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首页> 外文期刊>International Journal of Accounting Research >Does Corporate Governance Matter? Evidence from New Chinese Corporate Governance Disclosures
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Does Corporate Governance Matter? Evidence from New Chinese Corporate Governance Disclosures

机译：公司治理重要吗？新中国公司治理披露的证据

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This paper examines the association between corporate governance, financial distress risk, and firm financial and market performance by using the Corporate Governance in Finance (CGF) Index developed for Chinese firms. We find that the CGF Index is significantly negatively associated with financial distress risk measured by the Zmijewski-score, O-score, and Z-score. We also find that accounting and market performance measures are significantly positively related to the CGF Index. Finally, for the short-window cumulative abnormal returns (CAR), we find that, around the release of CGF Index, the CAR of firms with lower scores are significantly negative, while that of firms with higher CGF Index scores are not significant. Our results provide further support for the important role of corporate governance effectiveness in the financial reporting process in the emerging markets.
机译：本文使用为中国公司开发的企业财务管理指数（CGF），研究了公司治理，财务困境风险以及公司财务和市场绩效之间的关联。我们发现CGF指数与Zmijewski评分，O评分和Z评分所衡量的财务困境风险显着负相关。我们还发现，会计和市场绩效指标与CGF指数显着正相关。最后，对于短期累积异常收益（CAR），我们发现，在CGF指数发布前后，得分较低的公司的CAR显着为负，而CGF得分较高的公司的CAR则不显着。我们的结果为新兴市场中公司治理有效性在财务报告流程中的重要作用提供了进一步的支持。

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