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How corporate governance affect firm value and profitability? Evidence from Saudi financial and non-financial listed firms

机译：公司治理如何影响公司价值和盈利能力？来自沙特金融和非金融上市公司的证据

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摘要

This paper investigates the possible effects of corporate governance (CG) mechanisms on the firm market and accounting value (FV) in Saudi Arabia after the 2011 CG reforms using a sample of 300 annual reports of financial and non-financial companies listed on Tadawul from 2012 to 2016. Our results are suggestive of heterogeneous effects of CG mechanisms on firm value and profitability in that they might have either encouraged or discouraged FV in Saudi Arabia. This means that, averagely, better-governed firms tend to achieve better market value, but not necessarily a better accounting value. Our findings indicate that implementing a voluntary ' comply-or-explain ' CG regime in Saudi Arabia has, so far, a limited impact on FV. This implies that developing other enforcement mechanisms for CG provisions, such as appending good CG practices to listing rules for companies to comply with, might lead to better financial results for those well-governed companies in Saudi Arabia. Despite the limitations, it is hoped that our study can inspire further examinations in this research area.
机译：本文以2012年在Tadawul上市的300家金融和非金融公司年度报告为样本，研究了2011年公司治理改革后，公司治理（CG）机制对沙特阿拉伯公司市场和会计价值（FV）的可能影响。到2016年。我们的结果表明，企业管治机制对公司价值和盈利能力的影响各不相同，因为它们可能鼓励或挫败了沙特阿拉伯的FV。这意味着，通常，治理较好的公司往往会获得更好的市场价值，但不一定会获得更好的会计价值。我们的发现表明，到目前为止，在沙特阿拉伯实施自愿的“遵守或解释”企业管治制度对FV的影响有限。这意味着开发其他有关企业管治条款的强制执行机制，例如将良好的企业管治规范附加到公司遵守的上市规则上，可能会为沙特阿拉伯那些治理良好的公司带来更好的财务业绩。尽管存在局限性，但希望我们的研究能够启发该研究领域的进一步检查。

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