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首页> 外文期刊>PLoS One >Do corporate governance structure and capital structure matter for the performance of the firms? An empirical testing with the contemplation of outliers
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Do corporate governance structure and capital structure matter for the performance of the firms? An empirical testing with the contemplation of outliers

机译：公司治理结构和资本结构是否履行公司的表现？ 具有沉思异常值的经验测试

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A superlative combination of the Board of Directors (BOD) with diverse members is considered a sign of a good governance structure. Meanwhile, the key decision taken by BOD to make organizations profitable is the capital structure with the optimal mix of debt and equity. Unfortunately, previous literature has reported this relationship with a mixed trend, which may be due to research gaps in the statistical analysis. Moreover, it also shows that the relationship between them has not yet been fully predicted and can still be completely understood. This study contains time-variant and time-invariant variables, and these variables usually have an outlier’s problem. As we know that the OLS estimators are more sensitive to react adversely to this problem, yet we have not received enough evidence from similar researches that cares about it. Consistent with these arguments, this study focuses primarily on exploring the influence of corporate governance structure and the capital structure on firms' market-oriented and accounting-based performance, especially with the contemplation of outliers. Hypotheses have been evaluated using M-estimators and S-estimators of robust regression for 45 listed firms for the period from 2013 to 2017. The findings reveal that the governance structure of firms with BOD, independent director, institutional investors, audit committee and female directors accelerates its performance. Further, we find that the leverage ratio improves accounting performance, but it has a downward impact on the share prices of listed firms. Our study contributes to the prevailing literature by proving that the kind of governance structure that based on diverse expert members and a capital structure with a high volume of debt is of utmost importance to the performance of firms as a whole.
机译：董事会（BOD）与各种成员的最高级组合被认为是良好治理结构的标志。同时，BOD为使组织盈利的关键决定是具有最佳债务和股权组合的资本结构。不幸的是，以前的文献已经报告了这种关系与混合趋势，这可能是由于统计分析中的研究差距。此外，它还表明它们之间的关系尚未完全预测，并且仍然可以完全理解。本研究包含时间变量和时间不变变量，这些变量通常具有异常值的问题。正如我们所知，OLS估计对于对这个问题的反应更敏感，但我们尚未收到足够的证据来自关心它的类似研究。这项研究主要符合这些论点，主要侧重于探索公司治理结构的影响和资本结构对公司的市场导向和基于会计的绩效，特别是在思考异常值。 2013年至2017年期间的45个上市公司的M估计和S估计已经使用M-Experators和S估算评估了假设。该调查结果表明，与BOD，独立董事，机构投资者，审计委员会和女董事公司的治理结构加速其性能。此外，我们发现杠杆比率提高了会计绩效，但它对上市公司的股价下降淡。我们的研究通过证明基于不同专家成员的治理结构和具有大量债务量的资本结构的治理结构至关重要，这对整个公司的表现至关重要。

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