Corporate governance and firm operating performance

被引：160

作者：

Brown L.D. ^{[1
]}

Caylor M.L. ^{[2
]}

机构：

[1] J. Mack Robinson College of Business, Georgia State University, Atlanta, GA 30302

[2] Moore School of Business, University of South Carolina, Columbia, SC 29208

来源：

Review of Quantitative Finance and Accounting | 2009年 / 32卷 / 2期

关键词：

Corporate governance; Firm operating performance; U.S. stock exchanges;

D O I：

10.1007/s11156-007-0082-3

中图分类号：

学科分类号：

摘要：

Using a unique dataset provided by Institutional Shareholder Services (ISS), we relate 51 governance provisions to firm operating performance as proxied by return on assets and return on equity. We identify six corporate governance provisions that are significantly and positively linked to return on assets, return on equity or both using at least two of our six regressions. We examine nine governance provisions that have been recently mandated by the three major U.S. stock exchanges, and we find none of them to be significantly and positively related to firm operating performance. Our results reveal that the governance provisions recently mandated by the U.S. stock exchanges are less closely linked to firm operating performance than are those not so mandated. © 2008 Springer Science+Business Media, LLC.

引用

页码：129 / 144

页数：15

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