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Corporate Governance, Family Ownership and Firm Value: the Canadian evidence

机译：公司治理，家族所有权和公司价值：加拿大的证据

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摘要

We analyse the relationship between firm value, as measured by Tobin's q, and newly released indices of effective corporate governance for a sample of 263 Canadian firms. The results indicate that corporate governance does matter in Canada. However, not all elements of measured governance are important, and the effects of governance do differ by ownership category. For the entire sample of firms we find no evidence that a total governance index affects firm performance. This is mainly because we find no evidence that board independence, the most heavily-weighted sub-index, has any positive effect on firm performance. Indeed, for family-owned firms we find that the effect is negative. In general, sub-indices measuring effective compensation, disclosure and shareholder rights practices enhance performance and this is true for most ownership types. We also find no evidence that governance practices are endogenous.
机译：我们对以263家加拿大公司为样本的公司价值（通过托宾q度量）与新发布的有效公司治理指数之间的关系进行了分析。结果表明，公司治理在加拿大确实很重要。但是，并不是衡量的治理的所有要素都很重要，而且治理的效果确实因所有权类别而异。对于整个公司样本，我们找不到任何证据表明总体治理指数会影响公司绩效。这主要是因为我们找不到证据表明董事会独立性（权重最高的子指数）对公司绩效有积极影响。确实，对于家族企业，我们发现这种影响是负面的。通常，衡量有效补偿，披露和股东权利惯例的子指数可以提高绩效，这对于大多数所有权类型而言都是如此。我们也没有发现证据表明治理实践是内生的。

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