论文标题
公司治理和公司在英国的财务绩效
Corporate Governance and Firms Financial Performance in the United Kingdom
论文作者
论文摘要
这项研究的目的是从经验上研究良好的公司治理对英国非财务上市公司财务绩效的影响。代理理论和管理理论是概念模型的基础。对两个财务绩效指标，资产回报率（ROA）和托宾的Q进行了五种公司治理机制，采用横断面回归方法。从2014年伦敦证券交易所上市的252家公司进行的经验测试得出的结论表明，公司治理机制对财务绩效产生了积极或负面的关系，但有时也没有影响。讨论了含义。因此，由于原因，我们提供了区分影响，我们提供了一个证明，即当选择了正确的公司治理机制时，可以改善公司的财务状况。这项研究的结果应该对学术界和政策制定者的想法有所影响。
The objective of this study is to examine empirically the impact of good corporate governance on financial performance of United Kingdom non-financial listed firms. Agency theory and stewardship theory serve as the bases of a conceptual model. Five corporate governance mechanisms are examined on two financial performance indicators, return on assets (ROA) and Tobin's Q, employing cross-sectional regression methodology. The conclusion drawn from empirical test so performed on 252 firms listed on London Stock Exchange for the year 2014 indicates a positive or a negative relationship, but also sometimes no effect, of corporate governance mechanisms impact on financial performance. The implications are discussed. Thereby, so distinguishing effects due to causes, we present a proof that, when the right corporate governance mechanisms are chosen, the finances of a firm can be improved. The results of this research should have some implication on academia and policy makers thoughts.
