Corporate governance and the Indian institutional context: Emerging mechanisms and challenges

Balasubramanian, N.; George, Rejie

doi:10.1016/j.iimb.2012.10.001

Cited by 16 publications

(6 citation statements)

References 69 publications

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“…The data are not publicly available due to privacy or ethical restrictions. 3 Our examination of the Indian stock market serves as an ideal opportunity to highlight the relationship between CG, firm performance, and stock return behavior due to its prominence as an important emerging stock market for portfolio diversification benefits and due to the growing importance of CG culture in India as a result of several policy measures (see, for example, Abraham, Marston, & Jones, 2015;Balasubramanian & George, 2012;Chakrabarti, Megginson, & Yadav, 2008;Jackling & Johl, 2009;Katti & Raithatha, 2018;Narayanaswamy et al, 2012;Narayanaswamy, Raghunandan, & Rama, 2015;Selarka, 2018 for detail discussions of major governance policy reforms adopted in India). 4 Consistent with related literature, we took board size, board independence, board attendance, and board busyness as firm-level governance proxies reflecting board quality.…”

Section: Data Availability Statementmentioning

confidence: 99%

Corporate governance and firm performance relationship: Implications for risk‐adjusted return behavior

Dash

Raithatha

2019

Manage Decis Econ

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We examine the impact of corporate governance on firm performance and stock return behavior using panel data for Indian listed firms for 2006 to 2015. Our results suggest that corporate governance improves firm performance. However, corporate governance information fails to provide excess risk‐adjusted returns to investors, as governance information is well assimilated in prevailing stock prices. In addition to extending the scant literature focused on emerging markets, our findings will prove useful to investors, fund managers, and rating agencies in making investment decisions and regulators in assessing the impact of governance norms.

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Section: Data Availability Statementmentioning

confidence: 99%

Corporate governance and firm performance relationship: Implications for risk‐adjusted return behavior

Dash

Raithatha

2019

Manage Decis Econ

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“…The SEBI (Kumar Mangalam Birla) Report on corporate governance recognized the differing roles of the two positions and expressed itself in favor of separating them, but stopped short of mandating this as a requirement. Thus, the relevance of separation of these positions into an independent non-executive board chair and an executive managing director is indeed very strong [21]. CEO duality is the long debated issue in board studies.…”

Section: Board Characteristics and Firm Performancementioning

confidence: 99%

Board Characteristics, Audit Committee and Ownership Structure Influence on Firm Performance of Manufacturing Firms in India

Gurusamy¹

2017

IJBER

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Abstract:The study investigates the relationship and impact of corporate governance measures such as board characteristics, audit committee and Ownership Structure on the financial performance of the selected manufacturing firms listed in Bombay Stock Exchange (BSE). The study empirical in nature and applies panel data regression analysis to a sample of 357 manufacturing firms listed in BSE during the period 2006-2015. The study found that board size is positively and significantly linked to both the financial performance measures, i.e. Return on assets (ROA) and Return on Equity (ROE) but the negative and insignificant impact in case of Tobin's Q. Audit committee independence is significant and negatively affected by ROE. The same promoters' shareholding is negatively and significantly related to all the financial measures and there is an insignificant negative relationship between institutional shareholding and both financial performance measures (Tobin's Q and ROA). The study implies that to improve the performance and accordingly the value of firms, the percentage of promoters' ownership should be decreased as it has positive linkages with the financial performance. The board members have potential knowledge and expertise in the field should be increased as it has aligned with accounting based financial performance. Further, it will help the investors to pay special attention to the corporate governance, audit committee and type of ownership of firms while making the investments.

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“…There are research claims that a minimum of three women on a board constitutes a critical mass with capability to influence board performance but experiential support is hard to come by; for example, as K.V. Kamath, a decorated CEO with a reputation of having successfully developed numerous top-level women executives and directors, and currently chairman of Infosys and ICICI Bank, India's market leaders, comments, 'Irrespective of the gender, if the person is selected after the due process (as described) and brings to the role the required maturity and experience, she/he is able to contribute', thus laying the emphasis on competency rather than their gender (Balasubramanian & George, 2012). As noted earlier, a critical component of any worthwhile long-term inclusivity initiative must be capacity and confidence building in the people.…”

Section: The Gender Issue In Board Diversitymentioning

confidence: 99%

Gender Equality, Inclusivity and Corporate Governance in India

Balasubramanian

2013

Journal of Human Values

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Equity, equality and inclusivity have been themes of abiding interest to philosophers, politicians, social reformers and activists alike. In the modern Indian context of political and social reformation spearheaded by Gandhi during the first half of the twentieth century, the imperatives of mainstreaming women in public and private spheres of activity was a theme that engaged many scholars and statesmen and attracted his serious concern. Not giving women their due share of responsibility and authority was to him as much a case calling for greater inclusivity as was the exclusion of vast proportions of the population from equal opportunities based on other legacy prejudices of caste, creed, and so on. Despite remarkable progress in many other spheres, countries in general are still way behind in rectifying the gender inequalities that still persist. This article discusses, within the broader framework of equality and inclusivity, the theme of women in corporate governance with particular reference to India. Corporate boards, key instruments in governing corporations, are still too thinly populated with women directors; there is comparatively little representation of women in positions of influence and importance within the bureaucracy associated with corporate legislation and market regulation; active involvement of women in policy-making legislative bodies like the parliament and its committees as well as in the ministerial ranks in post-independent India is minimal. This situation calls for speedy correction in developing countries like India, which can arguably benefit most from such inclusion.

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Corporate governance and the Indian institutional context: Emerging mechanisms and challenges

Cited by 16 publications

References 69 publications

Corporate governance and firm performance relationship: Implications for risk‐adjusted return behavior

Corporate governance and firm performance relationship: Implications for risk‐adjusted return behavior

Board Characteristics, Audit Committee and Ownership Structure Influence on Firm Performance of Manufacturing Firms in India

Gender Equality, Inclusivity and Corporate Governance in India

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