波兰的公司治理与财务绩效[文献翻译]8468.docx

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1、原文：Corporate Governance and Financial Performance of Companies in PolandAbstract TThe ressearrch preesenntedd inn thhe ppapeer iis aaimeed aat eexamminiing thee reelattionnshiip bbetwweenn thee leevell off coorpooratte ggoveernaancee annd tthe finnancciall peerfoormaancee off liisteed ccomppaniies i

2、n Pollandd. TThe corrporratee gooverrnannce deggreee iss exxpreesseed bby tthe outtcommes of a rratiing of 20003 pperfformmed by Pollishh Coorpooratte GGoveernaancee Foorumm. TThe atttempptedd moodells aare of orddereed mmulttinoomiaal ttypee. EEndoogennouss vaariaablee reepreesennts thee raatinng o

3、outccomee (AA-, BB+, B, B-, aand C+), wwhille tthe exoogennouss vaariaablees iinclludee vaarioous finnancciall inndiccatoors evaaluaatedd onn thhe bbasiis oof tthe 20002 ffinaanciial staatemmentts. Thee esstimmateed oordeeredd loogitt moddelss shhow thaat tthe levvel of corrporratee gooverrnannce of

4、 commpanniess inn Poolannd iis aassoociaatedd witth ttheiir aabillityy too coope witth tthe finnancciall diistrresss, aas eexprresssed by thee deegreee oof liqquiddityy, pproffitaabillityy annd tthe finnancciall leeverragee vaariaablees. (JEEL CC10, O557, G300)Corpooratte GGoveernaancee Raatinngs fo

5、rr Poolissh CComppaniies FFromm thhe ppersspecctivve oof aa coompaany, thhe ccorpporaate govvernnancce mmeanns: inddepeendeent andd effficciennt ssupeerviisinng bbodyy, ttrannspaarennt aand acccuraate boooks, sttronng ssharrehooldeers riightts aand equual treeatmmentt off alll oowneers grooupss. MMe

6、chhaniism of corrporratee gooverrnannce minnimiizess thhe aagenncy cossts, i.e., reeducces thee coompaanys mmarkket vallue losss rresuultiing froom aa pootenntiaal cconfflicct bbetwweenn thhe mmanaagerrs aand thee owwnerrs (Shlleiffer andd Viishnny, 19996). IIn PPolaand, thhe ccorpporaate govvernnan

7、cce qquesstioons havve bbeenn adddreesseed ssincce tthe begginnningg off thhe ffirsst ddecaade in 21sst ccentturyy, bbothh leegallly andd opperaatioonallly. Goood souurcee off innforrmattionn onn cuurreent isssuess inn thhis areea iis PPoliish Corrporratee Gooverrnannce Forrum (PCCFG) fooundded in 2

8、0000 bby tthe Insstittutee foor MMarkket Ecoonommicss (hhttpp:/wwww.pffcg.orgg.pll/). Waarsaaw SStocck EExchhangge (WSEE) hhas adoopteed tthe corrporratee gooverrnannce priinciiplees oon tthe Pollishh maarkeet ssincce 220022, wwithh alll llistted commpanniess deeclaarinng tthatt thhey wouuld obsserv

9、ve mmostt off thhe bbestt prractticee ruuless (hhttpp:/wwww.gppw.ccom.pl/). Sinnce theen, thee neew ddocuumennt, enttitlled Besst ppraccticces in pubblicc coompaaniees 220055 haas bbeenn acccepptedd foor iimpllemeentaatioon. Thee Beest praactiicess exxpreess thee coorpooratte ggoveernaancee sttanddi

10、ngg off WSSE bbaseed oon ppraccticcal expperiiencce, opiinioons andd suuggeestiionss off maarkeet ppartticiipannts oveer tthe perriodd off 20003YY20004 aand thee reecennt EEuroopeaan CCommmisssionn reecommmenndattionns iin tthiss fiieldd. PPoliish Corrporratee Gooverrnannce Forrum perrforrmedd twwo

11、rratiingss off thhe ccomppaniies quootedd onn Waarsaaw SStocck EExchhangge, thee fiirstt inn 20001 andd thhe ssecoond in 20004 (Tammowiicz et al., 220011; DDzieerzaanowwskii ett all., 20004). TThesse ttwo rattinggs aare nott reeallly ccompparaablee, ssincce tthe autthorrs ssignnifiicanntlyy chhangge

12、d thee sccopee annd mmethhodoologgy ffor thee seeconnd rratiing. TThe lasst rratiing of 20004 wwas carrrieed oout forr 533 coompaaniees wwithh laargeest cappitaalizzatiion on WSEE. TThe datta oon llegaal sstanndinng oof tthe commpanniess coorpooratte ggoveernaancee isssuees wweree coolleecteed aas o

13、of NNoveembeer 220033. AAccoordiing to thee auuthoors deescrripttionn, tthe 20004 rratiing wass baasedd Boon tthe anaalyssis of staatuttes, innterrnall reegullatiionss (bby-llawss) cconccernningg fuuncttionningg off suuperrvissoryy annd mmanaagemmentt booardds aand shaarehholdderss meeetiingss annd

14、cconttentt off thhe ccomppaniies weebsiitess. TThe verry iimpoortaant souurcees oof iinfoormaatioon wweree thhe ccomppaniies deeclaarattionns oof ccomppliaancee wiith thee Waarsaaw SStocck EExchhangge CCodee annd eespeeciaallyy thhe ccommmenttariies to parrticculaar rrulees. AAuthhorss off PCCFG rat

15、tingg inndiccatee att leeastt 600 chharaacteerissticcs tthatt weere takken intto aaccoountt foor eeachh coompaany in ordder to obttainn appproopriiatee piictuure of commpannys ccorpporaate govvernnancce lleveel. Thee inndiccatoor vvariiablles forr thhe rratiing werre ttakeen ffromm thhe ffolllowiing

16、 areeas:1. compoosittionn annd ccomppeteencee off suuperrvissoryy booardd inncl. inndeppenddentt booardd meembeers2. superrvissionn ovver parrty-rellateed ttrannsacctioons3. generral shaarehholdderss meeetiing acccesssibiilitty4. functtionningg off thhe mmanaagemmentt booardd5. Audittors iindeepennd

17、ennce6. lack of antti-ttakeeoveer ddefeencees7. regullatiionss onn trradiing in ownn shharees8. Compaanieesdecclarred goaals andd inntenntioons9. transsparrenccy aarraangeemennts, inncluudinng iinfoormaatioon aavaiilabble froom tthe commpanniesswebbsittes.The ddiscclossed rattingg usses fivve ccatee

18、gorriess frrom A- too C+. TThesse wweree asssiggnedd too 533 coompaaniees. Thee auuthoors inddicaate thaat tthe fulll rrangge oof ccateegorriess inncluude rattinggs ffromm A to E. Thee raatinng iis ppressentted in Tabble 1. Theere aree fiive commpanniess raatedd C+, 117 ccomppaniies witth aa B- raat

19、inng, 14 commpanniess wiith B, 13 witth BB+, andd 4 witth AA-. Econoomettriccs aand thee Coorpooratte GGoveernaanceeTABLEE 1：PCFFG 220044 Raatinng oof CCorpporaate Govvernnancce ffor thee Coompaaniees LListted on WSEEA-Amicaa, AAgorra, BZWWBK, OrrbissB+ BPHH-PBBK, BREE, CCompputeerlaand, Elldorradoo

20、, FFORTTE, KGHHM, LPPP, NNetiia, Pekkao, Pollfa Kuttno, Prrokoom, TPSSA, Stoomill SaanokkBDebicca, Eleektrrim, Grrocllin, Immpexxmettal, INNGBSSK, Jellfa, Keety, Krruszzwicca, Mennnicca, PGFF, PPKNOOrleen, Pollifaarb CW, Raafakko, SofftbaankB-Bank Hanndloowy, BIIG BBG (Milllenniumm), Buddimeex, Comm

21、arcch, Farrmaccol, EFFL, Graajewwo, Koggeneeraccja, Krredyyt BBankk, KKrossno, Leenteex, Mosstosstall SDDL, Okoocimm,Orrfe, Roolimmpexx, SSokooloww, SSterrproojekktC+Cersaanitt, EEchoo, HHoopp, SSwieeciee, ZZ ywiiecThe eeconnomeetriic rreseearcch oon ccorpporaate govvernnancce cconccernns mmainnly t

22、hee reelattionnshiips bettweeen vvariiouss caateggoriies reppressenttingg fiirms pperfformmancce aand thee vaariaablees ddesccribbingg thhe ggoveernaancee leevell, ssuchh ass owwnerrshiip sstruuctuure or thee coompoosittionn off suuperrvissingg boody. Suurveeys of succh rreseearcch aare preesenntedd

23、, ee.g., iin BBhaggat andd Jeeffeeriss (20002), BBoerssch-Suppan andd Kooekee (20002), aand Gugglerr (20001). MMainn faactoors infflueenciing thee coorpooratte ggoveernaancee leevell, wwhicch aare usuuallly cconssideeredd inn emmpirricaal rreseearcch, aree: 1. compoosittionn off thhe ssupeerviisorry

24、 bboarrd (deggreee off deepenndennce on mannageemennt, boaards sstruuctuure)2. ownerrshiip sstruuctuure (diilutted ownnersshipp, cconccenttrattionn off owwnerrshiip, corrporratee owwnerrs, insstittutiionaal oowneers, maanaggeriial ownnersshipp)3. acquiisittionns (inccluddingg maanaggeriial acqquissi

25、tiionss) aand CEOO chhanggingg4. equitty sstruuctuure (deebt strructturee)5. managgeriial commpennsattionn BBoerssch-Suppan andd Kooekee (20002) foormuulatte aa nuumbeer oof wweakk poointts oof eeconnomeetriic rreseearcch cconccernningg coorpooratte ggoveernaancee, ssuchh ass:1. Struccturral Revvers

26、se CCaussaliity: Foor eexammplee, iit iis nnot cleear whaat iis tthe dirrecttionn off caausaalitty bbetwweenn owwnerrshiip sstruuctuure andd fiirms pperfformmancce; morre cconccenttratted ownnersshipp caan iimprrovee fiirm perrforrmannce, buut tthe revversse rrelaatioon iis aalsoo poossiibleeYfiirms

27、s weell asssesssed by thee maarkeet ccoulld aalsoo atttraact invvesttorss.2. Missiing Varriabbless: IIn tthe areea oof ccorpporaate govvernnancce iit iis ccusttomaary thaat mmajoor eexpllanaatorry vvariiablles mayy noot bbe iinclludeed iintoo thhe mmodeel; morreovver, thhe llineear33.Sppeciificcatii

28、on of thee eqquattionns eexclludees tthe preesennce of higgherr orrderr teermss.3. Samplle SSeleectiivitty: Mosst eempiiriccal stuudiees oon ccorpporaate govvernnancce aanallyzee onnly thee laargeest commpanniess, uusuaallyy thhe llistted onees; succh ssamppless arre sseleecteed bby tthe perrforrman

29、nce varriabble andd Y in efffectt Y thee sttudiies havve ssampple sellecttionn biias.4. Measuuremmentt Errrorr inn Vaariaablees: Forr exxampple, thhe ccomppanyys pperfformmancce ccan be meaasurred by diffferrentt vaariaablees, succh aas mmarkket vallue, ROOA, ROEE, EEBITT, TTobiins QQ; tthesse vvari

30、iablles aree soomettimees uuncoorreelatted, i.e., thhey meaasurre tthe samme pperfformmancce iin ddifffereent wayy. TTo ppropperlly ddeall wiith somme oof tthesse ddanggerss off ecconoomettricc moodellingg inn coorpooratte ggoveernaancee itt iss neecesssarry tto uuse pannel datta oon ccomppaniies. B

31、ooerssch-Suppan andd Kooekee (20002) inndiccatee seeverral succh ddataabasses forr Geermaany.Corpooratte GGoveernaancee annd EEconnomiic PPerfformmancceThe rreceent surrveyy off coorpooratte ggoveernaancee inn OEECD couuntrriess (Corrporratee gooverrnannce, 20004) inndiccatees tthatt Bsstuddiess thh

32、at aree coonsiiderred to be besst ppraccticce eeconnomeetriic ttechhniqquess inndiccatee thhat thee coorpooratte ggoveernaancee iss ann immporrtannt ddeteermiinannt oof pperfformmancce (.).SSurvvey autthorrs qquotte tthreee sstuddiess shhowiing siggnifficaant asssociiatiion bettweeen tthe levvel of

33、govvernnancce aand thee fiirmss peerfoormaancee. IIn aanottherr sttudyy, BBhreen aand deggaarrd (20001) annalyyze thee reelattionnshiip bbetwweenn Toobinns QQ foor tthe commpanniess quuoteed oon OOsloo sttockk exxchaangee inn 19989YY19997 (2177 coompaaniees bby tthe endd off 19997) annd sseveerall v

34、aariaablees rreprreseentiing corrporratee gooverrnannce. Thheirr reesullts inddicaate e.gg., thaat oowneershhip conncenntraatioon hhas neggatiive efffectt onn peerfoormaancee, wwhille tthe efffectt off innsidder ownnersshipp iss poosittivee. IIncrreassingg booardd siize andd thhe uuse of nonnvotting

35、g shharees ddecrreasse pperfformmancce. Thee diirecct oowneershhip hass sttronngerr efffecct oon pperfformmancce tthann innstiituttionnal or staate ownnersshipp.Simillar outtcommes aree prreseenteed iin aa sttudyy byy Leehmaan aand Weiigannd (20000) foor tthe sammplee off 3661 GGermman commpanniess

36、inn 19991YY19996. In theeir ressearrch, coompaanys pperfformmancce mmeassureed bby RROA is rellateed tto aa nuumbeer oof ccorpporaate govvernnancce vvariiablles. Thhe ppaneel rregrresssionn reesullts connfirrmedd thhat ownnersshipp coonceentrratiion hass neegattivee efffecct oon RROA, whhilee thhe p

37、posiitivve iimpaact of ownnersshipp coonceentrratiion is fouund forr fiirmss wiith finnancciall innstiituttionns aas llargge ssharrehooldeers.Corpooratte ggoveernaancee inndicces connstrructted forr vaarioous couuntrriess allso havve bbeenn exaaminned witth rresppectt too thheirr asssocciattionn boo

38、th witth eeconnomiic aand marrkett peerfoormaancee of commpanniess. TThe exaamplles mayy bee fooundd inn Grruszzczyynskki (20003). IIn tthe nexxt ssecttionn, aan atttemppt iis mmadee toowarrds exaaminningg thhe rrelaatioonshhip bettweeen tthe corrporratee gooverrnannce rattingg annd ccomppanyys finn

39、ancciall peerfoormaancee.Orderred LoggitThe ccorpporaate govvernnancce rratiing reppressentts aa tyypiccal deppenddentt vaariaablee suuitaablee foor orddereed rrespponsse mmodeels. Thhe ccateegorriess arre rrankked in asccenddingg orrderr annd tthe disstanncess bettweeen nneigghboorinng ccateegorrie

40、ss arre nnot sett ass eqquall. FFor thee exxpossitiion we asssumee thhat thee obbserrvedd coorpooratte ggoveernaancee raatinng vvariiablle yy caan bbe eequaal tto oone of fivve rratiing cattegooriees, as apppearringg inn thhe 220033 Poolissh rratiing.It iss asssummed thaat tthiss orrdinnal varriabbl

41、e y iis rrelaatedd too thhe cconttinuuouss laatennt vvariiablle y* thaat iindiicattes thee coompaanys ddegrree of corrporratee gooverrnannce. Thhe vvaluues of y* aree unkknowwn.The vvaluues of y* dettermminee thhe ooutccomee reepreesenntedd byy y in thee foolloowinng mmannner:yi =11 orr C+ iff0yi *

42、1yi =22 orr B- iff1yi * 2yi =33 orr B if2yi * 3yi =44 orr B+ iff3yi * 4yi =55 orr A- if4yi * 5The s aree thhresshollds (cuutpoointts), wiith thee vaaluees ffor exttemee caateggoriies equual to0 =- andd5=.The llineear moddel forr thhe uunobbserrvedd y* iss ass foolloows:yi *=xi+iwheree xii iss tyypic

43、cal (kk + 1) *1 vecctorr off vaaluees oon kk exxplaanattoryy vaariaablees (pluus cconsstanntterm) foor tthe ithh obbserrvattionn (iith commpanny).The uuse of thee obbserrvedd y valluess reequiiress thhe aassuumpttionn abboutt diistrribuutioon oof eerroors i. LLet F bbe tthe cummulaativve ddisttribbu

44、tiion funnctiion (cddf). Thhe pprobbabiilitty oof ooutccomee y = mm (m = 11, ., 5) caan bbe wwritttenn ass:P(yi=mxi, , )=FF(m- xxi)-FF(m-11- xi)whereeis thee veectoor oof ccutppoinnts. Inn thhe eequaatioon ffor P(yyi=mxi, , ), tthe seccondd teerm on thee riightt-haand sidde iis eequaal 00. AAlsoo, i

45、in PP(yii=mxi, , ), tthe firrst terrm eequaals 1.For tthe orddereed pprobbit moddel, errrorris disstriibutted norrmallly witth aa meean of 0 aand a varriannce of 1. Forr thhe oordeeredd loogitt moodell, eerroorhass loogissticc diistrribuutioon. Forr thhe ssakee of moddels iidenntifficaatioon, eitthe

46、rr coonsttantt teerm or1 iis sset as equual 0. In thee orrderred loggit: F(m- xi)=eem- xxi/(1+ em- xxi)The pprobbabiilitty ppi ffor eacch ccateegorry oof yy foor tthe ithh coompaany (i = 1,22,.,nn) iis eequaal tto: P(yi=1xi, , ) if y=1pi= P(yyi=mxi, , ) if y=m PP(yii=5xi, , ) iff yy=5The ppiss leead to forrm tthe likkeliihoood ffuncctioon, thee maax I mumm off whhichh iss atttaiinedd foor thee MLL esstimmatees oof vvecttorssandd.Samplle aand ModdelssFor tthe purrposse oof eexpllainningg coorpooratte ggoveernaancee raatinng yy off Poolissh llistt