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首页> 外文期刊>International Journal of Business and Management >An Empirical Examination of the Relationship between Corporate Governance Ratings and Listed Companies’ Performance
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An Empirical Examination of the Relationship between Corporate Governance Ratings and Listed Companies’ Performance

机译：对公司治理等级与上市公司绩效之间关系的实证检验

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This study examines the relationship between corporate governance ratings and firm performance, including both a global measure of corporate governance and four sub-indices corresponding Audit, Board Structure, Shareholder Rights and Compensation, provided by Institutional Shareholder Services (ISS). The corporate governance ratings represent a proper approximation of the quality of corporate governance practices from inside the companies. This fact determines the investors which seek to hold shares in certain companies for a long term to be interested in the quality of corporate governance practices related to those companies. Using the cross-sectional multiple linear regression model for a random sample of 155 U.S. companies listed at New York Stock Exchange, NASDAQ and NYSE Amex Equities, belonging to twenty industries, in 2011, our research emphasizes a negative relationship between corporate governance global rating and firm performance. Also, we find a negative relationship between corporate governance sub-indices and firm performance, with some exceptions. However, when we removed the companies from financial and real estate sectors, respectively 29 companies, resulting another sample of 126 companies, the results support the same findings. This study reveals that the commercial corporate governance ratings, like Governance Risk Indicators (GRId), provided by Institutional Shareholder Services (ISS) are affected by measurement errors. This research is important to the shareholders and investors globally, who are using commercial corporate governance ratings, in order to identify and quantify the risks of their investments. Our study suggests that shareholders and investors should not base entirely on commercial corporate governance ratings in their investment decisions, because they couldn’t take the proper investment decision each time.
机译：本研究考察了公司治理评级与公司绩效之间的关系，包括对公司治理的全球衡量和由机构股东服务（ISS）提供的四个子指数，分别对应于审计，董事会结构，股东权利和薪酬。公司治理评级代表了公司内部公司治理实践质量的适当近似值。这一事实决定了寻求长期持有某些公司股票的投资者对与那些公司有关的公司治理实践的质量感兴趣。 2011年，我们使用横断面多元线性回归模型对在纽约证券交易所，纳斯达克和纽约证券交易所Amex股票交易所上市的155个美国公司进行了随机抽样，这些公司属于20个行业，我们的研究强调了公司治理全球评级与公司业绩。此外，除了某些例外，我们发现公司治理子指数与公司绩效之间存在负相关关系。但是，当我们分别从金融和房地产领域中的29家公司中撤出公司，又对126家公司进行抽样时，结果支持相同的发现。这项研究表明，机构股东服务（ISS）提供的商业公司治理评级（如治理风险指标（GRId））受度量误差的影响。对于使用商业公司治理评级的全球股东和投资者而言，这项研究对于识别和量化其投资风险至关重要。我们的研究表明，股东和投资者在投资决策中不应完全基于商业公司治理评级，因为他们不能每次都做出正确的投资决策。

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