董事会特点,机构所有权和投资效率:来自新兴市场的证据
Shahid Ali1, Muhammad Farooq2, Zhou Xiaohong1
1School of Economics and Management, Anhui Polytechnic University, Wuhu, Anhui, China.
PloS one
|February 7, 2024
概括
董事会治理显著影响巴基斯坦证券交易所 (PSX) 公司的投资效率 (IE). 修订的公司治理 (CG) 代码改善了IE,尽管总体CG水平仍然令人担忧.
科学领域:
- 公司治理 公司治理
- 金融经济学 金融经济学
- 投资效率 投资效率 投资效率 投资效率
背景情况:
- 董事会治理机制对于公司投资效率至关重要.
- 机构所有权 (IO) 可能会影响董事会结构和IE之间的关系.
- 对PSX上市公司来说,了解不断变化的公司治理 (CG) 代码的影响至关重要.
研究的目的:
- 调查董事会治理对PSX上市公司IE的影响.
- 检查IO在董事会-IE关系中的调节作用.
- 分析CG代码修订对IE的影响.
主要方法:
- 在PSX上市的155家非金融企业的样本 (2004-2018).
- 以企业的增长机会来衡量IE.
- 用于分析的随机效应模型和配对样本t测试.
主要成果:
- 董事会规模是积极的,董事会多样性对IE产生负面影响.
- IO显著调节了董事会独立性-IE关系.
- 修订后的CG代码 (2012) 改进了IE;多样性对IE后修订产生了积极的影响,而董事会的独立性没有.
结论:
- 董事会治理改革改善了PSX上市公司的IE.
- 尽管有所改善,但整体CG水平仍需要监管机构的关注.
- 董事会的多样性成为IE后CG代码修订的关键驱动因素.
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