Corporate governance and financial performance of companies in Poland
AbstractThe research presented in the paper is aimed at examining the relationship between the level of corporate governance and the financial performance of listed companies in Poland. The corporate governance degree is expressed by the outcomes of a rating of 2003 performed by Polish Corporate Governance Forum. The attempted models are of ordered multinomial type. Endogenous variable represents the rating outcome (A–, B+, B, B–, and C+), while the exogenous variables include various financial indicators evaluated on the basis of the 2002’ financial statements. The estimated ordered logit models show that the level of corporate governance of companies in Poland is associated by their ability to cope with the financial distress, as expressed by the degree of liquidity, profitability and the financial leverage variables.
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Bibliographic InfoPaper provided by Department of Applied Econometrics, Warsaw School of Economics in its series Working Papers with number 19.
Length: 12 pages
Date of creation: 22 May 2005
Date of revision:
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More information through EDIRC
corporate governance; financial indicators; rating; ordered logit;
Other versions of this item:
- Marek Gruszczynski, 2006. "Corporate Governance and Financial Performance of Companies in Poland," International Advances in Economic Research, Springer, vol. 12(2), pages 251-259, May.
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Axel Börsch-Supan & Jens Köke, 2002. "An Applied Econometricians' View of Empirical Corporate Governance Studies," German Economic Review, Verein für Socialpolitik, vol. 3(3), pages 295-326, 08.
- Manel Kolsi & Hanen Ghorbel, 2011. "Effet des mécanismes de gouvernance sur la performance financière et boursière : Cas des entreprises canadiennes," Post-Print hal-00650537, HAL.
- Julián Benavides Franco* & Samuel Mongrut Montalván, 2010. "Governance Codes: Facts Or Fictions? A Study Of Governance Codes In Colombia," ESTUDIOS GERENCIALES, UNIVERSIDAD ICESI.
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