data analysis) was not clearly stated. Introduction: 1. Add a sentence or two further reasons the authors chose interest rates as the mediating role in the research. 2. State clearly what the objective of the research is (are). Literature Review: 1. The contradiction of empirical results or views from prior studies needed to be highlighted. Also, what problems that have not been resolved from previous studies. 2. Please provide not only the Null Hypothesis that says "There is no mediating effect of interest rates on the relationship... " Because the authors stated in the last paragraph that "the literature highlights the critical role of interest rates in mediating the relationship between board accountability and NPLs". It confuses the readers as it is not consistent between the hypothesis and the judgement for formulating the hypothesis. Methodology: 1. Add a paragraph explaining why sequential mixed methods strengthen inference and how qualitative findings complement SEM results 2. How do the authors conduct the interview analysis procedures? Because the authors only write quantitative data that were analyzed using various statistical tools. Results and Discussions: 1. Please check the extremely high correlations (e.g., IR–NPL = 0.919) as it raises multicollinearity and conceptual overlap concerns. If it stays like that, then provide robustness explanations for high correlations. 2. The discussion is too short. It does not show a comprehensive discussion. Please add two or three paragraphs that show comparison of the authors' findings with recent African and emerging-market studies. Then explain contextual factors unique to Uganda. Also, interpret governance implications more critically. Technical matters: There are still numerous grammatical and stylistic errors throughout, and inconsistent capitalization and tense usage. At the last phase of the revisions, the authors may want to use professional academic language editing. Is the work clearly and accurately presented and does it cite the current literature? Yes Is the study design appropriate and is the work technically sound? Partly Are sufficient details of methods and analysis provided to allow replication by others? Partly If applicable, is the statistical analysis and its interpretation appropriate? Partly Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Yes Competing Interests No competing interests were disclosed. Reviewer Expertise Governance, Public Policy. I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. reply Respond to this report Responses (0) Andriana D. Peer Review Report For: The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] . F1000Research 2025, 14 :1176 ( https://doi.org/10.5256/f1000research.188540.r442789) NOTE: it is important to ensure the information in square brackets after the title is included in this citation. The direct URL for this report is: https://f1000research.com/articles/14-1176/v1#referee-response-442789 keyboard_arrow_left Back to all reports Reviewer Report 0 Views copyright © 2025 Shah W. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. 21 Nov 2025 | for Version 1 Wasi Ul Hassan Shah , Zhejiang Shuren University, Hangzhou, China 0 Views copyright © 2025 Shah W. This is an open access peer review report distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. format_quote Cite this report speaker_notes Responses (0) Approved With Reservations info_outline Alongside their report, reviewers assign a status to the article: Approved The paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved Fundamental flaws in the paper seriously undermine the findings and conclusions The study The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial investigates whether interest rates mediate the relationship between board accountability and NPLs. The study investigates a vital topic. However, it needs extensive revision to improve its quality. My detailed comments are as follows. The abstract should present the research objectives, methods, and concise study results. Revise these concerns. The introduction section lacks innovations, objectives, and contributions. Revise it and explain the importance of the topic, problem, objectives, contributions, and innovations. Follow the papers to restructure your introduction section. Evaluating the role of banking efficiency, institutions and financial development for sustainable development: Implications for Belt and Road Initiative (BRI). Efficiency evaluation of commercial banks in Pakistan: A slacks-based measure Super-SBM approach with bad output (Non-performing loans). A cross-country efficiency and productivity evaluation of commercial banks in South Asia: A meta-frontier and Malmquist productivity index approach. Efficiency and productivity analysis of Pakistan's banking industry: A DEA approach. Rewrite the following paragraph in the introduction section for more clarity: “In Uganda, the banking sector has experienced severe repercussions due to high NPLs, leading to the collapse of several commercial banks, including Teefe Bank (1993), International Credit Bank Ltd (1998), Greenland Bank (1999), and Cooperative Bank (1999) (Bank of Uganda, 2021). More recently, Global Trust Bank (2014) and Crane Bank (2016) faced similar challenges, with Crane Bank being acquired by the Development Finance Company of Uganda (DFCU) (Kasekende & Opondo, 2023). The decline in lending activity, evidenced by a reduction in credit growth from 13.7% to 3.2% between 2011 and 2012, and from 19.7% to 3.7% between 2015 and 2016, underscores the systemic impact of NPLs on the Ugandan economy (Mugume, 2022). These developments emphasize the critical importance of strengthening corporate governance frameworks and implementing effective risk management practices to address the root causes of NPLs (Nanziri & Oladele, 2023).. Materials and Methods are appropriate and accurate. Please add one paragraph to explain the importance of methods. Results should be backed by literature. Add more discussion and citations to back up your results. Add concise and comprehensive study results and more policy recommendations in the conclusion section Avoid grammatical errors throughout the manuscript. There are numerous grammatical mistakes in each paragraph. Is the work clearly and accurately presented and does it cite the current literature? Yes Is the study design appropriate and is the work technically sound? Yes Are sufficient details of methods and analysis provided to allow replication by others? Yes If applicable, is the statistical analysis and its interpretation appropriate? Yes Are all the source data underlying the results available to ensure full reproducibility? Yes Are the conclusions drawn adequately supported by the results? Yes Competing Interests No competing interests were disclosed. Reviewer Expertise Banking efficiency I confirm that I have read this submission and believe that I have an appropriate level of expertise to confirm that it is of an acceptable scientific standard, however I have significant reservations, as outlined above. reply Respond to this report Responses (0) Shah WUH. Peer Review Report For: The Mediating effect of Interest Rates on Board Accountability and Non- performing Loans of Commercial Banks in Western Uganda [version 1; peer review: 2 approved with reservations] . F1000Research 2025, 14 :1176 ( https://doi.org/10.5256/f1000research.188540.r430615) NOTE: it is important to ensure the information in square brackets after the title is included in this citation. The direct URL for this report is: https://f1000research.com/articles/14-1176/v1#referee-response-430615 Alongside their report, reviewers assign a status to the article: Approved - the paper is scientifically sound in its current form and only minor, if any, improvements are suggested Approved with reservations - A number of small changes, sometimes more significant revisions are required to address specific details and improve the papers academic merit. Not approved - fundamental flaws in the paper seriously undermine the findings and conclusions Adjust parameters to alter display View on desktop for interactive features Includes Interactive Elements View on desktop for interactive features Competing Interests Policy Provide sufficient details of any financial or non-financial competing interests to enable users to assess whether your comments might lead a reasonable person to question your impartiality. 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