公司治理是企业绩效的一个价值驱动力--来自英国的银行业公司的证据

发布时间：2016-05-03 16:14

1 Background of research 背景研究

随着公司的出现和发展，公司治理也应运而生，成为专家学者们关注的话题。英国作为第一个国家出现的公司之一，公司治理体系经历了从最初孕育到成熟发展的漫长过程。吉百利报告是英国公司治理发展的里程碑事件，它要求董事作出声明，详细说明了公司治理的有效性，，需要公司成立审计委员会，强调内部审计的日常监督是内部控制的组成部分。其实，吉百利报告成为其他国家建立法人治理的保险丝。英国公司治理的发展是调整企业内部的责任和权利的过程。目标是通过对不同权利的平衡，保持相关的利润。随着100年的发展，英国的公司治理变得更加科学合理。公司治理是否能提高公司绩效，公司治理能改善公司绩效？本文主要研究公司治理与公司绩效之间的关系，有利于推动公司治理与公司绩效的提升。With the emergence and development of the company, the corporate governance also emerges, and became focus topic study for experts and scholars. The United Kingdom as the one of the first country emergence company, the corporate governance system experienced a long process from the initial inoculation to the mature development. The Cadbury report is the milepost event of corporate governance development for UK, it requires the director of board make a statement to detail description the effectiveness of corporate governance, require the company establishment the audit committee, stressed that the daily supervision of internal audit is the integral part of internal control. Actually the Cadbury report became fuse for other countries to establish corporate governance. The development of corporate governance of UK is the process of adjustment the internal corporate responsibility and right continuous. The objective is keep the profit of correlation through balance of different rights. As the 100 years development, the corporate governance of UK has become more scientific and reasonable. Whether the corporate governance can improve the performance of company, what corporate governance can improve the performance of company? This paper will mainly research the relationship between corporate governance and performance of company; it will benefit to promote corporate governance and performance of company.

2 Literature reviews 文献

They are many experts research the relationship between corporate governance and performance of company, and found some important conclusions. Cadbury(1992)give the corporate governance defines as “the system by which companies are directed and controlled”. Thomsen(2000) research the relationship between concentration of shareholders structure and performance、valuation of corporation based on more than 400 companies in Europe. Weisbash(2007) research the relationship between directors and performance of corporation, and found the board of directors with external directors accounting the leader position will play a important role when the performance of corporation decrease, or face to restructuring. Pamela Kent & Jenny Stewart(2010)choice the sample of Australia to research the corporate governance and company performance, and found the board sub-committees can enhance the performance of company, when use the ROA and Tobin’s Q measure the performance of company. while the independent directors, has a negative impact on the performance of company, however, there are conflicting significant results between the accounting and market measures for having a dual CEO/chairperson and board size. Uadiale (2010) focused on the board composition in Nigerian companies using 30 companies that were listed on Nigerian Stock Exchange (NSE) in 2007 and analyzed whether board structure (more specifically the proportion of NEDs)  had an effect on CFP, which measured by ROCE and ROE.  His study positively found the association between NEDs and CFP. Supriti Mishra and Pitabas Mohanty(2014)researched the corporate governance as a value driver for firm performance based on India, and found not only the board indicators influence the firm performance significantly, but also the proactive indicators influence the firm performance significantly, while legal compliance indicator does not do so, the composite corporate governance measure is a good predictor of firm performance.

3 Research Objectives 

4 Research Question
5 The content and structure of paper
6 Data resource 

7 Methodology 

8 References 文献

Berle, A, Means, G., The modern corporation and private property, Harcourt,, Brace&World, Reprint by transaction publishers, 1997.

Bai,Liu,Lu, Song and Zhang(2002): corporation government and firm valuations in China, working paper.

Campos, Newell and Wilson(2002): corporation government develops iin emerging markets, Mckinsey on Finance, Winter 2002, pp,15-18.

Core, John E., Guay, Wayne R, and Rusticus, Tjomme O.,”Does weal governmece cause weal stock returen? An examination of firm operation performance and analysis expectations”,September,2004.
Dickens, P. (2007) Global Shift: Mapping the Changing Contours of the world Economy. 5thedn. London: Sage.

Eng, L.L, and Y.T.Mark.Corporate governmence and voluntary disclosure[J].Journal of Accounting and Public Policu,2003,22:245-325.

Gompers, P.A., Ishii, J.L., Metrick, A., 2003. Corporate Governance and Equity Prices. Quarterly Journal of Economics 118 (1), 107–155.

Johnson, G., Scholes, K., and Whittington. R. (2008) Exploring Corporate Strategy: Texes and Cases. 8thedn.Harlow: Prentice Hall.

Hermalin, Benjamin E,. and Michael S,Weisbach, Board of directors as a endogenously determines institution：a survey of the economic literature, FRBNY Economic Policy Review,2001.

Ho,S.S.M,. and K.S.Wong.A study of corporate disclosure practice and effectiveness in Hong Kong[J],Journal of Internaitional Financial Management and Accounting, 2001,12:75-102.

Jacqueline Christensen, Pamela Kent & Jenny Stewart.2010. Corporate governance and company performance in Australia. Australian Accounting Review. No.55.Vol,20.pp 372-386.

Karpoff, J.M, Marr,M.W and Danielson, M.G (2000) Corporate Governance and Firm Performance. Oxford: Blackwell  Publishing Ltd.

Mallin, C. A. (2010). Corporate Governance. 3th ed. Great Britain: Oxford University Press.

McKinsey&Company(2002),Investors option survey on corporate government, London.

Monks, R.A.G. and Minow, N. (2004) Corporate Governance. 3rd edn. Oxford: Blackwell publishing.

Nikos Vafeas, Board meeting frequency and firm performance, Journal of Financial Economics.1999(53):113-142.

Padgett, D.K. (2008) Qualitative Methods in Social Work Research. 2nd edn. London: Sage.

Pathan, S., Skully, M. & Wickramanayake, J. (2007), "Board Size, Independence and Performance: An Analysis of Thai Banks", Asia-Pacific Financial Markets, vol. 14, no. 3, pp. 211-227.

Professor Chambers, A. (2008) Corporate Governance Handbook.4th edn. Haywards Heath: Tottel Publishing.

Saunders, M. Lewis, P. And Thornhill, A. (2003)  Research Methods for Business Students. Harlow: Prentice Hall/Financial Times.

Sun Yongxiang, Ownership financial structure and the corporation government, the Journal of Economics,1999,12.

Supriti Mishra, Pitabas Mohanty. 2014. Corporate governance as a value driver for firm performance: evidence from India. Corporate Governance. VOL.14NO.2.2014,pp265-280.

Titman, S,. and R,Wessels, 1988, the determinants of capital structure ,Journal of Finance, 43(1),1-19.

Waldrop , D. (2004) Ethical Issues in Qualitative Research with High Risk Population. Belmont : Thomson.

本文编号：41546