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All Journal Jurnal Ekonomi KIAT Indonesian Journal of Sustainability Policy and Technology
Saka, Ayotunde
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Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice

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Evaluating the Impact of Corporate Governance on Bank Risk and Financial Stability in Sub-Saharan Africa: A CAMELS-Based Empirical Analysis Amuda, Oluwatoyin Abayomi; Saka, Ayotunde; Bamiyase, Israel Olaniyi; Arulogun, Olaleye Ola; Omoregbee, Godwin
Indonesian Journal of Sustainability Policy and Technology Vol. 3 No. 2 (2025): Indonesian Journal of Sustainability Policy and Technology - November 2025
Publisher : PT Global Digital Sains Tekno

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61656/ijospat.v3i2.350

Abstract

Purpose: To investigate the influence of corporate governance structures—specifically board size, board independence, CEO duality, and ownership concentration—on bank risk and financial stability in Sub-Saharan Africa, using the CAMELS framework. Method: The study employs a quantitative explanatory design with panel data regression analysis on a purposive sample of listed commercial banks in Kenya, Nigeria, Ghana, and South Africa from 2014 to 2024. Key risk dimensions (CAR, NPL, MGT, ROA, LIQ, SENS) are assessed using secondary data from annual reports, central bank supervision documents, World Bank research, and IMF databases. Analytical tools include fixed effects regressions, the Hausman test, and Saylor standard errors. Findings: The study shows that board independence reduces credit risk and strengthens capital buffers, while CEO duality leads to riskier behavior and weaker oversight. Ownership concentration yields mixed effects: moderate levels enhance oversight, while excessive concentration heightens risk. These effects are statistically robust across varying economic and regulatory conditions. Implication: The findings provide actionable insights for bank boards, regulators, and policymakers seeking to enhance governance frameworks and maintain financial stability, particularly in the context of evolving macroeconomic and regulatory conditions. Future research could explore how emerging governance innovations—such as ESG integration or digital board practices—further influence bank stability in developing regions. Originality: This paper presents a region-specific, empirically grounded analysis of governance and risk in SSA banks, integrating the CAMELS framework with robust econometric techniques using a decade-long panel dataset. This approach remains underexplored in existing literature.
A multi-criteria decision-making framework for evaluating corporate governance: An operations research approach Saka, Ayotunde; Amuda, Oluwatoyin Abayomi; Bamisaye, Israel Olaniyi; Arulogun, Olaleye Ola
Jurnal Ekonomi KIAT Vol. 36 No. 2 (2025): Desember
Publisher : UIR Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25299/kiat.2025.25230

Abstract

Purpose: This study aims to develop a systematic, evidence-based framework to evaluate corporate governance across global sectors, overcoming the limitations of traditional, one-dimensional assessment methods. Design/methodology/approach: A hybrid Multi-Criteria Decision-Making (MCDM) framework integrating the Analytic Hierarchy Process (AHP), Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), and Data Envelopment Analysis (DEA) was developed. Data from ten anonymised publicly listed firms operating globally were used to assess corporate governance across five core dimensions Board Effectiveness, Transparency and Disclosure, Stakeholder Engagement, Ethical Conduct, and Risk Management via AHP with a Consistency Ratio of 0.06 Findings: The results indicate that firms prioritising transparency, ethical conduct, and stakeholder engagement achieve higher governance performance and resource efficiency. TOPSIS scores ranged from 0.88 to 0.39, while DEA efficiency scores ranged from 0.72 to 1.00, highlighting variation in governance effectiveness among firms. Limitations and Research implications: The study is based on a relatively small sample of ten firms, and the anonymisation of data may limit sector-specific insights. Further research could extend the framework to larger datasets and additional industries for broader generalisation. Practical Implications: The hybrid MCDM framework provides boards, regulators, and researchers with a quantitative, replicable, and globally adaptable tool for benchmarking corporate governance, enabling evidence-based decision-making and improved accountability. Originality/value: H This research offers a novel integration of AHP, TOPSIS, and DEA for corporate governance assessment, delivering a structured, multidimensional, and internationally applicable approach to evaluating governance performance and resource efficiency.
Co-Authors Amuda, Oluwatoyin Abayomi Arulogun, Olaleye Ola Bamisaye, Israel Olaniyi Bamiyase, Israel Olaniyi Omoregbee, Godwin