公司治理是否影响印度公司的投资效率?来自新治理指数的面板证据

IF 0.9 Q3 BUSINESS, FINANCE
Akash Singh Yadav, Inder Sekhar Yadav
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引用次数: 0

摘要

本研究考察了 506 家印度上市公司的公司治理(CG)对投资效率低下的影响。利用公司治理的新规定和全球公认的治理实践,构建了公司治理总指数(CGI)和五个分指数,如董事会指数(BINDEX)、审计指数(AINDEX)、所有权指数(OINDEX)、提名和薪酬指数(NRINDEX)以及信息披露指数(DINDEX)。利用新开发的治理指数和公司特定的控制变量,对几个集合回归模型进行了估计。使用两步系统 GMM 和管理投资效率的替代指标进行了稳健性检验。结果发现,公司治理指数和分指数(OINDEX 指数除外)对投资效率低下、投资过度和投资不足的综合估计系数为负且显著,这表明公司层面的有效/稳健治理通过有效监督和监测减少了投资效率低下(提高了投资效率),从而减少了管理者的机会主义行为。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Does corporate governance affect investment efficiency of Indian firms? Panel evidence from new governance indices

Does corporate governance affect investment efficiency of Indian firms? Panel evidence from new governance indices

This study examines the effects of corporate governance (CG) on investment inefficiency for 506 Indian listed firms. Using new stipulations of CG and globally recognized governance practices, an overall corporate governance index (CGI) and five sub-indices such as board index (BINDEX), audit index (AINDEX), ownership index (OINDEX), nomination and remuneration index (NRINDEX), and disclosure index (DINDEX) were constructed. Employing newly developed governance indices along with firm-specific control variables, several pooled regression models were estimated. Robustness checks were conducted using two-step system GMM and an alternate measure of managerial investment efficiency. The pooled estimated coefficient of CGI and sub-indices (except OINDEX) on investment inefficiency, overinvestment and underinvest is found to be negative and significant suggesting that effective/robust governance at firm level reduces investment inefficiencies (improves investment efficiency) through effective supervision and monitoring thereby reducing the opportunistic behavior of managers.

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来源期刊
CiteScore
2.30
自引率
7.10%
发文量
69
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