Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iasi, Iasi, Romania.
Institute for Economic Forecasting, Romanian Academy, Bucharest, Romania.
PLoS One. 2020 Feb 4;15(2):e0228371. doi: 10.1371/journal.pone.0228371. eCollection 2020.
In this study we assess the impact of corporate governance on the risk investment behavior of firms and its implications on firms' growth rate. Using a sample of non-financial companies from 10 countries over a period leading to the recent global financial crisis, we documented that the corporate governance has a nonlinear (inverted U-shape) impact on the companies' investment risk, meaning that the investment risk is increasing up to a level of corporate governance of 0.61 (as measured by our comprehensive index), while at higher levels of corporate governance the investment risk is decreasing. For the models of sales growth and assets growth it is shown that predicted investment risk has a positive effect on firms' growth measures. Moreover, the two growth models are not moving independently and a shock to one of the growth measures (sales or assets) affects the other growth measure in the same direction. Additionally, we evaluated the effect of financial crisis on both the growth measures and the risk measure. The effect of financial crisis was captured in both measures in 2009, with higher impact on the growth of sales.
在本研究中，我们评估了公司治理对企业风险投资行为的影响及其对企业增长率的影响。我们使用了来自 10 个国家的非金融公司的样本，时间跨度涵盖了最近的全球金融危机之前的时期，记录了公司治理对公司投资风险的非线性（倒 U 形）影响，这意味着投资风险在公司治理水平达到 0.61（如我们的综合指数所衡量的）时呈上升趋势，而在更高的公司治理水平下，投资风险则呈下降趋势。对于销售增长和资产增长的模型，表明预测的投资风险对企业的增长指标有积极的影响。此外，这两个增长模型并不是独立运行的，一个增长指标（销售或资产）的冲击会对另一个增长指标产生相同方向的影响。此外，我们还评估了金融危机对这两个增长指标和风险指标的影响。金融危机的影响在 2009 年都反映在这两个指标中，对销售增长的影响更大。
