본문 바로가기
KERD
논문KCI 등재

GCC 국가의 이슬람은행과 일반은행의 지배구조 차이가 기업가치에 미치는 영향에 대한 비교연구

A Comparative Review on the Influence of Corporate Governance on Firm Value of Islamic and Conventional Banks in GCC Countries

양오석|손성현
한국중동학회 (Korean Association Of Middle East Studies)|2018.02|한국중동학회논총 (Korean Journal of Middle East Studies)|제38권 제3호|pp. 95-146|DOI 10.23015/kames.2018.38.3.004

0

조회

0

다운로드

0

인용

0

참고문헌

키워드

기업지배구조Corporate Governance기업가치Firm ValueIslamic Banks이슬람은행일반은행GCC 국가GCC CountriesConventional Banks
주제분류지역학

초록

IFSB(Islamic Financial Services Board)의 보고에 따르면 이슬람금융은 은행산업을 중심으로 지난 2000년 이후부터 국제유가의 상승과 더불어 연평균 20%에달하는 높은 성장율을 보여왔다. 글로벌 금융위기의 시작을 알린 2007~2008년도의 경우, GCC국가(바흐레인, 쿠웨이트, 오만, 카타르, 사우디아라비아, 아랍에미리트 등 총 6개국) 내 일반은행은 자본기준 16.3%, 수익기준 -6.1%의 성장율을 보인 반면, 이슬람은행은 38.2%의 자본성장율과 20.1%의 수익성장율을기록하면서 일반은행에 비해 높은 성과를 달성하였다(IFSB 2010).또한Bankscope 자료를 바탕으로 총자산 기준 세계 1000대 은행을 산출한 결과 이슬람은행은 1996년도에는 5개에 불과했으나 2010년도에는 12개로 증가하였음을알 수 있었다.1) 이러한 성장세와 더불어 최근 이슬람은행에 대한 관심이 높아지고 있는 가운데 이에 대한 학문적 연구가 상당히 진척되고 있다. 하지만 그 역사가 짧고외부에 노출된 것도 오래되지 않아 이슬람은행에 대한 선행연구는 주로 구조와특징을 소개하고 기존의 일반은행과 비교함으로써 차이점을 서술하는 소위 ‘개념적 연구’가 주를 이루었다(Archer, et al. 1998; Beck, et al. 2010; Grais & Pellegrini 2006b; Grais & Pellegrini 2006c). 또한 이슬람은행에 대한 실증연구는일천한 가운데 효율성 및 안정성(Cihak & Hesse 2008, 2008; Yudistira 2004), 또는 수익성(Zeitun 2012; Samad 2004)과 같은 재무 분석이나, 이익조정 문제를 탐색(Quttainah, et al. 2011)하는 정도에 그치고 있다. 한편 이슬람은행의 기업지배구조에 관한 연구 역시 다른 연구주제에 비해부족한 상태이며, 그나마 진행된 연구도 기존 제조업을 대상으로 한 지배구조연구의 지식재생산에 가까운 정도이다. 경영연구의 주요 이슈 중 하나인 기업지배구조의 관점에서 진행된 이슬람은행 연구는 지배구조의 역할 및 구조적 특성을 중심으로 일부 진행되었다. 이들 연구는 주로 이슬람경제(Islamic Ecnomics)라는 사회적 측면과 이슬람의 율법에 부합해야 하는 종교적, 윤리적측면을 중심으로 지배구조의 문제를 다루거나(Abdel Karim 2001; Haqqi 1999; Lewis 2005; Saeed 1996), 전통적인 지배구조 연구 경로를 따라 향후 지속적인사업성장을 위해 개선이 필요하다는 내용이 주를 이루고 있다(Abdussalam 2009; Chapra 1992; Chapra & Ahmed 2002). 이로써 이슬람은행의 지배구조가 기업가치에 미치는 영향에 대한 우리의 실증적 이해는 불균형 상태이며, 특히 투자결정 및 은행의 경영감독 등 주요 활동부문에 영향력을 행사함으로써 이슬람은행의 재무성과를 결정할 것으로 기대되는 샤리아위원회(Sharia Committee)에 대한 실증분석은 더더욱 일천하다. 이는 근본적으로 샤리아위원회에 대한 정보수집과 시계열 자료구축이 어렵기 때문인데, 이에 대한 실증연구를 위해 본 연구자들은 샤리아위원회 정보를 수집하여 기초 데이터를 구축하였다. 궁극적으로 이 글은 개념적 선행연구에서 한발 더 나아가 GCC 국가 내 48개일반 상업은행과 27개 이슬람은행에 대한 실증분석을 통해 다음과 같은 두 가지 목적을 추구한다: (1)일반은행과는 다른 이슬람은행의 지배구조가 지닌 특성과 은행의 기업가치 간 상관관계를 살펴보고, (2)샤리아위원회의 규모 및 외부감독기관의 구성원 비중이 이슬람은행의 기업가치에 미치는 영향을 확인하고자 한다. 이로써 이 글은 일반은행과 이슬람은행을 대상으로 은행의 지배구조와 기업가치 간 관계에 대한 이해의 폭을 넓히고, 이슬람은행 지배구조의 독특한 구성체인 샤리아위원회와 기업가치 간 관계에 대한 새로운 이해를 도모한다는 데 그 의의를 지닌다.

Abstract

This paper aims to explore the relationship between corporate governance and firm value of Islamic banks in countries of the Gulf Cooperation Council (GCC), and to investigate the direct effect of the scale of the Sharia Supervisory Board on the firm value. 38 conventional commercial banks and 27 Islamic banks are explored. The period of research lasted from 2003 to 2007. To conduct a comparative analysis on the 65 banks based on the panel data, the Hausman-Taylor analytical model was used. The findings of the analysis predominantly concerns: 1) the absence of a significant relationship between corporate governance and firm value for both Islamic and conventional banks in GCC countries, 2) the absence of a significant relationship between the scale of the Sharia Supervisory Board, which manages and monitors Islamic banks, and bank firm value.

참고문헌 (125)

  1. 강철규, "기업지배구조가 기업가치에 미치는 영향 : 재벌기업집단군별 비교", 산업경제연구, 22(3), pp.995~1016 (2009), 한국산업경제학회
  2. 김경수, "한국상장기업을 위한 토빈 Q 의 추정", 한국경제의 분석, 2(2), pp.147~169 (1996)
  3. 김주현, "기업의 소유구조와 기업가치의 연관성에 관한 연구", Asian Review of Financial Research, 5, pp.129~154 (1992)
  4. 박경서, "기업지배구조가 기업가치에 미치는 영향에 있어 일반기업과 금융기관 간 비교 연구", 금융연구, 18(2), pp.128~154 (2004), 사단법인 한국금융연구원
  5. 박경서, "외국인투자자가 한국기업의 경영 및 지배구조에 미치는 영향", 금융연구, 20(2), pp.73~114 (2006), 사단법인 한국금융연구원
  6. 신민식, "기업의 소유구조와 기업가치간의 관계", 금융지식연구, 9(2), pp.129~157 (2011), 금융지식연구소
  7. 신용준, "지배구조와 기업가치 관련성", 회계정보연구, 29(3), pp.329~350 (2011), 한국회계정보학회
  8. 양오석, "은행의 국제화와 성과 간 관계에 대한 탐색적 고찰: 동태적 내부화 우위 관점에서", 국제경영연구, 22(1), pp.111~146 (2011), 한국국제경영학회
  9. 윤봉한, "기업지배구조와 기업성과 및 기업가치 :한국상장기업에 대한 실증연구", Asia-Pacific Journal of Financial Studies, 34(1), pp.227~263 (2005), 한국증권학회
  10. 이호갑, "기업지배구조가 재무적 성과와 기업가치에 미치는 영향", 회계와 정책연구, 14(2), pp.317~339 (2009), 한국회계정책학회
  11. Abdel Karim, R. A., "International accounting harmonization, banking regulation, and Islamic banks", The International Journal of Accounting, 36(2), pp.93~169 (2001)
  12. Abdel Karim, R., "On capital structure, risk sharing, and capital adequacy in Islamic banks", International Journal of Theoretical and Applied Finance, 9(3), pp.80~269 (2006)
  13. Abdussalam, Mahmoud Abu-Tapanjeh, "Corporate governance from the Islamic perspective: A comparative analysis with OECD principles", Critical Perspective on Accounting, 20(5), pp.556~567 (2009)
  14. Al-Sadah, A. K., "Corporate Governance of Islamic banks: Its characteristics and effects on stakeholders and the role of Islamic bank supervisors", PhD, pp.2008
  15. Amemiya, T., "Instrumental variables estimation of an error components model", Econometrica, 54(4), pp.869~880 (1986)
  16. Anderson, D. R., "Statistics for Business and Economics" (1996), West Publishing Company
  17. Archer, S., "Financial contracting, governance structures and the accounting regulation of Islamic banks: An analysis in terms of agency theory and transaction cost economics", Journal of Management and Governance, 2(2), pp.149~170 (1998)
  18. Archer, Simon, "Islamic Finance: Innovation and Growth" (2002), Euromoney Publications and AAOIFI
  19. Arun, T. G., "Corporate Governance of Banks in Developing Economies: concepts and issues", Corporate Governance, 12(3), pp.371~377 (2004)
  20. Baek, Jae-Seung, "Corporate governance and firm value: evidence from the Korean financial crisis", Journal of Financial Economics, 71(2), pp.265~313 (2002)
  21. Baron, Reuben M., "Moderator-Mediator Variables Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations", Journal of Personality and Social Psychology, 51(6), pp.1173~1182 (1986)
  22. Bashir, A. H. M., "Assessing the Performance of Islamic Banks: Some Evidence from the Middle East", Paper presented in the American Economic Association Annual Meeting (2001)
  23. Fraudulent Financial Reporting: 1987-1997, An Analysis of U.S. Public Companies, "Beasley, M.", Committee of Sponsoring Organizations of the Treadway commission, ~ (1999)
  24. Islamic vs. Conventional Banking: Business Model, Efficiency, and Stability, "Beck, T.", World Bank, ~, pp.World Bank Policy Research Working Paper 5446 (2010)
  25. Berger, A. N., "Corporate Governance and Bank Performance: A Joint Analysis of the Static, Selection, and Dynamic Effects of Domestic Foreign, and State Ownership, Including Domestic M&A, Foreign Acquisition, and Privatization", Conference Paper on Bank Privatization (2003), World Bank
  26. Berger, A. N., "Corporate Governance and Bank Performance : A Joint Analysis of the Static, Selection, and Dynamic Effects of Domestic Foreign and State Ownership", Journal of Banking & Finance, 29(8-9), pp.2179~2221 (2005)
  27. Berger, A. N., "Further evidence on the link between finance and growth: An international analysis of community banking and economic performance", Journal of Financial Services Research, 25(2-3), pp.169~202 (2004)
  28. Central Bank Boards around the World: Why does Membership Size Differ?, "Berger, H.", International Monetary Fund, ~, pp.International Monetary Fund Working Paper 281 (2006)
  29. Bhagat, S., "The non-correlation between board independence and long term firm performance", Journal of Corporation Law, 27, pp.231~274 (2002)
  30. Does Corporate Governance Affect Firm Value?, "Black, B.", Stanford Law School, ~, pp.Working Paper 237 (2002)
  31. Black, Bernard S., "Does Corporate Governance Predict Firms’ Market Values? Evidence from Korea", The Journal of Law, Economics, & Organization, 22(2), pp.366~413 (2006)
  32. Boeker, W., "Power and managerial dismissal: Scapegoating at the top", Administrative Science Quarterly, 37(3), pp.400~421 (1992)
  33. Buck, Trevor, "The Translation of Corporate Governance Changes Across National Cultures: The Case of Germany", Journal of International Business Studies, 36(1), pp.42~61 (2005)
  34. Campbell Ⅱ, Terry L., "Corporate Governance of Japanese Banks", Journal of Corporate Finance, 10(3), pp.327~354 (2004)
  35. Caprio, G., "Governance and Bank valuation", Journal of Financial Intermediation, 16(4), pp.584~617 (2007)
  36. Carhart, M. M., "On Persistence in Mutual Fund Performance", Journal of Finance, 52(1), pp.57~82 (1997)
  37. Chang, S. J., "Ownership Structure, expropriation, and performance of group-affiliated companies in Korea", Academy of Management Journal, 46(2), pp.238~254 (2003)
  38. Chapra, M. U., "Islam and the economic challenge" (1992), The Islamic Foundation Leicester
  39. Corporate Governance in Islamic Financial Institutions, "Chapra, M. U.", Islamic Development Bank, ~, pp.Islamic Development Bank Occasional paper 6 (2002)
  40. Chatterjee, S., "Regression Analysis by Example" (1991), John Wiley &Sons, Inc.
  41. Choe, H. S., "Korean bank governance reform after the Asian financial crisis", Pacific-Basin Finance Journal, 11(4), pp.483~508 (2003)
  42. Choudhury, M. A., "Corporate governance in Islamic perspective", Corporate Governance, 6(3), pp.116~128 (2006)
  43. Islamic banks and financial stability: An empirical analysis, "Cihak, M.", IMF, ~ (2008)
  44. Dalton, D. R., "Number of Directors and Financial Performance: A Meta-Analysis", The Academy of Management Journal, 42(6), pp.674~686 (1999)
  45. Dechow, P., "Causes and Consequences of Earnings Manipulation an Analysis of Firms Subject to Enforcement Actions by the SEC", Contemporary Accounting Research, 13(1), pp.1~36 (1996)
  46. DeFond, M., "Incidence and Circumstance of Accounting Error", The Accounting Review, 66(3), pp.643~655 (1991)
  47. Demirguc-Kunt, A., "Does Deposit Insurance Increase Banking System Stability? An Empirical Investigation", Journal of Monetary Economics, 49(7), pp.1379~1406 (2002)
  48. Drobetz, W., "Corporate Governance and Expected Stock Return: Evidence from Germany", European Financial Management, 10(2), pp.267~293 (2004)
  49. Durnev, A., "To steal or not to steal: firm attributes, legal environment, and valuation", Journal of Finance, 60(3), pp.1461~1493 (2005)
  50. Eisenberg, Melvin A., "The Structure of Corporation Law", Columbia Law Review, 89(7), pp.1461~1525 (1989)
  51. Eisenberg, T., "Larger Board Size and Decreasing Firm Value in Small Firms", Journal of Financial Economics, 48(1), pp.35~54 (1998)
  52. Fama, Eugene F., "Agency Problems and the Theory of the Firm", Journal of Political Economy, 88(2), pp.288~307 (1980)
  53. Fama, Eugene F., "Organizational Forms and Investment Decision", Journal of Financial Economics, 14(1), pp.101~119 (1985)
  54. Fama, Eugene F., "Dividend Policy of individual firms:An empirical Analysis", Journal of the American Statistics Association, 63, pp.1132~1161 (1968)
  55. Farrell, C. M., "Governance in the UK public sector: The involvement of governing board", Public Administration, 83(1), pp.89~110 (2005)
  56. Giannetti, Mariassunta, "Which investors fear Expropriation? Evidence from investors' Portfolio Choices", Journal of Finance, 61(3), pp.1507~1547 (2006)
  57. Gompers, P. A., "Corporate Governance and Equity Prices", The Quarterly Journal of Economics, 118(1), pp.107~155 (2003)
  58. Corporate governance in Institutions Offering Islamic Financial Services Issues and Options, "Grais, W.", World Bank, ~, pp.World Bank Policy Research Working Paper 4052 (2006)
  59. Corporate Governance and Stakeholders'Financial Interests in Institutions Offering Islamic Financial Services, "Grais, W.", World Bank, ~, pp.World Bank Policy Research Working Paper 4053 (2006)
  60. Corporate Governance and Shariah compliance in institutions offering Islamic financial services, "Grais, W.", World Bank, ~, pp.World Bank Policy Research Working Paper 4054 (2006)
  61. Griffiths, W. E., "Learning and Practicing Econometrics" (1993), John Wiley & Sons
  62. Hagendorff, J., "Bank governance and acquisition performance", Corporate Governance, 15(5), pp.957~968 (2007)
  63. The Korean Model of Corporate Governance: Issues and Lessons in Reform of Bank Governance, "Hahm, Joonho", HGCY, ~, pp.HGCY Working Paper Series No. 05-01 (2005)
  64. Hair, J. F. Jr., "Multivariate Data Analysis" (1998), Prentice-Hall
  65. Hansen, B. E., "The Likelihood Ratio Test Under Nonstandard Condition:Testing The Markov Switching Model of GNP", Journal of Applied Econometrics, 7(S1), pp.61~82 (1992)
  66. Haqqi, ARA, "The philosophy of Islamic law of transactions" (1999), Univision Press
  67. Hassan, Zulkifli, "Corporate Governance from Western and Islamic Perspectives", A paper presented at the Annual London Conference on Money, Economy and Management in 3rd-4th (2008), Imperial College
  68. Hausman, J. A., "Panel Data and unobservable individual effect", Econometrica, 49(6), pp.1377~1398 (1981)
  69. Hermalin, B., "The Effects of Board Composition and Direct Incentives on Firm Performance", Financial Management, 20(4), pp.101~112 (1991)
  70. Holmbeck, G. N., "Toward terminological, conceptual, and statistical clarity in the study of mediators and moderators: Examples from the child-clinical and pediatric psychology literatures", Journal of Consulting & Clinical Psychology, 65(4), pp.599~610 (1997)
  71. Convergence of Corporate Governance and Islamic Financial Services Industry: Toward Islamic Financial Services Securities Market, "Ibrahim, Ali A.", Georgetown Law Graduate, ~ (2006)
  72. Islamic Finance and Global Financial Stability, "IFSB", ~, pp.IRTI-IDB 2010 (2010)
  73. Jensen, M., "Theory of Firm: Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics, 3(4), pp.305~360 (1976)
  74. Joh, S. W., "Corporate governance and firm profitability: evidence from Korea before economic crisis", Journal of Financial Economics, 68(2), pp.287~322 (2003)
  75. John, K., "Corporate Governance and Managerial Risk Taking: Theory and Evidence", Journal of Finance, 63(4), pp.1679~1728 (2008)
  76. Judge W. Q. Jr, "Institutional and strategic choice perspectives on board involvement in the strategic decision making process", Academy of Management Journal, 35(4), pp.766~794 (1992)
  77. Judge, G., "The Theory and Practice of Econometrics" (1985), John Wiley & Sons, Inc
  78. Kennedy, P., "A Guide to Econometrics" (1992), The MIT Press
  79. Khan, M. F., "The Growth of Islamic Financial Industry:Need for Setting Standard for Shariah Application", presented at the Sixth Harvard Forum on Islamic Finance (2004)
  80. Klein. A., "Audit Committee, Board of Director Characteristics, and Earnings Management", Journal of Accounting and Economics, 33(3), pp.357~400 (2002)
  81. Kotabe, M., "Multi-nationality and firm performance: the moderating role of marketing and R&D activities", Journal of International Business Studies, 33(1), pp.79~97 (2002)
  82. Government Ownership of Banks, "La Porta, R", NBER, ~, pp.NBER Working paper 7620 (2000)
  83. La Porta, R., "Investor Protection and Corporate Valuation", Journal of Finance, 57(3), pp.1147~1170 (2002)
  84. Laeven, Luc, "Bank Governance, Regulation and Risk Taking", Journal of Financial Economics, 93(2), pp.259~275 (2009)
  85. Lemmon, M. L., "Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis", Journal of Finance, 58(4), pp.1445~1468 (2003)
  86. Lensink, R., "Bank efficiency and foreign ownership: Do good institutions matter?", Journal of Banking & Finance, 32(5), pp.834~844 (2008)
  87. The Corporate Governance of Banks: A Concise Discussion of Concepts and Evidence, "Levine, Ross", World Bank, ~, pp.World Bank Policy Research Working Paper 3404 (2004)
  88. Lewis M. K., "Islam and accounting", Accounting Forum, 25(2), pp.103~127 (2001)
  89. Lewis, M. K., "Islamic corporate governance", Review of Islamic Economics, 9(I), pp.5~29 (2005)
  90. Licht, A. N., "The mother of all path dependencies: Toward a cross-culture theory of corporate governance systems", Delaware Journal of Corporate Law, 26(1), pp.147~205 (2001)
  91. Macey, J. R., "The corporate governance of banks", Economic Policy Review, 9(1), pp.91~107 (2003)
  92. Corporate Governance and Commercial Banking: A Comparative Examination of Germany, Japan and the United States, "Macey, R. J.", 73~112, pp.Faculty Scholarship Series Paper 1441 (1995)
  93. McConnell, J. J., "Equity ownership and the two faces of debt", Journal of Financial Economics, 39(1), pp.131~157 (1995)
  94. Mitton, T., "A cross-firm Analysis of the impact of Corporate Governance on the East Asian Financial Crisis", Journal of Financial Economics, 64(2), pp.215~241 (2002)
  95. MorcK, R., "Management Ownership and Market Valuation : An Empirical Analysis", Journal of Financial Economics, 20, pp.293~315 (1998)
  96. Morgan, D., "Rating Banks: Risk and uncertainty in an opaque industry", The American Economic Review, 92(4), pp.874~888 (2002)
  97. Naceur, S. B., "The effects of bank regulations, competition, and financial reforms on banks' performance", Emerging Markets Review, 12(1), pp.1~20 (2011)
  98. OECD, "OECD Principles of Corporate Governance" (2004), OECD
  99. Pfeffer, J., "The External Control of Organizations: A Resource Dependence Perspective" (1978), Harper & Row
  100. Pfeffer, J., "Size and composition of corporate boards of directors: the organization and its environment", Administrative Science Quarterly, 17(2), pp.218~229 (1972)
  101. Corporate Governance of Banks: the current state of the debate, "Polo, A.", MPRA, ~, pp.MPRA Paper No. 2325 (2007)
  102. Corporate Governance in an International Perspective: A Survey of Corporate Control Mechanism among Large Firms in the U.S, U.K., Japan and Germany, "Prowse, S.", BIS, ~, pp.BIS Economic Papers No. 41 (1994)
  103. Quttainah, M. A., "Do Islamic Banks Employ Less Earnings Management?", Economic Research Forum 17th annual conference, pp.1~52 (2011)
  104. Ramanathan, R., "Introductory Econometrics" (1992), The Dryden Press
  105. Rubach, J. M., "Comparative Corporate Governance:Competitive Implications of an Emerging Convergence", Journal of World Business, 33(2), pp.167~184 (1998)
  106. Saeed, A., "Islamic Banking and Interest: A Study of the Prohibition of Riba and Its Contemporary Interpretation, Studies in Islamic law and Society, Vol. 2" (1996), E.J. Brill
  107. Safieddine, A., "Islamic Financial Institutions and Corporate Governance: New Insights for Agency Theory", Corporate Governance: An International Review, 17(2), pp.142~158 (2009)
  108. Salter, Stephen B., "Cultural Influence on the Development of Accounting Systems Internationally: A Test of Gray's (1988) Theory", Journal of International Business Studies, 26(2), pp.379~397 (1995)
  109. Samad, A., "The Performance of Malaysian Islamic Bank During 1984-1997: An Exploratory Study", International Journal of Islamic Financial Services, 1(3), pp.1~14 (1999)
  110. Samad, Abdus, "Performance of Interest-free Islamic Banks vis-à-vis interest-based conventional banks of Bahrain", Journal of Economics and Management, 12(2), pp.1~15 (2004)
  111. Saunders, A., "Ownership Structure, Deregulation, and Bank Risk Taking", Journal of Finance, 45(2), pp.643~654 (1990)
  112. Sheeran, P., "Mediator of moderators: Temporal stability of intention and the intention-behavior relation", Personality and Social Psychology Bulletin, 29(2), pp.205~215 (2003)
  113. Shleifer, A., "Large Shareholders and Corporate Control", Journal of Political Economy, 94(3), pp.461~488 (1986)
  114. Shleifer, A., "A survey of corporate governance", Journal of Finance, 52(2), pp.737~783 (1997)
  115. Slahudin, C., "OECD Principles and the Islamic Perspective on Corporate Governance", Review of Islamic Economics, 12(1), pp.29~39 (2008)
  116. Slovin, Myron B., "The Value of Bank Durability: Borrowers as Bank Stakeholders", THE JOURNAL OF FINANCE, 48(1), pp.247~266 (1993)
  117. Bank ownership, characteristics and performance: A comparative analysis of domestic and foreign Islamic banks in Malaysia, "Sufian, F.", MPRA, ~, pp.MPRA Paper 1231 (2007)
  118. Tarek, S., "A comparative literature survey of Islamic finance and banking", Financial Markets, Institutions Instruments, 10(4), pp.155~199 (2001)
  119. Governance Structure and Decision-Making Roles in Inflation Targeting Central Banks, "Tuladhar, Anita", International Monetary Fund, ~, pp.International Monetary Fund Working paper 183 (2005)
  120. Wang, M. S., "Intellectual Capital and Firm Performance", Annual Conference Paper on Innovations in Business Management (2011)
  121. The Development of Islamic Finance in the GCC, "Wilson, R.", The Centre for the Study of Global Governance, ~ (2009)
  122. Yeh, Y. H., "Commitment or Entrenchment?: Controlling shareholders and Board composition, working paper", The Third Asia Corporate Governance Conference (2003)
  123. Yermack, D., "Higher Market Valuation of Companies with a Small Board of Directors", Journal of Financial Economics, 40(2), pp.185~211 (1996)
  124. Yudistira, Donsyah, "Efficiency in Islamic Banking: An Empirical Analysis of Eighteen Banks", Islamic Economic Studies, 12(1), pp.1~19 (2004)
  125. Zeitun, Rami, "Determinants of Islamic and Conventional Banks Performance in GCC Countries Using Panel Data Analysis", Global Economy and Finance Journal, 5(1), pp.53~72 (2012)

관련 논문AI추천

이슬람금융회사의 회사지배구조 서설김선정한국경영법률학회 · 경영법률2012 · 제22권 제2호GCC국가 이슬람은행과 일반은행 수익성 결정요인 비교연구손성현, 양오석한국이슬람학회 · 한국이슬람학회논총2012 · 제22권 제2호이슬람 가치가 은행의 ESG 성과에 미치는 영향이은경중동문제연구소 · 중동문제연구2024 · 제23권 제1호이슬람 금융에서의 샤리아위원회에 대한 연구김홍배, 손태우, 홍문영한국중동학회 · 한국중동학회논총2014 · 제35권 제1호이슬람 금융 발전과 은행의 지속가능성: 가치와 영향 분석이은경한국중동학회 · 한국중동학회논총2025 · 제45권 제3호신제도주의 경제학 및 이슬람 도덕경제 관점에서 본 현대 이슬람 은행의 한계와 잠재력이은경한국이슬람학회 · 한국이슬람학회논총2024 · 제34권 제1호

이 간행물의 다른 논문 (7건)

팔레스타인 난민의 발생 배경 - 1947년을 중심으로 -김은비pp. 1-24이슬람국가(IS) 현상과 새로운 양상의 국제안보위협에 관한 연구박찬기pp. 25-72정권생존, 이란의 귀환 그리고 중동의 새로운 정치역학서정민pp. 73-94수단 형법에 나타난 후두드(Hudud)고찰김종도pp. 147-168리바( الربا ) 금지에 대한 샤리아 규범 제정임병필pp. 169-198
원문 보기