Impact of Corporate Governance Disclosures on Firm Performance

Sudershan Kuntluru ()
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Sudershan Kuntluru: Indian Institute of Management, Kozhikode

No 331, Working papers from Indian Institute of Management Kozhikode

Abstract: Corporate Governance disclosure practices are the subject of academic, professional and regulator debate. In this study, we examine the impact of corporate governance disclosures on firm performance in India. Unlike most of the existing literature, the corporate governance disclosures score is computed based on the Clause 49 of the listing agreements of SEBI for the period 2006-2016. It is a handpicked data from the annual reports disclosures made under the corporate governance section. We apply fixed effect regression model to examine the impact of corporate governance disclosures on firm performance. The performance is measured in in terms of operating, financial and market performance. It is found that corporate governance disclosures have positive and significant impact on market performance of the firms. Thus, the companies that comply with regulatory requirements of corporate governance disclosures achieve higher market performance. The study also finds that corporate governance disclosures have positive impact on firm’s operating performance and a negative impact on firm’s financial performance. The findings are useful to policy makers, managers, analysts and investors and also provide scope for future research.

Keywords: Market Performance, Corporate Governance disclosures; Firm performance; Clause 49; SEBI; India (search for similar items in EconPapers)
Pages: 13 pages
Date: 2019-03
New Economics Papers: this item is included in nep-bec
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Citations: View citations in EconPapers (1)

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