Investment opportunity set, corporate governance practices and firm performance

Hutchinson, Marion and Gul, Ferdinand 2004, Investment opportunity set, corporate governance practices and firm performance, Journal of corporate finance, vol. 10, no. 4, pp. 595-614, doi: 10.1016/S0929-1199(03)00022-1.

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Title Investment opportunity set, corporate governance practices and firm performance
Author(s) Hutchinson, Marion
Gul, FerdinandORCID iD for Gul, Ferdinand
Journal name Journal of corporate finance
Volume number 10
Issue number 4
Start page 595
End page 614
Total pages 20
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2004-09
ISSN 0929-1199
Keyword(s) Agency theory
Corporate governance
Investment opportunity set
Firm performance
Summary Prior research on the relationship between corporate controls and firm performance is premised on the notion that, in theory, there is direct association between corporate governance and firm performance. However, extensive research has produced mixed and often weak results. In this paper, we posit, as a primary relationship, a negative association between growth and firm performance and then examine whether corporate governance variables moderate this negative relationship. Our results support this notion and show that the role of corporate governance variables in firm performance should be evaluated in the context of the firm’s external environment measured in this study in terms of growth opportunities.
Language eng
DOI 10.1016/S0929-1199(03)00022-1
Field of Research 150103 Financial Accounting
150303 Corporate Governance and Stakeholder Engagement
1502 Banking, Finance And Investment
Socio Economic Objective 970115 Expanding Knowledge in Commerce
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2003, Elsevier B.V.
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Document type: Journal Article
Collections: Faculty of Business and Law
Department of Accounting
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