Corporate Governance and Performance around the World: What We Know and What We Don't

Abstract

The author surveys a vast body of literature devoted to evaluating the relationship between corporate governance and performance as measured by valuation, operating performance, or stock returns. Most of the evidence to date suggests a positive association between corporate governance and various measures of performance. However, this line of research suffers from endogeneity problems that are difficult to resolve. There is no consensus yet on the nature of the endogeneity in governance–performance studies and in this survey the author proposes an approach to resolve it. The emerging conclusion is that corporate governance is likely to develop endogenously and depend on specific characteristics of the firm and its environment.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 167 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.