Corporate governance mechanisms and their impact on company performance: A structural equation model analysis
AbstractThe purpose of this study is to use structural equation modelling (SEM) to investigate the extent to which different monitoring mechanisms â€“ the board and its committees, shareholders and independent auditors â€“ are complements (i.e. a positive covariance) or substitutes (a negative covariance) for each other. The lack of consistent results in previous corporate governance research may be attributable to attention not being paid to monitoring mechanismsâ€™ substitution or complementary relationships. By using SEM, this study concludes that complementary and substitution relationships among monitoring mechanisms are present. Using data from the pre â€“ and post â€“ global financial crisis period, this study explains where such corporate government impacts occurred, the inconsistencies that are evident in previous studies and provides insights into corporate governance practices.
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Bibliographic InfoArticle provided by Australian School of Business in its journal Australian Journal of Management.
Volume (Year): 37 (2012)
Issue (Month): 3 (December)
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Web page: http://www.agsm.edu.au
complement; monitoring; performance; structural equation modelling; substitution;
Find related papers by JEL classification:
- M41 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Accounting
- M42 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Auditing
- M49 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Other
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