The Report
In the wake of the recent financial crisis, attention has once again turned to corporate governance, with policy reviews of UK corporate governance being undertaken by the FRC and the Walker Review.
One key question may relate to the purpose of corporate governance - is it about the control of risks, the improvement of performance, or both? If this could be clarified, criteria could be developed to measure the success of corporate governance procedures or codes.
This research investigates whether companies with particular corporate governance characteristics outperform other companies and have lower levels of risk. The governance characteristics investigated in the report are: board independence; board size; directors’ ownership of equity; and extent of ownership by large block holders.
The effects of these characteristics were measured over two three year periods between 1999 and 2004. The findings reveal no clear systematic relationship between governance factors and improved performance and no strong evidence that governance reduces either total or systematic risk.
ISBN 978-1-904574-53-8
Price £15.00
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