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Corporate Governance as a Factor for Investment Decision Making on CEE Equity Markets

机译:公司治理是中东欧股权市场投资决策的一个因素

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In the developed stock markets the corporate governance aspect is crucial in the stock portfolio selection process for investor seeking to achieve shareholder value sustainability. In the emerging markets the importance of the corporate governance role just starts to be realized by the investors and by the corporate managers. The present research, looking at the stock performance leaders and laggards, analyzes whether the corporate governance system matters to achieve long-term shareholder value within the Central and Eastern European stock markets universe. Corporate governance quality was assessed and compared among the out- and underperformers. Additionally, the financial results plausibility and the ownership structure were considered. The obtained results provide the proof that the corporate governance does matter as the market outperformers have above average corporate governance quality and provide trustworthy financial results more often than the underperforming companies.
机译:在发达的股票市场中,公司治理对于寻求实现股东价值可持续性的投资者在股票投资组合选择过程中至关重要。在新兴市场中,公司治理角色的重要性才刚刚开始被投资者和公司经理所认识。本研究着眼于股票表现的领导者和落后者,分析了公司治理体系对于在中东欧股票市场范围内实现长期股东价值是否重要。对公司治理质量进行了评估,并在表现不佳和表现不佳的公司之间进行了比较。此外,还考虑了财务结果的合理性和所有权结构。所获得的结果证明,与市场表现不佳的公司相比,市场领先者的公司治理质量高于平均水平,并且更可信赖地提供财务业绩,因此公司治理的重要性。

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