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首页> 外文期刊>Studies in economics and finance >Ownership structure, corporate governance and firm performance Evidence from an African emerging market
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Ownership structure, corporate governance and firm performance Evidence from an African emerging market

机译：所有权结构，公司治理和公司绩效来自非洲新兴市场的证据

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摘要

Purpose - In spite of an abundance of corporate governance literature across the world, the Botswana corporate sector is lacking. The purpose of this study is to investigate the relationship among the ownership structure, board characteristics and financial performance to determine the role of corporate governance in the performance behavior of companies listed in such an emerging market in Africa as Botswana. Design/methodology/approach - Ordinary least square (OLS) models are applied to Botswana Stock Exchange listed firms over the period 2000-2007 to determine the role of corporate governance in the performance behavior of companies listed in an emerging market. Findings - The empirical evidence shows distinct nature of corporate governance behavior among alternative performance measures used, in particular, between accounting-based/hybrid and market-based measures. Practical implications - Such diversified findings provide the policy-makers with insights to take appropriate measures on corporate governance and stock market development in order to ensure their efficiency. Originality/value - The approach of this study is different from the other available literature as it captures all types of shareholdings together in addition to other corporate governance and firm-specific predictable variables.
机译：目的-尽管世界各地都有大量的公司治理文献，但博茨瓦纳缺乏公司部门。这项研究的目的是调查所有权结构，董事会特征和财务绩效之间的关系，以确定公司治理在非洲这样的新兴市场（如博茨瓦纳）上市的公司的绩效行为中的作用。设计/方法/方法-在2000年至2007年期间，将普通最小二乘（OLS）模型应用于博茨瓦纳证券交易所的上市公司，以确定公司治理在新兴市场上市公司的绩效行为中的作用。调查结果-经验证据表明，在使用的其他绩效指标中，特别是在基于会计/混合指标和基于市场的指标之间，公司治理行为具有明显的性质。实际意义-如此多样化的发现为决策者提供了见识，以针对公司治理和股票市场发展采取适当措施，以确保其效率。原创性/价值-这项研究的方法与其他现有文献不同，因为它可以将所有类型的股权一起捕获，除了其他公司治理和公司特定的可预测变量之外。

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