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Corporate Governance and Firm Performance in the Financial Crisis

其他書名	Evidence from Switzerland
出版	2012
URL	http://books.google.com.hk/books?id=TlfnmgEACAAJ&hl=&source=gbs_api

註釋This study seeks to find out if and how firm specific corporate governance mechanisms affected the performance of Swiss companies in the real economy during the financial crisis 2007 until 2009. This was conducted by regressing four different crisis performance measures, measuring market based performance and operational performance on a set of corporate governance and financial control variables. The most pronounced finding was a significant positive effect of institutional shareholders on crisis performance, measured as 21-month buy-and-hold returns. Secondly a separation of the positions of CEO and Chairman of the board was found to be favourable concerning performance during the crisis. None of the other corporate governance variables employed in this study had a statistically significant effect on firm performance. In particular there is no evidence to be found, that corporate governance mechanisms affect the operating performance of a company. Furthermore companies pushing shareholder wealth before the crisis and thus performing well in the pre-crisis period, significantly underperformed during the crisis.