This study is prepared to evaluate corporate governance performance of participation banks in Turkey with the house of quality. For this purpose, an integrated model is constructed to evaluate the criteria and analyze the fuzzy pairwise and decision matrices. The method is proposed with the hesitant fuzzy DEMATEL for weighting criteria and hesitant fuzzy TOPSIS for ranking the alternatives. According to the expert opinions, it is concluded that foreign participation banks have better performance in comparison with state-owned participation banks with respect to corporate governance. For this reason, it can be said that state-owned participation banks should take actions to increase their performance regarding corporate governance by focusing on important criteria emphasized in the study.
Bu çalışma Türkiye’de faaliyet gösteren katılım bankalarının kurumsal yönetim temelli performanslarının değerlendirilmesine yönelik olarak hazırlanmıştır. Bu amaçla, kriterleri değerlendirmek ve bulanık ikili ile karar matrislerini analiz etmek için bütünleşik bir model oluşturulmuştur. Bu yöntem, kriterleri ağırlıklandırmak için bulanık DEMATEL ve alternatifleri sıralamak için bulanık TOPSIS yöntemlerini önermektedir. Çalışma sonucunda, yabancı katılım bankalarının kamu katılım bankalarına kıyasla kurumsal yönetim açısından daha iyi performans gösterdiği belirlenmiştir. Dolayısı ile kamu katılım bankaları kurumsal yönetim performanslarını artırmak için bu çalışmada vurgulanan önemli hususlara odaklanmak sureti ile aksiyon almalıdırlar.
1. Adiano, C. and Aleda V. R. (1994). Beyond the House of Quality: Dynamic QFD. Benchmarking for Quality Management & Technology, 1(1): 25-37.
2. Adinyira, E., Kwofie, T. E., and Quarcoo, F. (2017). Stakeholder Requirements for Building Energy Efficiency in Mass Housing Delivery: the House of Quality Approach. Environment, Development and Sustainability, 20(3): 1-17.
3. Aguilera, R. V., Judge, V. Q., and Terjesen, S. A. (2018). Corporate Governance Deviance. Academy of Management Review, 43(1): 87-109.
4. Akbaş, H., and Bilgen, B. (2017). An integrated fuzzy QFD and TOPSIS Methodology for Choosing the Ideal Gas Fuel at WWTPs. Energy, 125: 484-497.
5. Al-Malkawi, H. A. N., and Pillai, R. (2018). Analyzing Financial Performance by Integrating Conventional Governance Mechanisms into the GCC Islamic banking Framework. Managerial Finance, 44(5): 604-623.
6. Anginer, D., Demirgüç-Kunt, A., Huizinga, H., and Ma, K. (2016), Corporate Governance and Bank Capitalization Strategies. Journal of Financial Intermediation, 26: 1-27.
7. Asan, U., Kadaifci, Ç., Bozdag, E., Soyer, A., and Serdarasan, S. (2018). A New Approach to DEMATEL Based on Interval-Valued Hesitant Fuzzy Sets. Applied Soft Computing, 66: 34-49.
8. Bai, C., Sarkis, J., and Dou, Y. (2017). Constructing a Process Model for low-Carbon Supply Chain Cooperation Practices Based on the DEMATEL and the NK Model. Supply Chain Management: An International Journal, 22(3): 237-257.
9. Bapat, D. (2017). Exploring the Antecedents of Loyalty in the Context of Multi-Channel Banking. International Journal of Bank Marketing, 35(2): 174-186.
10. Bouchereau, V., & Rowlands, H. (2000). Methods and techniques to help quality function deployment (QFD). Benchmarking: An International Journal, 7(1), 8-20.
11. Büyüközkan, G., and Güler, M. (2017). A Hesitant Fuzzy Based TOPSIS Approach for Smart Glass Evaluation. In Advances in Fuzzy Logic and Technology 2017, 641: 330-341.
12. Cambra-Fierro, J., Kamakura, W. A., Melero-Polo, I., and Sese, F. J. (2016). Are Multichannel Customers Really More Valuable? An Analysis of Banking Services. International Journal of Research in Marketing, 33(1): 208-212.
13. Chen, L. H., Ko, W. C., and Yeh, F. T. (2017). Approach Based on Fuzzy Goal Programing and Quality Function Deployment for New Product Planning. European Journal of Operational Research, 259(2): 654-663.
14. Dey, S., Kumar, A., Ray, A., & Pradhan, B. B. (2012). Supplier selection: integrated theory using DEMATEL and quality function deployment methodology. Procedia Engineering, 38, 3560-3565. 15. Dhingra, S. (2015). Managing the Internal IT Service Quality in Public Sector Banks of India. International Journal of Business Information Systems, 19(4): 403-418.
16. Diallo, B. (2017). Corporate Governance, Bank Concentration and Economic Growth. Emerging Markets Review, 32: 28-37.
17. Dinçer, H., Hacıoğlu, Ü., and Yüksel, S. (2017). A Strategic Approach to Global Financial Crisis in Banking Sector: A Critical Appraisal of Banking Strategies Using Fuzzy ANP and Fuzzy TOPSIS Methods. International Journal of Sustainable Economies Management (IJSEM), 6(1): 1-21.
18. Dinçer, H., Yüksel, S., and Bozaykut-Buk, T. (2018). Evaluation of Financial and Economic Effects on Green Supply Chain Management with Multi-Criteria Decision-Making Approach. Handbook of Research on Supply Chain Management for Sustainable Development: 144-175.
19. Ejeagbasi, G. E., Nweze,, A. U., Ezeh, E. C., and Nze, D.O. (2015). Corporate Governance and Audit Quality in Nigeria: Evidence from the Banking Industry. European Journal of Accounting, Auditing and Finance Research, 5(1): 18-39.
20. Ferreira, F. A. F., Jalali, M. S., Meidute-Kavaliauskiene, L., and Viana, B. A. C. P. (2015). A Metacognitive Decision Making Based-Framework for Bank Customer Loyalty Measurement and Management. Technological and Economic Development of Economy, 21(2): 280-300.
21. Garver, M. S. (2012). Improving the House of Quality with Maximum Difference Scaling. International Journal of Quality & Reliability Management, 29(5): 576-594.
22. Ghosh, S. (2018). Governance Reforms and Performance of MENA Banks: Are Disclosures Effective? Global Finance Journal, 36: 78-95.
23. Griffin, D., Guedhami, O., Kwok, C. C. Y., Li, K., and Shao, L. (2017). National Culture: The Missing Country-Level Determinant of Corporate Governance. Journal of International Business Studies, 48(6): 740-762.
24. Gupta, K., Krishnamurti, C., and Tourani-Rad, A. (2011). Financial Development, Corporate Governance and Cost of Equity Capital. Journal of Contemporary Accounting & Economics, 14: 65-82.
25. Harford, J., Mansi, S. A., and Maxwell, W. F. (2012). Corporate Governance and Firm Cash Holdings in the US. Corporate Governance: 107-138.
26. Illés, B., Skapinyecz, R., and Wagner, G. (2017). Description of a Method for the Handling of Customer Needs in Logistics. Vehicle and Automotive Engineering: 341-354.
27. Jain, V., Sangaiah, A. K., Sakhuja, S., Thoduka, N., and Aggarwal, R. (2018). Supplier Selection Using Fuzzy AHP and TOPSIS: A Case Study in the Indian Automotive Industry. Neural Computing and Applications, 29(7): 555-564.
28. Jolly, V. (2016). The Influence of Internet Banking on the Efficiency and Cost Savings for Banks’ Customers. International Journal of Social Sciences and Management, 3(3): 163-170.
29. Kayalvizhi, P. N., and Thenmozhi, M. (2017). Does Quality of Innovation, Culture and Governance Drive FDI?: Evidence from Emerging Markets. Emerging Markets Review, 34: 175-191.
30. Kieschnick, R., and Moussawi, R. (2018). Firm Age, Corporate Governance, and Capital Structure Choices. Journal of Corporate Finance, 48: 597-614.
31. Ko, W. C. (2015). Construction of House of Quality for New Product Planning: A 2-Tuple Fuzzy Linguistic Approach. Computers in Industry, 73: 117- 127.
32. Kuijt-Evers, L. F. M., Morel, K. P. N., Eikelenberg, N. L. W., and Vink, P. (2009). Application of the QFD as a Design Approach to Ensure Comfort in Using Hand Tools: Can the Design Team Complete the House of Quality Appropriately. Applied Ergonomics, 40(3): 519-526.
33. Kumari, S. (2004). Ergonomic Workstation Design for Branch Manager in Banking Industry. Doctoral dissertation, Acharya Ng Ranga Agricultural University Rajendranagar, Hyderabad, India.
34. Laoworapong, M., Supattarakul, S., and & Swierczek, F. W. (2018). Corporate Governance, Board Effectiveness, and Performance of Thai Listed Firms. AU Journal of Management, 13(1): 25-40.
35. Levy, S., and Hino, H. (2016). Emotional Brand Attachment: a Factor in Customer-Bank Relationships. International Journal of Bank Marketing, 34(2): 136-150.
36. Li, Y. L., Huang, M., Chin, K. S., Luo, X. G., and & Han, Y. (2011). Integrating Preference Analysis and Balanced Scorecard to Product Planning House of Quality. Computers & Industrial Engineering, 60(2): 256-268.
37. Liao, W. N., Tang, T. C., and Chi, L. C. (2017). A Study of Applying Quality Function Deployment & Service Quality Model to Service Quality of Credit Department of Farmers’ Association-A Case Study in Taiwan. International Research Journal of Applied Finance, 8(2): 47-69.
38. Lin, T., Ekanayake, A., Gaweshan, L. S., and Hasan, Z. A. (2016). Ergonomics Product Development of over Bed Table for Bedridden Patients. ComputerAided Design and Applications, 13(4): 538-548.
39. Miyajima, H., Ogawa, R., and Saito, T. (2017). Changes in Corporate Governance and Top Executive Turnover: The Evidence from Japan. Journal of the Japanese and International Economies, 47: 17-31.
40. Ndungu, C. G., and Njeru, A. (2014). Assessment of Factors Influencing Adoption of Agency Banking in Kenya: The Case of Kajiado North Sub County. International journal of business and commerce, 3(8): 91-111.
41. Nippatlapalli, A. R. (2013). A Study on Customer Satisfaction of Commercial Banks: Case Study on State Bank of India. IOSR Journal of Business and Management, 15(1): 60-86.
42. Olewnik, A., and Lewis, K. (2008). Limitations of the House of Quality to Provide Quantitative Design Information. International Journal of Quality & Reliability Management, 25(2): 125-146.
43. Pandey, P., Mayya, S., and Joshi, H. (2017). Internet Banking: A Survey on New Approach to Banking and Its Adoption among Urban Conglomerates of Coastal Karnataka. Advanced Science Letters, 23(3): 1960-1963.
44. Paniagua, J., Rivelles, R., and & Sapena, J. (2018). Corporate Governance and Financial Performance: The Role of Ownership and Board Structure. Journal of Business Research, 89: 229-234.
45. Pérez, A., and Del Bosque, I. R. (2015). How Customer Support for Corporate Social Responsibility Influences the Image of Companies: Evidence from the Banking Industry. Corporate Social Responsibility and Environmental Management, 22(3): 155-168.
46. Phang, S., and Raweewan, M. (2015). A Study of Cost, Revenue, and Profit Efficiency of Commercial Banks in Cambodia Using DEA Approach. In International Conference on Knowledge, Information, and Creativity Support Systems, 685: 168-178.
47. Pillai, R., and Al-Malkawi, H. A. N. (2017). On the Relationship between Corporate Governance and Firm Performance: Evidence from GCC Countries. Research in International Business and Finance, 44: 394-410.
48. Popoff, A., and Millet, D. (2017). Sustainable Life Cycle Design Using Constraint Satisfaction Problems and Quality Function Deployment. Procedia CIRP, 61: 75-80.
49. Ray, N., Ghosh, T. N., and Sen, K. (2016). Examination of Internet Banking Customer Perception of Service Quality: Evidence from Banking Industry. In Business Infrastructure for Sustainability in Developing Economies, Chapter 13: 253-263.
50. Safiullah, M., and Shamsuddin, A. (2018). Risk in Islamic Banking and Corporate Governance. Pacific-Basin Finance Journal, 47: 129-149.
51. Salim, R., Arjomandi, A., and Seufert, J. H. (2016). Does Corporate Governance Affect Australian Banks’ Performance? Journal of International Financial Markets, Institutions and Money, 43: 113-125.
52. Scheurell, D. M. (1994). “Beyond the QFD House of Quality: Using the Downstream Matrices. World Class Design to Manufacture, 1(2): 13-20.
53. Schmidt, C., and Fahlenbrach, R. (2017). Do Exogenous Changes in Passive Institutional Ownership Affect Corporate Governance and Firm Value? Journal of Financial Economics, 124(2): 285-306.
54. Schymik, J. (2018). Globalization and the Evolution of Corporate Governance. European Economic Review, 102: 39-61.
55. Seow, Y., Goffin, N., Rahimifard, S., and Woolley, E. (2016). A ‘Design for Energy Minimization’ Approach to Reduce Energy Consumption during the Manufacturing Phase. Energy, 109: 894-905.
56. Sun, B., and Liu, Q. (2017), Managerial Manipulation, Corporate Governance, and Limited Market Participation. Journal of Economic Dynamics and Control, 90: 98-117.
57. Switzer, L. N., Tu, Q., and Wang, J. (2018). Corporate Governance and Default Risk in Financial Firms over the Post-Financial Crisis Period: International Evidence. Journal of International Financial Markets, Institutions and Money, 52: 196-210.
58. Tebaa, M., Zkik, K., and Hajji, S. E. (2015). Hybrid Homomorphic Encryption Method for Protecting the Privacy of Banking Data in the Cloud. International Journal of Security and Its Applications, 9(6): 61-70.
59. Torra, V. (2010). Hesitant Fuzzy Sets. International Journal of Intelligent Systems, 25(6): 529-539.
60. Tunay, K. B., and Yüksel, S. (2017). The Relationship between Corporate Governance and Foreign Ownership of the Banks in Developing Countries. Contaduría y Administración, 62(5): 1627-1642.
61. Wang, C. H., & Chen, J. N. (2012). Using quality function deployment for collaborative product design and optimal selection of module mix. Computers & Industrial Engineering, 63(4), 1030-1037.
62. Wu, H. H. (2002). A comparative study of using grey relational analysis in multiple attribute decision making problems. Quality Engineering, 15(2), 209-217.
63. Wu, Q. (2011). Fuzzy Measurable House of Quality and Quality Function Deployment for Fuzzy Regression Estimation Problem. Expert Systems with Applications, 38(12): 14398-14406.
64. Wu, W. Y. Qomariyah, A., Sa, N. T. T., and Liao, Y. (2018). The Integration between Service Value and Service Recovery in the Hospitality Industry: An Application of QFD and ANP. International Journal of Hospitality Management, 75: 48-57.
65. Yang, Q., Yang, S., Qian, Y., and Kraslawski, A. (2015). Application of House of Quality in Evaluation of Low Rank Coal Pyrolysis Polygeneration Technologies. Energy Conversion and Management, 99: 231-241.
66. Yazdani, M., Zarate, P., Coulibaly, A., and Zavadskas, E. K. (2017). A Group Decision Making Support System in Logistics and Supply Chain Management. Expert Systems with Applications, 88: 376-392.
67. Yeh, Y. H. (2017). Corporate Governance and Family Succession: New Evidence from Taiwan. Pacific-Basin Finance Journal, 47: 129-149.
68. Yemane, A. (2015). Assessing Job Stress at Lion International Bank SC. Doctoral dissertation, St. Mary’s University, Ethiopia.
69. Younesi, M., & Roghanian, E. (2015). A framework for sustainable product design: a hybrid fuzzy approach based on Quality Function Deployment for Environment. Journal of Cleaner Production, 108, 385-394.
70. Yüksel, S., and Canöz, İ. (2017). Does Islamic Banking Contribute to Economic Growth and Industrial Development in Turkey?, Ikonomika, 2(1): 93-102.
71. Yüksel, S., Dinçer, H., and Emir, Ş. (2017). Comparing the Performance of Turkish Deposit Banks by Using DEMATEL, Grey Relational Analysis (GRA) and MOORA Approaches. World Journal of Applied Economics, 3(2): 26-47.
72. Zagorchev, A., and Gao, L. (2015). Corporate Governance and Performance of Financial Institutions. Journal of Economics and Business, 82: 17-41.
73. Zheng, C., and Gupta, A. D. (2018). Do Human Capital and Cost Efficiency Affect Risk and Capital of Commercial Banks? An Empirical Study of a Developing Country. Asian Economic and Financial Review, 8(1): 22-37.
74. Zkik, K., Tebaa, M., and Hajji, S. E. (2016). New Secure Framework in MCC Using Homomorphic Signature: Application in Banking Data. In Transactions on Engineering Technologies: 413-427.