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Corporate Governance, Employee Turnover, and Financial Performance

Author

Listed:
  • Ming-Chuan Wang

    (Fujian Polytechnic Normal University, Fuqing City, Fujian Province, P. R. China)

  • Shih-Wei Hung

    (Department of Money and Banking, National Kaohsiung University of Science and Technology, Kaohsiung, Taiwan)

  • Shen-Yuan Chen

    (National Taipei University of Business, Taipei, Taiwan)

  • Shu-Hui Lai

    (Yuanta Bank, Taipei, Taiwan)

  • Nien-Jung Wu

    (LC Future Center Limited Taiwan Branch, Taipei City, Taiwan)

  • Chien-En Tsai

    (Lien Hwa Property Corp., Taipei, Taiwan)

  • Yi-Sheng You

    (CENRA Healthcare, New Taipei City, Taiwan)

Abstract

This study examined the relationships among corporate governance, employee turnover, and financial performance. Empirical results indicate that better corporate governance performance is associated with significantly lower employee turnover and that nonlinear relationships exist between employee turnover and financial performance. Furthermore, the relationships between corporate governance, employee turnover, and financial performance before and after the COVID-19 pandemic differed significantly. During the COVID-19 pandemic, corporate governance did not have a significant influence on employee turnover, but employee turnover exerted a significant and negative impact on financial performance. Employee turnover also partially mediated the relationship between corporate governance and financial performance.

Suggested Citation

  • Ming-Chuan Wang & Shih-Wei Hung & Shen-Yuan Chen & Shu-Hui Lai & Nien-Jung Wu & Chien-En Tsai & Yi-Sheng You, 2025. "Corporate Governance, Employee Turnover, and Financial Performance," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 28(03), pages 1-31, September.
    • Handle: RePEc:wsi:rpbfmp:v:28:y:2025:i:03:n:s0219091525500158
    DOI: 10.1142/S0219091525500158
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