<p>Estimation of the model (3).</p>

In most of the economies of different countries in the world, banks play a very important role in economic stability. We know that if the banks are not managed correctly, this issue will have heavy economic, political and social consequences for the society of that country. If we can find the important factors in the correct and accurate management of banks in the economy of a country, it will help the sustainable economic growth of that economy. In this research, we seek to find out how political shareholders affect the management of banks. To achieve this goal, the financial information of commercial banks of ten countries in the Middle East and North Africa (MENA) region during the years 2015–2020 and also the Generalized Method of Moments (GMM) model have been used. After calculating the percentage of government shares in the investigated banks, we analyze income smoothing using loan loss provisions (LLPs). One of the factors that has been considered in this regard is the elections in these countries and income smoothing in election years has been compared with other years. The obtained results show that income smoothing is more in banks that have more government shareholders. Another noteworthy point is that the election factor has a significant impact on the management of banks.在全球多数国家的经济体中，银行业对经济稳定发挥着举足轻重的作用。众所周知，若银行管理失当，将给该国社会带来严重的经济、政治与社会后果。若能精准识别一国银行业合规有效管理的核心影响因素，将有助于推动该经济体实现可持续增长。本研究旨在探究政治性股东如何影响银行管理。为达成该研究目标，本研究采用了2015-2020年间中东与北非（MENA）地区10个国家的商业银行财务数据，并运用广义矩估计（Generalized Method of Moments, GMM）模型开展分析。本研究首先测算样本银行的政府持股比例，随后以贷款损失准备（loan loss provisions, LLPs）为指标开展收入平滑行为分析。本研究同时考量了上述国家的选举因素，并将选举年份与非选举年份的银行收入平滑行为进行了对比分析。研究结果显示，政府持股比例较高的银行，其收入平滑行为更为显著。另一值得关注的结论是，选举因素对银行管理具有显著影响。