Home  Journals  Finance and Credit  48(384) - 2009 December

The impact of corporate governance over strategic performance of the firms in Russia

Available online: 25 December 2009

Subject Heading: CORPORATE GOVERNANCE

JEL Classification: 

The impact of corporate governance over the performance of the firm becomes vital in the period of global financial crisis. First, we propose new approach to identify the relationship between the quality of governance and strategic performance of the firm measured by residual income. The model is tested with the panel data of the sample of 26 large-scale Russian firms for the period of 2002-2007. Second, we provide evidence for statistically significant direct influence of governance measured by Standard&Poor’s transparency and disclosure index over residual income of the firms in the sample. Finally, we identify the dependence of strategic performance on the firm’s size, sales growth, capital expenditure, government ownership and industry effects.

Keywords: corporate governance, residual income, board of directors, corporate performance

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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