کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1003031 1481795 2016 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
More on the relationship between corporate governance and firm performance in the UK: Evidence from the application of generalized method of moments estimation
ترجمه فارسی عنوان
رابطه بیشتر بین حاکمیت شرکتی و عملکرد شرکت در انگلستان: شواهدی از استفاده از روش تعمیم برآورد لحظات
کلمات کلیدی
حاکمیت شرکتی؛ شاخص حاکمیت؛ عملکرد شرکت. درون زایی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی

This study examines the relationship between corporate governance compliance and firm performance in the UK. We develop a Governance Index and investigate its impact on corporate performance after controlling for potential endogeneity through the use of a more robust methodology, Generalized Method of Moments (GMM) Estimation. Our evidence is based on a sample of 435 non-financial publicly listed firms over the period 1999–2009. In contrast to earlier findings in the UK literature, our results suggest that compliance with corporate governance regulations is not a determinant of corporate performance in the UK. We argue that results from prior studies showing a positive impact of corporate governance on firms’ performance may be biased as they fail to control for potential endogeneity. There may be a possibility of reverse causality in the results of prior studies due to which changes in the internal characteristics of firms may be responsible for the corporate governance compliance and performance relationship. Our findings are based on GMM, which controls for the effects of unobservable heterogeneity, simultaneity and dynamic endogeneity and thus present more robust conclusions as compared to the findings of previously published studies in this area.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in International Business and Finance - Volume 38, September 2016, Pages 417–429
نویسندگان
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