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Corporate Governance structure and firm performance in Indian context: A Structural Equation Modelling Approach

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  • Sheeba Kapil

    (Indian Institute of Foreign Trade,New Delhi,India)

  • Rakesh K Mishra

    (Indian Oil)

Abstract

This paper analyses data of Indian companies listed at National Stock exchange (NSE) to find the relationship between firm performance and parameters of corporate governance structure like promoter ownership, overall institutional relationship, foreign institutional investors (FII) ownership, board size, board independence, CEO duality, number of board meetings and busyness of directors. Considering governance performance relationship to be of endogenous in nature, we have used structural equation modeling (SEM) method for analyzing impact of corporate governance variables on corporate performance. Findings indicate that corporate governance variables affect market based performance measures (Tobin's Q) more in comparison to accounting based performance measures (ROA and ROE). Ownership structure appears to impact market based performance measure more whereas board structure appears to impact accounting based performance measure more. Among board variables, board size is found to impact performance positively and CEO duality is found to impact performance negatively. Board independence is found to impact accounting based performance positively, whereas number of board meetings is found to impact market based performance measure positively. Directors’ internal busyness is not found to impact any of the performance measures. Directors’ external busyness is impacting accounting based measures negatively when the busyness is measured in terms of position of directors in other companies. The decision making processes of the board and monitoring for implementation of those decisions could impact corporate governance performance relationship. These processes and their impact on corporate performance are not covered under the scope of present study. The same could have thrown more light on governance performance relationship. The study adds to the emerging body of literature on corporate governance performance relationship in Indian context using a reasonably wider and newer data set. The empirical findings supported agency theory and resource dependency theory and validate that the corporate governance variables impact corporate performance.

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  • Sheeba Kapil & Rakesh K Mishra, 2019. "Corporate Governance structure and firm performance in Indian context: A Structural Equation Modelling Approach," Working Papers 1937, Indian Institute of Foreign Trade.
    • Handle: RePEc:ift:wpaper:1937
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    More about this item

    Keywords

    : Corporate governance; Ownership structure; Board structure; Firm performance; India; Structural equation modeling.;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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