Corporate governance, national culture and bank performance: evidence from MENA countries

Purpose Despite global economic liberalization, the Middle East and North Africa (MENA) banking sector remains uncompetitive and resistant to globalization. This study aims to extend corporate governance (CG) literature by examining the interplay between CG, national culture and bank performance, using data from listed banks in MENA countries. Design/methodology/approach This research analyzes 1,920 bank-year observations from 124 banks across 13 MENA countries from 2009 to 2023. National culture data was sourced from Hofstede’s index, and panel data techniques were used to account for individual heterogeneity and endogeneity issues. Findings Empirical results reveal that larger boards, well-structured committees with nonexecutive directors, fewer board meetings and limited involvement of independent directors significantly enhance bank performance. These governance structures align with key cultural…