Influence of the Government as a Major Stakeholder on the Company’s Performance
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Saint Petersburg University, Graduate School of Management, Master in Corporate Finance Program
Abstract
The paper analyzes a sample of 201 traded state-owned enterprises from different countries and industries and defines how
the peculiarities of the corporate governance typical for these companies affect
their performance indicators.
The paper’s novelty is in using two techniques which are proved by the whole body
of theoretical literature but still rarely used
in practice: ultimate beneficiary ownership
and CEO affiliation index – together
with commonly used CEO and Board characteristics in one comprehensive model.
The results indicated significant positive relationship between CEO affiliation and ROA and ROS; and significant negative relationship between share of the government and ROE and ROA. Many other characteristics of the CEO, board structure and state- and industry-related factors have also appeared to be significant.
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Keywords
corporate governance, CEO characteristics, board structure, CEO affiliation, ultimate beneficiary ownership, cross-country and sectoral model, financial performance, board composition, корпоративное управление, компании с государственным участием, характеристики директора, состав совета директоров, структура совета директоров, аффилированность директора, конечное бенефициарное владение, кросс-страновая и отраслевая модель, финансовая результативность