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Corporate governance and financial performance of companies in Poland


  • Marek Gruszczynski

    () (Department of Applied Econometrics, Warsaw School of Economics)


The 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.

Suggested Citation

  • Marek Gruszczynski, 2005. "Corporate governance and financial performance of companies in Poland," Working Papers 19, Department of Applied Econometrics, Warsaw School of Economics.
  • Handle: RePEc:wse:wpaper:19

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    References listed on IDEAS

    1. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    2. Erik Lehmann & Jürgen Weigand, 2000. "Does the Governed Corporation Perform Better? Governance Structures and Corporate Performance in Germany," Review of Finance, European Finance Association, vol. 4(2), pages 157-195.
    3. Gugler, Klaus (ed.), 2001. "Corporate Governance and Economic Performance," OUP Catalogue, Oxford University Press, number 9780199245703.
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    Cited by:

    1. Nawaz, Ahmad & Iqbal, Sana, 2015. "Financial Performance And Corporate Governance In Microfinance: Who Drives Who? An Evidence From Asia," MPRA Paper 65327, University Library of Munich, Germany.
    2. Julián Benavides Franco* & Samuel Mongrut Montalván, 2010. "Governance Codes: Facts Or Fictions? A Study Of Governance Codes In Colombia," ESTUDIOS GERENCIALES, UNIVERSIDAD ICESI, December.
    3. 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.
    4. Nawaz, Ahmad & Iqbal, Sana, 2015. "Does Social Performance Drives Corporate Governance Mechanism in MFIs? An Issue of Endogeneity," MPRA Paper 65312, University Library of Munich, Germany.

    More about this item


    corporate governance; financial indicators; rating; ordered logit;

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General


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