shocks. We show that firms whose debt" had a higher fraction of bank loans in 1989 performed worse from 1990 to 1993. This … affect performance during this period of time. We find that firms that were more" bank-dependent also invested less during … this period than other firms. This evidence points to an" adverse effect of bank-centered corporate governance, namely that …

, board independence, number of board meetings, and CEO duality with stock performance measured by the bank's share price and … market-to-book ratio. Further, several control variables were utilized such as the bank's capital adequacy, profitability …, and size. The empirical findings reveal that board independence positively affects the bank stock performance while the …