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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. ISSN 00382280

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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.

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HG Finance
Schools: The Business School
The Business School > Quantitative Analysis Research Group
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Depositing User: Sara Taylor
Date Deposited: 30 Jan 2014 14:30
Last Modified: 21 Feb 2016 09:03
URI: http://eprints.hud.ac.uk/id/eprint/19557

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