voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2008-10-62-76voprecotest-1360Research ArticleКОРПОРАТИВНОЕ УПРАВЛЕНИЕCORPORATE GOVERNANCEКорпоративное управление и финансовая эффективность компании: мета-анализCorporate Governance and Financial Performance: A Meta-AnalysisГизатуллинА.GizatullinA.

ассистент кафедры финансового менеджмента

 

Казанский государственный финансово-экономический институтРоссияKazan State Finance and Economics InstituteRussian Federation2008201020080106276Copyright © Voprosy Ekonomiki, NP, 20082008Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/1360

Вопрос о влиянии корпоративного управления на эффективность компании относится к наиболее актуальным аспектам теории фирмы и корпоративных финансов. В статье представлен мета-анализ эмпирических исследований, посвященных изучению взаимосвязи агрегированных показателей качества корпоративного управления и финансовой эффективности компании. Исследование проводится на глобальной выборке по материалам большой выборки развитых и развивающихся стран. Результаты исследования позволяют оценить подлинный уровень и механизмы данной взаимосвязи в зависимости от правового, политического и экономического контекста.

The question of the influence of corporate governance on financial performance refers to the most vital topics of theory of the firm and corporate finance. The article is devoted to meta-analysis of empirical studies of the link between aggregate indicators of corporate governance quality and company’s financial performance. The study is based on the global sample of developed and developing countries data. Research results allow for assessment of true level and mechanisms of this interrelation with respect to legal, political, and economic environment.

корпоративное управлениефинансовая эффективностьстейкхолдерымета-анализcorporate governancefinancial performancestakeholdersmeta-analysisReferencesAhmed K., Courtis J. K. Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis // The British Accounting Review. 1999. Vol. 31, No 1. P. 35-61.Ahmed K., Courtis J. K. Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis // The British Accounting Review. 1999. Vol. 31, No 1. P. 35-61.Allouche J., Laroche P. A meta-analytical examination of the link between corporate social and financial performance // Cahier de recherché / Université Paris I - Panthéon -Sorbonne. 2005.Allouche J., Laroche P. A meta-analytical examination of the link between corporate social and financial performance // Cahier de recherché / Université Paris I - Panthéon -Sorbonne. 2005.Anderson A., Gupta P. P. A cross-country comparison of corporate governance and firm performance nexus: Do financial structure and the legal system of a country matter? // Working paper / Lehigh University. 2006.Anderson A., Gupta P. P. A cross-country comparison of corporate governance and firm performance nexus: Do financial structure and the legal system of a country matter? // Working paper / Lehigh University. 2006.Bauer R., Günster N., Otten R. Empirical evidence on corporate governance in Europe // Journal of Asset Management. 2003. Vol. 5, No 2. P. 91-104.Bauer R., Günster N., Otten R. Empirical evidence on corporate governance in Europe // Journal of Asset Management. 2003. Vol. 5, No 2. P. 91-104.Cornelius P. Corporate practices and national governance systems: What do country rankings tell us? // German Law Journal. 2005. Vol. 6, No 3. P. 583-604.Cornelius P. Corporate practices and national governance systems: What do country rankings tell us? // German Law Journal. 2005. Vol. 6, No 3. P. 583-604.Dalton D. R., Daily C. M., Ellstrand A. E., Johnson J. L. Meta-analytic reviews of board composition, leadership structure, and financial performance // Strategic Management Journal. 1998. Vol. 19, No 3. P. 269-290.Dalton D. R., Daily C. M., Ellstrand A. E., Johnson J. L. Meta-analytic reviews of board composition, leadership structure, and financial performance // Strategic Management Journal. 1998. Vol. 19, No 3. P. 269-290.Denis D. K., McConnell J. J. International corporate governance // Working paper / Purdue University. 2002; Claessens S. Corporate governance and development. Washington, DC: World Bank, 2003.Denis D. K., McConnell J. J. International corporate governance // Working paper / Purdue University. 2002; Claessens S. Corporate governance and development. Washington, DC: World Bank, 2003.Doidge C., Karolyi G. A., Stulz R. M. Why do countries matter so much for corporate governance? // Journal of Financial Economics. 2007. Vol. 86, No 1. P. 1-39.Doidge C., Karolyi G. A., Stulz R. M. Why do countries matter so much for corporate governance? // Journal of Financial Economics. 2007. Vol. 86, No 1. P. 1-39.Durnev A., Kim E. H. The interplay of firm-specific factors and legal regimes in corporate governance and firm valuation // Working paper / University of Michigan. 2002.Durnev A., Kim E. H. The interplay of firm-specific factors and legal regimes in corporate governance and firm valuation // Working paper / University of Michigan. 2002.Duval S. J., Tweedie R. L. Trim and fill: A simple funnel-plot-based method of testing and adjusting for publication bias in meta-analysis // Biometrics. 2000. Vol. 56. P. 455-463.Duval S. J., Tweedie R. L. Trim and fill: A simple funnel-plot-based method of testing and adjusting for publication bias in meta-analysis // Biometrics. 2000. Vol. 56. P. 455-463.Egger M., Smith G. D., Scheider M., Minder C. Bias in meta-analysis detected by a simple, graphical test // British Medical Journal. 1997. Vol. 316. P. 629-634.Egger M., Smith G. D., Scheider M., Minder C. Bias in meta-analysis detected by a simple, graphical test // British Medical Journal. 1997. Vol. 316. P. 629-634.Fan P. S. Review of literature and empirical research on corporate governance // Research paper / Monetary Authority of Singapore. 2004.Fan P. S. Review of literature and empirical research on corporate governance // Research paper / Monetary Authority of Singapore. 2004.Glass G. V. Primary, secondary, and meta-analysis of research // Educational Researcher. 1976. Vol. 5. P. 3-8.Glass G. V. Primary, secondary, and meta-analysis of research // Educational Researcher. 1976. Vol. 5. P. 3-8.Gompers P. A., Ishii J. L., Metrick A. Corporate governance and equity prices // Quarterly Journal of Economics. 2003. Vol. 118. P. 107-155.Gompers P. A., Ishii J. L., Metrick A. Corporate governance and equity prices // Quarterly Journal of Economics. 2003. Vol. 118. P. 107-155.Hay D., Knechel W. R., Wong N. Audit fees: A meta-analysis of the effect of supply and demand attributes // Working paper / University of Auckland. 2004.Hay D., Knechel W. R., Wong N. Audit fees: A meta-analysis of the effect of supply and demand attributes // Working paper / University of Auckland. 2004.Hedges L. V., Olkin I. Statistical methods for meta-analysis. Orlando, FL: Academic Press, 1985.Hedges L. V., Olkin I. Statistical methods for meta-analysis. Orlando, FL: Academic Press, 1985.Hunt M. How science takes stock. N. Y.: Russell Sage Foundation, 1997.Hunt M. How science takes stock. N. Y.: Russell Sage Foundation, 1997.Hunter J. E., Schmidt F. L. Methods of meta-analysis: Correcting error and bias in research findings. 2nd ed. Thousand Oaks, CA: Sage, 2004.Hunter J. E., Schmidt F. L. Methods of meta-analysis: Correcting error and bias in research findings. 2nd ed. Thousand Oaks, CA: Sage, 2004.Klapper L. F., Love I. Corporate governance, investor protection, and performance in emerging markets // Working paper No 2818 / World Bank. 2002.Klapper L. F., Love I. Corporate governance, investor protection, and performance in emerging markets // Working paper No 2818 / World Bank. 2002.Leal R. P. C. Governance practices and corporate value - A recent literature survey // Working paper / COPPEAD / UFRJ. 2004.Leal R. P. C. Governance practices and corporate value - A recent literature survey // Working paper / COPPEAD / UFRJ. 2004.Lipsey M. W., Wilson D. B. Practical meta-analysis. Applied Social Research Methods Series. Vol. 49. Thousand Oaks, CA: Sage, 2001.Lipsey M. W., Wilson D. B. Practical meta-analysis. Applied Social Research Methods Series. Vol. 49. Thousand Oaks, CA: Sage, 2001.Meta-regression analysis. Issues of publication bias in economics / C. Roberts, T. D. Stanley (eds.) Malden, MA: Blackwell Publishing, 2005.Meta-regression analysis. Issues of publication bias in economics / C. Roberts, T. D. Stanley (eds.) Malden, MA: Blackwell Publishing, 2005.Michaud D. W., Magaram K. A. Recent technical papers on corporate governance // Working paper / Brown University. 2006.Michaud D. W., Magaram K. A. Recent technical papers on corporate governance // Working paper / Brown University. 2006.Orlitzky M., Schmidt F. L., Rynes S. L. Corporate Social and Financial Performance: A Meta-Analysis // Organization Studies. 2003. Vol. 24, No 3. P. 403-441.Orlitzky M., Schmidt F. L., Rynes S. L. Corporate Social and Financial Performance: A Meta-Analysis // Organization Studies. 2003. Vol. 24, No 3. P. 403-441.Publication bias in meta-analysis: Prevention, assessment and adjustments / H. Rothstein, A. Sutton, M. Borenstein (eds.). Chichester, England: Wiley, 2005.Publication bias in meta-analysis: Prevention, assessment and adjustments / H. Rothstein, A. Sutton, M. Borenstein (eds.). Chichester, England: Wiley, 2005.Renders A., Gaeremynck A. Corporate governance and performance: Controlling for sample selection bias and endogeneity // Working paper / Catholic University of Leuven. 2006.Renders A., Gaeremynck A. Corporate governance and performance: Controlling for sample selection bias and endogeneity // Working paper / Catholic University of Leuven. 2006.Rhoades D. L., Rechner P. L., Sundaramurthy C. Board composition and financial performance: A meta-analysis of the influence of outside directors // Journal of Managerial Issues. 2000. Vol. 12. P. 76-91.Rhoades D. L., Rechner P. L., Sundaramurthy C. Board composition and financial performance: A meta-analysis of the influence of outside directors // Journal of Managerial Issues. 2000. Vol. 12. P. 76-91.Rosenthal R. The 'file-drawer problem' and tolerance for null results // Psychological Bulletin. 1979. Vol. 86. P. 638-641.Rosenthal R. The 'file-drawer problem' and tolerance for null results // Psychological Bulletin. 1979. Vol. 86. P. 638-641.Stanley T. D., Jarell S. B. Meta-regression analysis: A quantitative method of literature surveys // Journal of Economic Surveys. 2005. Vol. 19, No 3. P. 299-308.Stanley T. D., Jarell S. B. Meta-regression analysis: A quantitative method of literature surveys // Journal of Economic Surveys. 2005. Vol. 19, No 3. P. 299-308.Sбnchez-Ballesta J. P., Garcнa-Meca E. A meta-analytic vision of the effect of ownership structure on firm performance // Corporate Governance: An International Review. 2007. Vol. 15, No 5. P. 879-892.Sбnchez-Ballesta J. P., Garcнa-Meca E. A meta-analytic vision of the effect of ownership structure on firm performance // Corporate Governance: An International Review. 2007. Vol. 15, No 5. P. 879-892.The handbook of research synthesis / H. Cooper, L.V. Hedges (eds.). N. Y.: Russell Sage Foundation, 1994.The handbook of research synthesis / H. Cooper, L.V. Hedges (eds.). N. Y.: Russell Sage Foundation, 1994.

The authors declare that there are no conflicts of interest present.