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Impact of corporate governance norms on the performance of Indian utilities

机译：公司治理规范对印度公用事业绩效的影响

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This paper investigates the role of corporate governance (CG) on the financial and operational (technical-cum-commercial) performance of India utilities. The Indian power sector, in the past, was mainly driven by electoral and political considerations that led to an unsustainable level of performance. The Indian Electricity Act 2003, brought a common framework of reforms at the national level. After more than fifteen years of reforms, results at the distribution end are still mixed. We argue that the 'external causes' unleashed from the reform process should be a catalyst to more significant internal management changes. To quantify these changes, we compute the CG index and then employ data of 48 power utilities from 19 Indian states for the year 2016-17 to see the impact of this index on their performance. We find a positive relationship between the CG index and the performance of the utilities. An important policy implication is that improvement in CG is worth pursuing even in utilities where arm's length between government and the utility is not possible, as the government is the owner of these utilities.
机译：本文调查了公司治理（CG）对印度公用事业的金融和业务（技术暨商业）绩效的作用。过去，印度电力部门主要由选举和政治考虑因素而导致不可持续的绩效水平。 2003年印度电力法案，在国家层面带来了共同的改革框架。经过十五年以上的改革，分销端的结果仍然混合。我们认为，“外部原因”从改革过程中释放出来应成为更重要的内部管理变化的催化剂。为了量化这些变化，我们计算CG指数，然后从2016-17年从19岁的印度州使用48个电力公用事业的数据，以便看到这一指数对其表现的影响。我们在CG指数与实用程序的性能之间找到了积极的关系。重要的政策含义是，即使在政府之间的公用事业和效用之间的公用事业中，CG的改进是值得追求的，因为政府是这些公用事业的所有者。

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