دانلود رایگان مقاله انگلیسی حاکمیت شرکتی، ساختار سرمایه و عملکرد شرکت - الزویر 2017

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عنوان فارسی

حاکمیت شرکتی، ساختار سرمایه و عملکرد شرکت: شواهد ارائه شده در کشور تایلند

عنوان انگلیسی

Corporate governance, capital structure and firm performance: Evidence from Thailand

صفحات مقاله فارسی

0

صفحات مقاله انگلیسی

21

سال انتشار

2017

نشریه

الزویر - Elsevier

فرمت مقاله انگلیسی

PDF

نوع مقاله

ISI

نوع نگارش

مقالات پژوهشی (تحقیقاتی)

رفرنس

دارد

پایگاه

اسکوپوس

کد محصول

E10519

رشته های مرتبط با این مقاله

مدیریت، اقتصاد

گرایش های مرتبط با این مقاله

مدیریت استراتژیک، مدیریت عملکرد، مدیریت کسب و کار

مجله

تحقیق در امور مالی و تجاری بین المللی - Research in International Business and Finance

دانشگاه

Faculty of Business Administration and Accountancy - Khon Kaen University - Thailand

کلمات کلیدی

حاکمیت شرکتی، اهرم مالی، عملکرد شرکت، متغیر واسطه

doi یا شناسه دیجیتال

http://dx.doi.org/10.1016/j.ribaf.2017.07.011

برای سفارش ترجمه این مقاله با کیفیت عالی و در کوتاه ترین زمان ممکن توسط مترجمین مجرب سایت ایران عرضه؛ روی دکمه سبز رنگ کلیک نمایید.

چکیده

ABSTRACT

We examine the relationship between corporate governance and firm performance for a panel sample of 493 firms of non-financial firms in Thailand during the period 2001–2014. We find that for the full sample, corporate governance is not associated with financial leverage and firm performance. Leverage has a positive effect on firm performance. When we split firms into small and large firm subsamples, we observe some influence of corporate governance. The negative effect of audit committee size on firm performance is evident for large firms while the effect of audit reputation on firm performance is evident for small firms only. Furthermore, financial leverage mediates the effect of audit committee size on firm performance for the large firms.

نتیجه گیری

Conclusion

Corporate governance is one of the hottest topics, especially in the aftermath of firm failures and/or a banking/financial crisis. Two important questions have often been asked: First, can strong corporate governance reduce the firm’s risk (e.g., investment risk and financing risk)? Second, do firms with strong corporate governance perform better those with weak corporate governance? While empirical results appear to be mixed, many regulators around the world have firm beliefs that strong corporate governance would reduce the probability of the firm taking on excessive risk (e.g., over-leveraged) and enhance firm performance. In this paper, we use a large sample that covers non-financial firms listed in Thailand during the period 2001–2014 to shed light on of the relationships between corporate governance, financial leverage, and firm performance. We find that for an average firm, corporate governance (i.e., board size, board independence, audit committee size, female directorship, CEO duality, ownership concentration, and audit reputation) has no effect on leverage and performance. However, we find that leverage partially mediates the effect of audit committee size on firm performance for large firms only. To the best of our knowledge, we are one of the first to show that corporate governance exerts the indirect effect on firm performance via financial leverage for firms in an emerging market economy.

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