Non-Monotonic Relationship between Corporate Governance and Banks’ Operating Performance—The Moderating Role of CEO Duality: Evidence from Selected Countries

This study examines the non-monotonic (U-shaped, inverted U-shaped or curvilinear) relationship between corporate governance (CG) and bank performance of commercial banks operating across four countries whose CG framework is based on OECD principals CG. Using a dataset 4230 bank-years observation from 2012–2021, shows that governance–performance relations may be but not using two-line approach Robin Hood algorithm. In addition, this study, feasible generalized least squares (FGLS), empirically interaction effect CEO duality in financial institutions curvilinear significantly moderates reverses these impacts. The findings reveal that, with duality, there far more modest association performance, which has an inverted-U shape curvilinear. are consistent arguments advanced by resource dependence stewardship theory although might increase through joint leadership, it can benefit presence unity command.