公司治理对公司绩效的影响:来自希腊上市公司的证据

Q3 Social Sciences Journal of Governance and Regulation Pub Date : 2023-01-01 DOI:10.22495/jgrv12i3siart7
Petros Kalantonis, Sotiria Schoina, Christos Kallandranis
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引用次数: 0

摘要

本文探讨了董事会质量与公司绩效之间的关系。作者使用雅典证券交易所(ATHEX) 2008年至2016年的上市公司样本和两种不同的绩效模型来研究公司治理与公司绩效之间的关系。本文在Kalantonis等人(2021)之前的研究基础上进行了扩展,将资产回报率(ROA)和托宾q (Tobin’s q)评估的财务业绩纳入其中。这项调查提供了一个全球和全面的视角,了解2008-2016年期间公司治理(CG)的具体方面如何影响希腊上市公司。扩展分析还可以捕捉希腊金融危机的动态以及最近有关CG的法律制度框架。作者发现,董事会成员独立程度较高的公司在ROA方面表现较差,而董事会规模(BS)与托宾Q (Tobin’s Q)方面的绩效正相关。此外,CEO二元性(CEOD)与公司绩效在ROA和托宾Q方面都存在正相关关系,董事会性别多元化与公司绩效之间没有关系。最后得出结论:所调查的GC方面对企业绩效的影响大于企业盈余管理。
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The impact of the corporate governance on firm performance: Evidence from the Greek listed firms
This article explores the relationship between board quality and firm performance. The authors investigate any association between corporate governance and firm performance using a sample of listed firms on the Athens Stock Exchange (ATHEX) from 2008 to 2016 and two distinct performance models. This article expands on a previous study by Kalantonis et al. (2021) by including financial performance as assessed by both return on assets (ROA) and Tobin’s Q. This investigation provides a global and comprehensive view of how specific aspects of corporate governance (CG) have influenced Greek listed companies during the period 2008–2016. Extending analysis also allows to capture the dynamics of the Greek financial crisis as well as the recent legal institutional framework concerning CG. The authors found that firms with more independent board members performed poorly in terms of ROA, while board size (BS) is positively related to performance in terms of Tobin’s Q. Furthermore, a positive relationship was found between CEO duality (CEOD) and firm performance both in terms of ROA and Tobin’s Q, and no relationship was found between board gender diversification and firm performance. Finally, it was concluded that the investigated GC aspects affect more the firms’ performance than the firms’ earnings management.
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来源期刊
Journal of Governance and Regulation
Journal of Governance and Regulation Business, Management and Accounting-Business and International Management
CiteScore
1.50
自引率
0.00%
发文量
76
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