Corporate governance and performance around the world : What we know and what we don't

IF 8.7 1区经济学 Q1 DEVELOPMENT STUDIES

World Bank Research Observer Pub Date : 2011-02-01 DOI:10.1093/WBRO/LKP030

Inessa Love

引用次数: 147

Abstract

This report surveys a vast body of literature devoted to evaluating the relationship between corporate governance and performance as measured by valuation, operating performance or stock returns. Most of the evidence to date suggests a positive association between corporate governance and various measures of performance. However, this line of research suffers from endogeneity problems that are difficult to resolve. There is no consensus yet on the nature of the endogeneity in governance-performance studies and this survey proposes an approach to resolve it. The emerging conclusion is that corporate governance is likely to develop endogenously and depend on specific characteristics of the firm and its environment.

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全球公司治理与绩效:我们知道什么，不知道什么

本报告调查了大量致力于评估公司治理与业绩(以估值、经营业绩或股票回报衡量)之间关系的文献。迄今为止，大多数证据都表明，公司治理与各种绩效指标之间存在正相关关系。然而，这一行的研究遭受了难以解决的内生性问题。关于治理绩效研究中的内生性的性质尚未达成共识，本调查提出了解决这一问题的方法。新出现的结论是，公司治理可能是内生发展的，并取决于公司及其环境的具体特征。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

World Bank Research Observer Multiple-

CiteScore

12.60

自引率

1.20%

发文量

期刊介绍： The World Bank Journals, including the Research Observer, boast the largest circulation among economics titles. The Research Observer is distributed freely to over 9,100 subscribers in non-OECD countries. Geared towards informing nonspecialist readers about research within and outside the Bank, it covers areas of economics relevant for development policy. Intended for policymakers, project officers, journalists, and educators, its surveys and overviews require only minimal background in economic analysis. Articles are not sent to referees but are assessed and approved by the Editorial Board, including distinguished economists from outside the Bank. The Observer has around 1,500 subscribers in OECD countries and nearly 10,000 subscribers in developing countries.