IDEAS home Printed from https://ideas.repec.org/p/wse/wpaper/4.html
   My bibliography  Save this paper

Corporate governance ratings and the performance of listed companies in Poland

Author

Listed:
  • Marek Gruszczynski

    () (Warsaw School of Economics)

Abstract

Recent ratings of corporate governance for the companies listed on Warsaw Stock Exchange are presented: the Polish Corporate Governance Forum (PFCG) ratings and Polish Institute of Directors (PID) ratings. The association between PFCG and PID ratings, measured by the rank correlation coefficient, is significant for the years 2004 and 2005 with the indication of stronger association for 2005 than for 2004. This may mean that rating criteria and the assessment methods for the two ratings are converging. It can also be confirmed that PID ratings are more stable and more rigid in assessing the corporate governance level in Polish listed companies. Results of the attempt to find out the relationship between the financial performance of companies and their ratings are mixed and disappointing. The representative ordered logit models for explaining the rating level of companies in terms of financial indicator variables have been estimated, with reasonable interpretation and, as expected, poor ex post forecast accuracy. The inconclusive results are mainly due to small sample sizes and the heterogeneity of samples. It is also possible that currently, and probably temporarily, Poland does not experience significant connection between the corporate governance level and the financial performance of companies listed on Warsaw Stock Exchange.

Suggested Citation

  • Marek Gruszczynski, 2007. "Corporate governance ratings and the performance of listed companies in Poland," Working Papers 4, Department of Applied Econometrics, Warsaw School of Economics.
  • Handle: RePEc:wse:wpaper:4
    as

    Download full text from publisher

    File URL: http://kolegia.sgh.waw.pl/pl/KAE/struktura/IE/struktura/ZES/Documents/Working_Papers/aewp04-07.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. repec:bla:joares:v:35:y:1997:i:1:p:1-24 is not listed on IDEAS
    2. repec:bla:joares:v:31:y:1993:i:2:p:190-215 is not listed on IDEAS
    3. repec:bla:joares:v:38:y:2000:i::p:1-41 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    corporate governance; 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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wse:wpaper:4. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marcin Owczarczuk) or (The York Management School). General contact details of provider: http://edirc.repec.org/data/dxwawpl.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.