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An integrated corporate governance framework and financial performance in South African-listed corporations

Ntim, Collins G. (2013) An integrated corporate governance framework and financial performance in South African-listed corporations South African Journal of Economics, 81, (3), pp. 373-392. (doi:10.1111/j.1813-6982.2011.01316.x).

Record type: Article

Abstract

This paper investigates the relationship between an integrated corporate governance (CG) index and financial performance using a sample of 169 South African (SA) listed corporations between 2002 and 2007. We find a statistically significant and positive association between a broad set of good CG practices and financial performance. In a series of sensitivity analyses, we find that our results are robust to endogeneity, different financial performance proxies, alternative CG weighting scheme and firm-level fixed-effects. We further distinctively examine the link between complying with SA context specific stakeholder CG provisions and financial performance. In line with political cost and resource dependence theories, our results reveal a statistically significant and positive nexus between compliance with stakeholder CG provisions and financial performance.

JEL classification: G30, G34, G38


Keywords: corporate governance, corporate financial performance, affirmative action and
stakeholder provisions, King II and South Africa, endogeneity

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More information

Published date: 4 September 2013
Keywords: corporate governance, corporate financial performance, affirmative action andstakeholder provisions, King II and South Africa, endogeneity
Organisations: Centre of Excellence for International Banking, Finance & Accounting, Accounting

Identifiers

Local EPrints ID: 343115
URI: http://eprints.soton.ac.uk/id/eprint/343115
ISSN: 0038-2280
PURE UUID: 9f31a960-5244-4c44-8936-5bb7f159ee27

Catalogue record

Date deposited: 24 Sep 2012 14:23
Last modified: 18 Jul 2017 05:24

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