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首页> 外文期刊>Journal of Business Research >Strategic change and corporate governance: Evidence from the stock exchange industry
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Strategic change and corporate governance: Evidence from the stock exchange industry

机译：战略变革与公司治理：来自证券交易所行业的证据

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The literature suggests that demutualization improves financial performance, but most of these studies do not consider the corporate governance (CG) dimension to better understand this positive impact of demutualization. For a representative sample of global stock exchanges over a 21-year period, we examine the short and long term effects of demutualization on their financial performance. Unlike previous researchers, we also study whether the CG strategy of exchanges following demutualization affects their financial performance. Our major results indicate benefits from demutualization in the long term, and we find that improved performance is boosted by major restructuring in CG, when boards evolve to have fewer members but more specialized directors. Our results shed light on how demutualization strategy brings efficiencies by identifying attributes of corporate variables that explain how performance improved. This study provides guidance to exchanges considering demutualization. Results may also apply to firms facing major changes in their business environments.
机译：文献表明，股份制改善了财务绩效，但是大多数研究没有考虑公司治理（CG）维度来更好地理解股份制的积极影响。对于21年间全球股票交易所的代表性样本，我们研究了股份制对其财务业绩的短期和长期影响。与以前的研究人员不同，我们还研究了股份制改造后的CG交易策略是否会影响其财务绩效。我们的主要结果表明，从长期来看，股份制改造将带来好处，并且我们发现，随着董事会成员数量的减少，但董事的专业化程度提高，企业管治的重大重组可以提高绩效。我们的结果揭示了去股份化战略如何通过识别解释绩效如何改善的公司变量的属性来提高效率。该研究为考虑股份制化的交易所提供了指导。结果也可能适用于面临业务环境重大变化的公司。

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