AN INQUIRY INTO CORPORATE GOVERNANCE PRACTICES IN INDIAN BANKING SECTORS

The term 'Corporate Governance' conveys about how a corporation is directed and controlled under a set of mission, values, and philosophy. It is a phrase implying greater transparency of management system in corporate entities. Corporate Governance in financial service sector is specially significant since banks have an overwhelmingly dominant position in developing economy financial systems, and are extremely important engines of economic growth [King and Levine 1993; Levine 1997] and banks in developing countries are, usually the main depository for the economy's savings. In India, although the issues of corporate governance have not received much attention in the first generation of financial sector reforms, this issue will become a natural choice in the second set of reforms. In this backdrop this paper, after examining the nature and extent of compliance of the leading national and international Corporate Governance Codes/ Guidelines by the listed public and private sector banks in India, responsible for composition of BSE BANKEX, an attempt has been made to examine the relationship between the corporate governance practices of such banks and their financial performance with the help of appropriate financial and statistical tools. Based on the findings, it has been concluded that in some important areas statistically significant relationship between corporate governance practices and financial performance of such banks exist.“公司治理（Corporate Governance）”一词阐释了企业如何在一系列使命、价值观与经营哲学的框架下被指引与管控。该概念暗含企业实体需提升管理体系透明度的内在要求。金融服务领域的公司治理尤为关键，这是由于银行在发展中经济体的金融体系中占据压倒性主导地位，同时亦是经济增长的核心引擎[King与Levine, 1993; Levine, 1997]；此外，发展中国家的银行通常是经济体储蓄的主要托管机构。在印度，尽管公司治理议题在首轮金融领域改革中未得到足够重视，但该议题将成为后续改革议程中的自然核心议题。基于此背景，本文首先梳理了作为BSE BANKEX成分股的印度上市国有与民营银行对国内外主流公司治理准则/指南的遵循性质与程度，随后借助恰当的财务与统计工具，探究此类银行的公司治理实践与其财务绩效之间的关联。基于研究结果，本文得出结论：在部分关键领域，此类银行的公司治理实践与财务绩效之间存在统计学意义上的显著关联。