Gunay S.G.Heves M.2024-06-122024-06-1220111727-9232https://doi.org/10.22495/cocv8i3p3https://hdl.handle.net/20.500.14551/16537The aim of this paper is to show the relationship between corporate governance and bank financial performance during economic crisis. In other words, a stakeholder governance model is developed in order to test the instrumental stakeholder theory during economic crisis. It is found that the average return on equity for the group of banks that use stakeholder governance model is approximately 70% higher than the group of banks that use stockholder governance model in Turkey during the economic crisis period (2007-2009). These findings show the importance of stakeholder governance model during the economic crisis. In other words, it is found that banks immunized themselves against the effects of economic crisis in terms of their financial performance.en10.22495/cocv8i3p3info:eu-repo/semantics/openAccessCorporate Performance; Economic Crisis; Instrumental Stakeholder Theory; Stakeholder Governance Model; Stockholder Governance ModelArticle83:00 ÖÖ28412-s2.0-84897139032N/A