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<p>Asian banking systems operate under starkly different regulatory regimes, yet a paradox persists: banks with identical capital buffers and governance structures achieve vastly different returns. This study resolves that paradox by exam- ining how capital strength, governance quality, and bank-type diversity interact to shape financial performance across commercial, savings, and Islamic institutions in five Asian economies (Hong Kong, South Korea, Taiwan, Malaysia, Vietnam). Using System GMM estimation on 1,628 bank-year observations (2010–2022), this study integrates the Resource-Based View with Institutional Theory to examine effects on profitability (ROA), margins (NIM), credit qual- ity (NPL), and liquidity (LDR). Capital adequacy is the strongest performance driver: each percentage-point increase in Tier 1 capital raises ROA by approximately 2% points, though it reduces NIM. Governance quality shows context-dependent effects—strong in Hong Kong and Malaysia but attenuated in Vietnam and Taiwan. Islamic banks exhibit weaker responsiveness to governance improvements, reflecting alternative institutional logics. These findings overturn the assumption of uniform regulatory effectiveness, revealing that capital and governance operate as contin- gent rather than universal drivers of performance. Policymakers cannot simply impose identical prudential standards across jurisdictions—the same capital requirement that strengthens stability in Hong Kong may constrain lending in Vietnam. Effective regulation must be context-sensitive, calibrated to each jurisdiction’s institutional maturity, and aligned with distinct banking models, particularly where Islamic and conventional systems coexist.</p>

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Capital and Governance in Context: Decoding Bank Performance Across Asia’s Financial Systems

  • 期刊论文

  • 发表日期：

    2026年7月13日

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  • Wil Martens,
  • Diu Thi Huong Pham

摘要

Asian banking systems operate under starkly different regulatory regimes, yet a paradox persists: banks with identical capital buffers and governance structures achieve vastly different returns. This study resolves that paradox by exam- ining how capital strength, governance quality, and bank-type diversity interact to shape financial performance across commercial, savings, and Islamic institutions in five Asian economies (Hong Kong, South Korea, Taiwan, Malaysia, Vietnam). Using System GMM estimation on 1,628 bank-year observations (2010–2022), this study integrates the Resource-Based View with Institutional Theory to examine effects on profitability (ROA), margins (NIM), credit qual- ity (NPL), and liquidity (LDR). Capital adequacy is the strongest performance driver: each percentage-point increase in Tier 1 capital raises ROA by approximately 2% points, though it reduces NIM. Governance quality shows context-dependent effects—strong in Hong Kong and Malaysia but attenuated in Vietnam and Taiwan. Islamic banks exhibit weaker responsiveness to governance improvements, reflecting alternative institutional logics. These findings overturn the assumption of uniform regulatory effectiveness, revealing that capital and governance operate as contin- gent rather than universal drivers of performance. Policymakers cannot simply impose identical prudential standards across jurisdictions—the same capital requirement that strengthens stability in Hong Kong may constrain lending in Vietnam. Effective regulation must be context-sensitive, calibrated to each jurisdiction’s institutional maturity, and aligned with distinct banking models, particularly where Islamic and conventional systems coexist.