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首页> 外文期刊>International Journal of Business and Management >S&P/TSX 300 Companies’ Political Connections, Compliance with Board of Directors Regulations and Financial Performance
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S&P/TSX 300 Companies’ Political Connections, Compliance with Board of Directors Regulations and Financial Performance

机译：S＆P / TSX 300公司的政治联系，对董事会法规的遵守和财务绩效

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摘要

Corporate governance best practices, especially when not mandated, usually mitigate risk and provide value added (Agrawal & Knober, 1996). Many authors have demonstrated a link between corporate governance and institutional and regulatory environments (Claessens & Yurtoglu, 2012; LaPorta, Lopez-de-Silanes, Shleifer & Vishny 1998; Liu, 2006; Matoussi & Jardak, 2012) and even political power (Claessens & Yurtoglu, 2012). Political connections are known to result in numerous privileges for firms, such as decreased regulatory oversight (Faccio, 2006) and improved financial performance. This paper investigates compliance with governance regulations and political connections as separate topics, as other studies have done, but also looks at their combined effect by analyzing data on the financial performance of S&P/TSX companies. Our results show that regulatory compliance alone does not significantly impact on financial performance, political connections alone have a positive and very significant effect, and both factors combined have a more positive and significant impact than they have individually. We conclude that the analysis confirms our research hypotheses.
机译：公司治理最佳实践，特别是在没有强制执行的情况下，通常可以降低风险并提供增值（Agrawal＆Knober，1996）。许多作者已经证明了公司治理与制度和监管环境之间的联系（Claessens和Yurtoglu，2012; LaPorta，Lopez-de-Silanes，Shleifer和Vishny，1998; Liu，2006; Matoussi和Jardak，2012）甚至是政治权力（Claessens）。 ＆Yurtoglu，2012）。众所周知，政治联系可以为企业带来许多特权，例如减少监管监督（Faccio，2006年）和改善财务绩效。与其他研究一样，本文将治理法规和政治联系的遵守情况作为单独的主题进行研究，但同时也通过分析S＆P / TSX公司财务绩效的数据来考察它们的综合作用。我们的结果表明，仅合规性不会对财务绩效产生重大影响，仅政治联系会产生积极且非常显着的影响，并且这两个因素的总和要比单独产生更积极和显着的影响。我们得出结论，该分析证实了我们的研究假设。

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