Corporate Governance, Firm Performance, and Economic Growth – Theoretical Analysis

Škare, Marinko; Hasić, Tea

doi:10.3846/16111699.2015.1071278

Cited by 50 publications

(37 citation statements)

References 52 publications

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“…This result agrees with the theoretical argument: the ownership structure is supposed to affect the process of decision making which in turn impacts the financial performance of firms. Previous literature demonstrate a positive impact of corporate governance on firms' performance which in turn affect the growth of the economy (Škare & Hasic, 2009).…”

Section: Return On Capital Employedmentioning

confidence: 99%

The impact of corporate governance practices on firm’s performance: An empirical evidence from Indian tourism sector

Yameen¹,

Farhan²,

Tabash³

2019

Journal of International Studies

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The growth of Indian companies in recent years has led to a change in the nature of the economy which attracted outsider investors from developed countries who demanded robust corporate governance practices from Indian companies which made regulators and competitors gave a great effort to restructure corporate governance. Therefore, this paper aims to investigate the effect of corporate governance practices on firms' performance, with a special reference to the Indian tourism sector. The study uses a panel dataset of 39 hotels listed on Bombay Stock Exchange (BSE) for the period from 2013/2014 to 2015/2016. The ordinary least square regression model is run for estimating the results. Findings show that board directors' size and audit committee's size negatively impact the performance of Indian hotels, while board directors' composition and diligence, the audit committee's composition and diligence, and foreign ownership positively affect the performance of Indian hotels measured by accounting proxies. Results also reveal that board directors' size, audit committee's size, and foreign ownership positively impact the Indian hotels' performance measured by marketing proxies, whereas board directors' composition; board directors' diligence; audit committee's composition; and audit committee's diligence have a negative impact on the performance of Indian hotels.

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Section: Return On Capital Employedmentioning

confidence: 99%

The impact of corporate governance practices on firm’s performance: An empirical evidence from Indian tourism sector

Yameen¹,

Farhan²,

Tabash³

2019

Journal of International Studies

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“…The dynamic and flexible ISSN 2162-3082 2017 corporate governance system claims more demand as compared to rigorous corporate governance principles. The ideal corporate governance system can be drawn by considering both tangible and intangible firm's values (Škare & Hasić, 2016). Similarly, the role of media and reputation can draw a good example the about effect of intangible and soft forces in corporate decision making.…”

Section: Discussionmentioning

confidence: 99%

Corporate Governance, Socio-Economic Factors and Economic Growth: Theoretical Analysis

Arslan

Roudaki²

2017

ijafr

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Corporate governance (CG) fosters dynamic economic growth through managing stakeholder interest and reducing the cost of capital which ultimately lead towards the development of financial markets and better firm performance. Recently, regulators and policy makers around the world either have revised extensively or introduced new laws, codes and listing regulations to enhance effectiveness and transparency of corporate governance practices. Established economic theories were already aware of the significance of corporate governance for development and economic growth. This study assesses the link between corporate governance, socio-economic factors and economic growth through a consistent literature review. A majority of studies show a positive effect of corporate governance on economic growth of a country through stock market development. Moreover, theoretical and empirical research reveals that socio-economic factors are also a pivotal determinant of corporate governance mechanisms. This study summarizes the key findings and concludes that dynamic and flexible corporate governance system claims more demand as compared to rigorous corporate governance principles especially in emerging countries. This study also finds the need of methodological advancement in corporate governance research. Nevertheless, the social economic factors, political and legal system of the country should be blended in introduction and adaption of corporate governance system. The regulators and policy makers can use theoretical grounds o f study for reforms of the corporate governance system.

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“…Williamson (2000, p. 605). He believes that the ruling politic-economic structure (nomenclature of authorities) is always responsible for the development of institutions changes (Cvilikas, Jurkonyte-Dumbliauskiene, 2016;Škare & Hasić, 2016). A similar opinion represent Denzau A. and D. North (1994).…”

Section: Theoretical Frameworkmentioning

confidence: 92%

Levels and Factors of Transitional Crisis in Bosnia and Herzegovina, Montenegro, and Serbia

Drašković

Jovović

Draskovic

et al. 2017

Economics &Amp; Sociology

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ABSTRACT. This paper analyzes and explores the perception of the relevant subjects on impact degree of the five negative factors: a) path dependence -inherited crisis factors in socialism, b) globalization of geopolitics and geo-economics, c) the responsibilities of governing structures, d) deficit of realistic and pluralistic institutional changes, and e) neoliberal economic policies at the level of the transition crisis in Bosnia and Herzegovina, Serbia, and Montenegro. The aim is to determine the perceptions of respondents about the individual and the overall impact of selected factors on the transitional crisis. It starts from the hypothesis that in the transitional period all these countries had an increased level of socio-economic turmoil with dominating negative impact of the above mentioned factors. The conclusion is that overcoming the crisis requires consistent implementation of many social changes and economic reforms, which will induce the reduction and/or neutralization of all explored negative factors of influence, regardless of the expressed perception of their importance. The starting hypothesis has been fully proven using the multi linear regression analysis and a multiple hierarchical regression analysis.

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Corporate Governance, Firm Performance, and Economic Growth – Theoretical Analysis

Cited by 50 publications

References 52 publications

The impact of corporate governance practices on firm’s performance: An empirical evidence from Indian tourism sector

The impact of corporate governance practices on firm’s performance: An empirical evidence from Indian tourism sector

Corporate Governance, Socio-Economic Factors and Economic Growth: Theoretical Analysis

Levels and Factors of Transitional Crisis in Bosnia and Herzegovina, Montenegro, and Serbia

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