A dynamic estimation of governance structures and financial performance for Singaporean companies |
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| Institution: | 1. WNEiZ, University of Szczecin, Poland;2. EM Strasbourg Business School, University of Strasbourg, France;1. Ohio University, Department of Management, College of Business, Copeland Hall, Athens, OH 45701, USA;2. Department of Management, Vackar College of Business & Entrepreneurship, The University of Texas Rio Grande Valley, 1201 W. University Drive, Edinburg, TX 78539-2999, USA;1. Department of Commerce and Business, Rhodes College, Memphis, TN 38112, United States;2. College of Business, Iowa State University, 3138 Gerdin Business Building, Ames, IA 50011-1350, United States;1. School of Business, Villanova University, 800 Lancaster Ave., Villanova, PA 19085, USA;2. Grenoble Ecole de Management, 12, rue Pierre Semard, 38000 Grenoble, France |
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| Abstract: | In this study, a sample of 257 Singaporean domiciled non-financial listed companies is investigated using a system generalised method of moments (system GMM) estimator. This approach allows for controlling the potential sources of endogeneity which are inherent in the performance–governance relationship. Our findings strongly support the proposition that the relationship between corporate governance structures and firm performance is dynamic by nature. Moreover, our results show that the internal corporate governance structures do matter in Singapore, where the market for corporate control is relatively poor. This study is novel as it is the first to explore the corporate governance–firm performance nexus using a dynamic approach for the Singapore market. This study significantly contributes to a better understanding of international diversity on corporate governance by providing further empirical evidence from an emerging market characterised by the best corporate governance practices in the Asian region. |
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