Purpose This study aims to examine the impact of corporate governance on firm performance for a large representative sample. Design/methodology/approach This empirical analysis focuses on a large number of companies covering 20 important industries of the Indian manufacturing sector for the period 2001-2010. Several alternative specifications and estimation techniques are used for analysis purposes, including system generalized methods of moments, which effectively overcomes the problem of endogeneity and simultaneity bias. Findings On one side, the findings indicate that larger boards are associated with a greater depth of intellectual knowledge, which in turn helps in improving decision-making and enhancing the performance. On the other side, the results indicate that return on equity and profitability is not related to corporate governance indicators. The results also suggest that CEO duality is not related to any firm performance measures for the sample firms. Practical implications The outcomes of the analyses advocated that companies that comply with good corporate governance practices can expect to achieve higher accounting and market performance. It implies that good corporate governance practices lead to reduced agency costs. Hence, it is concluded that firms of the developing world can possibly enhance their performance by implementing good corporate governance practices. Originality/value Departing from the conventional system of the prior studies and instead of focusing on a single measure framework, a range of measures of corporate governance and firm's performance variables are used. Also, several alternative specifications and estimation techniques are used for analysis purposes. Furthermore, the sample also covers a large sample of manufacturing firms.

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This paper assesses the impact of corruption control and regulation quality on growth across countries over the period 1996 through 2015. After dealing with the possible endogeneity problem through the dynamic panel data models, our findings are suggestive of the positive effects of corruption control. Thus, our analysis tends to support the ‘sand the wheels' view at the aggregate level as well as for lower and lower–middle‐income countries. Similar results are also obtained for regulation quality. However, contrary to the theoretical arguments, the joint effect of regulation and corruption does not seem to be significant empirically for countries from any of the income groups. Evidence is also indicative of a positive effect on trade across countries from all income groups. Although our results failed to support the natural resource curse hypothesis, countries with efficient institutions and low level of corruption are not seen to experience any resource curse. Finally, policy implications of these findings are brought out. © 2019 John Wiley & Sons, Ltd.

This study attempts to examine the impact of prior and current firm performance on board composition as it is the least explored issue in the corporate governance area. For this purpose, our analysis covers a large sample of the Indian manufacturing firms for the period 2001–2010. We utilize a range of measures of firm performance such as return on assets, return on equity, net profit margin, adjusted Tobin’s q and stock returns in the analysis. We also use a range of alternative measures of board characteristics like board size, independence and meetings in the estimation process. The results of the study show that firm performance has a negative impact on board characteristics. Findings of the study also indicate that the larger board, outside membership and more meetings are considered as expensive affairs in the firm. Our findings in this study are expected to generate further debate on the related issue and sensitize the scholars to reason further research in this area especially in context of developing countries.