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Does Corporate Governance Determine Corporate Performance and Dividends during Financial Crisis: Evidence from Poland

Author

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  • Kowalewski, Oskar

    (Kozminski Center for Corporate Governance, Kozminski University)

Abstract

This study seeks to investigate the relationship between corporate governance, measured by Corporate Governance Index (CGI), and firm's performance and dividend payouts during the financial crisis in Poland. The empirical approach in the study lies in constructing a comprehensive measure of the corporate governance for 298 non-financial companies listed on Warsaw Stock Exchange in the years 2006-2010. The results show a positive association between corporate governance and performance measured by Tobin's q. Moreover, I find evidence that higher corporate governance leads to an increase in cash dividends. Finally, the results presents that during the recent financial crisis corporate governance is positively associated with return on assets. However, in the period of the financial crisis better governed companies paid dividends less generously than do firms with lower corporate governance standards.

Suggested Citation

  • Kowalewski, Oskar, 2012. "Does Corporate Governance Determine Corporate Performance and Dividends during Financial Crisis: Evidence from Poland," Working Papers 12-14, University of Pennsylvania, Wharton School, Weiss Center.
    • Handle: RePEc:ecl:upafin:12-14
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    File URL: http://fic.wharton.upenn.edu/fic/papers/12/12-14.pdf
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    Cited by:

    1. Iwasaki, Ichiro & 岩﨑, 一郎, 2016. "The Evolution of Corporate Governance in the Global Financial Crisis : The Case of Russian Industrial Firms," CEI Working Paper Series 2016-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    2. Jean-Michel Sahut & Frédéric Teulon, 2017. "What are the determinants of dividend policies? A new perspective in Emerging Markets," Economics Bulletin, AccessEcon, vol. 37(3), pages 2234-2246.
    3. Pankaj Kumar Gupta & Prabhat Mittal, 2020. "Corporate Governance and Risk Bundling: Evidence from Indian Companies," European Journal of Business Science and Technology, Mendel University in Brno, Faculty of Business and Economics, vol. 6(1), pages 37-52.

    More about this item

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K29 - Law and Economics - - Regulation and Business Law - - - Other

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