Качество корпоративного управления: факторы и их влияние на стоимость компании
Журнал «KANT» №2(51) 2024 [стр. 70-75]
DOI: 10.24923/2222-243X.2024-51.13
Ключевые слова: качество корпоративного управления; стоимость компании; совет директоров; коллегиальный исполнительный орган; единоличный исполнительный орган; ESG; гендерный баланс; институциональные инвесторы; концентрация капитала.
Цитировать: Кашапов И.Н. Качество корпоративного управления: факторы и их влияние на стоимость компании // KANT. – 2024. – №2(51). – С. 70-75. EDN: ERIXXI. DOI: 10.24923/2222-243X.2024-51.13
Цель исследования – определить сущность качества корпоративного управления путем выявления, классификации и систематизации его факторов на основе их роли в формировании стоимости компании - положительной, отрицательной или неопределенной. В статье рассматривается ряд факторов качества корпоративного управления, включая структуру собственности, гендерный баланс, деятельность компании в области устойчивого развития, а также ряд характеристик органов корпоративного управления. Научная новизна заключается в обобщении факторов качества корпоративного управления, определении их предполагаемого влияния на стоимость компании, что позволяет раскрыть сущность качества корпоративного управления. В результате была разработана схема, которая может быть использована для дальнейшего развития теоретических положений и может служить основой для количественного изучения зависимости стоимости компании от качества корпоративного управления. Методы исследования: критический анализ, обобщение и синтез.
Литература:
1. Батаева Б.С. Влияние раскрытия ESG-показателей на финансовые результаты российских публичных компаний / Б.С. Батаева, А.Д. Кокурина, Н.А. Карпов // Управленец. – 2021. – Т. 12. – № 6. – С. 20-32.
2. Цыгалов Ю.М. Развитие систем мотивации и вознаграждения высшего руководства корпораций / Ю.М. Цыгалов, М.М. Коригова // Экономика и управление: проблемы, решения. – 2023. – Т. 1, №3(135). – С. 185-190.
3. Arioglu E. Board age and value diversity: Evidence from a collectivistic and paternalistic culture / E. Arioglu // Borsa Istanbul Review. – 2021. – Vol. 21, №3. – P. 209-226. – URL: https://www.sciencedirect.com/science/article/pii/s221484502030065x (дата обращения: 02.02.2024).
4. Budsaratragoon P. Community and compensation: Director remuneration in Thailand / P. Budsaratragoon, S. Lhaopadchan, S. Thomsen // Research in International Business and Finance. – 2020. – Vol. 52. – URL: https://sciencedirect.com/science/article/pii/s0275531919302405 (дата обращения: 30.01.2024).
5. Chen J. CEO and director compensation, CEO turnover and institutional investors: Is there cronyism in the UK? / J. Chen, M. Goergen, W.S. Leung, W. Song // Journal of Banking & Finance. – 2019. – Vol. 103. – P. 18-35. – URL: https://sciencedirect.com/science/article/pii/s0378426619300743 (дата обращения: 31.01.2024).
6. Farooq O. Financial centers and ownership concentration: when is ownership concentration value relevant? Evidence from an emerging market / O. Farooq, I. Zarouali // Research in International Business and Finance. – 2016. – Vol. 38. – P. 236-245. – URL: https://ideas.repec.org/a/eee/riibaf/v38y2016icp236-245.html (дата обращения: 14.02.2024).
7. Hanafi A. The influence of investment decisions and funding decisions on the value of companies with ownership structure as moderated variables in manufacturing companies listed in Indonesia Stock Exchange (BEI) / Aqimissolati, Sulastri, Isnuhardi, A. Hanafi // Journal of Economics and Business. – 2020. – Vol. 5. – URL: https://www.ijisrt.com/assets/upload/files/ijisrt20jan520.pdf (дата обращения: 16.02.2024).
8. Ji J. Board tenure diversity, culture and firm risk: Cross-country evidence / J. Ji, H. Peng, H. Sun, H. Xu // Journal of International Financial Markets, Institutions and Money. – 2021. – Vol. 70. – URL: https://sciencedirect.com/science/article/pii/s1042443120301608 (дата обращения: 17.02.2024).
9. Livnat J. Board tenure and firm performance / J. Livnat, G. Smith, K. Suslava, M. Tarlie // Global Finance Journal. – 2021. – Vol. 47. – URL: https://sciencedirect.com/science/article/pii/s104402831930225x (дата обращения: 23.02.2024).
10. Mohsni S. Board gender diversity, firm performance and risk-taking in developing countries: The moderating effect of culture / S. Mohsni, I. Otchere, S. Shahriar // Journal of International Financial Markets, Institutions and Money. – 2021. – Vol. 73. – P. 209-226. – URL: https://sciencedirect.com/science/article/pii/s1042443121000792 (дата обращения: 23.02.2024).
11. Parise G. Family first? Nepotism and corporate investment / G. Parise, F. Leone, C. Sommavilla // Bank for International Settlements Working Paper No. 693. – 2018. – URL: https://www.bis.org/publ/work693.pdf (дата обращения: 23.02.2024).
12. Prommin P. Liquidity, ownership concentration, corporate governance, and firm value: Evidence from Thailand / P. Prommin, S. Jumreornvong, P. Jiraporn, S. Tong // Global Finance Journal. – 2016. – Vol. 31. – P. 73-87. – URL: https://www.sciencedirect.com/science/article/pii/s1044028316300825 (дата обращения: 24.02.2024).
13. Rahim I. The influence of corporate governance, ownership structure on company value with company size as moderation variabel / I. Rahim, M. Mediaty, R. A. D. Damayanti // Patria Artha Journal of Accounting & Financial Reporting. – 2018. – Vol. 2. – No. 2. – P. 186-200. – URL: http://ejournal.patria-artha.ac.id/index.php/jafr/article/view/176 (дата обращения: 23.02.2024).
14. Saona P. Country level governance variables and ownership concentration as determinants of firm value in Latin America / P. Saona, P. San Mart?n // International Review of Law and Economics. – 2016. – Vol. 47. – P. 84-95. – URL: https://ideas.repec.org/a/eee/irlaec/v47y2016icp84-95.html (дата обращения: 20.02.2024).
15. Vintila G. Does ownership structure influence firm value? An empirical research towards the bucharest stock exchange listed companies / G. Vintila, S. C. Gherghina // International Journal of Economics and Financial Issues. – 2015. – Vol. 5. – No. 2. – P. 501-514. – URL: https://dergipark.org.tr/en/download/article-file/363022 (дата обращения: 23.02.2024).
16. Vochenko D. Impact of ESG factors on the market capitalization of companies / D. Vochenko, Q. Xu, S. Kendo // Available at SSRN. – 2024. – URL: https://ssrn.com/abstract=4719937 (дата обращения: 15.01.2024).
17. Wang B. Ownership, institutions and firm value: Cross-provincial evidence from China / B. Wang // Research in International Business and Finance. – 2018. – Vol. 44. – P. 547-565. – URL: https://www.sciencedirect.com/science/article/pii/s0275531917303379 (дата обращения: 23.02.2024).
1. Батаева Б.С. Влияние раскрытия ESG-показателей на финансовые результаты российских публичных компаний / Б.С. Батаева, А.Д. Кокурина, Н.А. Карпов // Управленец. – 2021. – Т. 12. – № 6. – С. 20-32.
2. Цыгалов Ю.М. Развитие систем мотивации и вознаграждения высшего руководства корпораций / Ю.М. Цыгалов, М.М. Коригова // Экономика и управление: проблемы, решения. – 2023. – Т. 1, №3(135). – С. 185-190.
3. Arioglu E. Board age and value diversity: Evidence from a collectivistic and paternalistic culture / E. Arioglu // Borsa Istanbul Review. – 2021. – Vol. 21, №3. – P. 209-226. – URL: https://www.sciencedirect.com/science/article/pii/s221484502030065x (дата обращения: 02.02.2024).
4. Budsaratragoon P. Community and compensation: Director remuneration in Thailand / P. Budsaratragoon, S. Lhaopadchan, S. Thomsen // Research in International Business and Finance. – 2020. – Vol. 52. – URL: https://sciencedirect.com/science/article/pii/s0275531919302405 (дата обращения: 30.01.2024).
5. Chen J. CEO and director compensation, CEO turnover and institutional investors: Is there cronyism in the UK? / J. Chen, M. Goergen, W.S. Leung, W. Song // Journal of Banking & Finance. – 2019. – Vol. 103. – P. 18-35. – URL: https://sciencedirect.com/science/article/pii/s0378426619300743 (дата обращения: 31.01.2024).
6. Farooq O. Financial centers and ownership concentration: when is ownership concentration value relevant? Evidence from an emerging market / O. Farooq, I. Zarouali // Research in International Business and Finance. – 2016. – Vol. 38. – P. 236-245. – URL: https://ideas.repec.org/a/eee/riibaf/v38y2016icp236-245.html (дата обращения: 14.02.2024).
7. Hanafi A. The influence of investment decisions and funding decisions on the value of companies with ownership structure as moderated variables in manufacturing companies listed in Indonesia Stock Exchange (BEI) / Aqimissolati, Sulastri, Isnuhardi, A. Hanafi // Journal of Economics and Business. – 2020. – Vol. 5. – URL: https://www.ijisrt.com/assets/upload/files/ijisrt20jan520.pdf (дата обращения: 16.02.2024).
8. Ji J. Board tenure diversity, culture and firm risk: Cross-country evidence / J. Ji, H. Peng, H. Sun, H. Xu // Journal of International Financial Markets, Institutions and Money. – 2021. – Vol. 70. – URL: https://sciencedirect.com/science/article/pii/s1042443120301608 (дата обращения: 17.02.2024).
9. Livnat J. Board tenure and firm performance / J. Livnat, G. Smith, K. Suslava, M. Tarlie // Global Finance Journal. – 2021. – Vol. 47. – URL: https://sciencedirect.com/science/article/pii/s104402831930225x (дата обращения: 23.02.2024).
10. Mohsni S. Board gender diversity, firm performance and risk-taking in developing countries: The moderating effect of culture / S. Mohsni, I. Otchere, S. Shahriar // Journal of International Financial Markets, Institutions and Money. – 2021. – Vol. 73. – P. 209-226. – URL: https://sciencedirect.com/science/article/pii/s1042443121000792 (дата обращения: 23.02.2024).
11. Parise G. Family first? Nepotism and corporate investment / G. Parise, F. Leone, C. Sommavilla // Bank for International Settlements Working Paper No. 693. – 2018. – URL: https://www.bis.org/publ/work693.pdf (дата обращения: 23.02.2024).
12. Prommin P. Liquidity, ownership concentration, corporate governance, and firm value: Evidence from Thailand / P. Prommin, S. Jumreornvong, P. Jiraporn, S. Tong // Global Finance Journal. – 2016. – Vol. 31. – P. 73-87. – URL: https://www.sciencedirect.com/science/article/pii/s1044028316300825 (дата обращения: 24.02.2024).
13. Rahim I. The influence of corporate governance, ownership structure on company value with company size as moderation variabel / I. Rahim, M. Mediaty, R. A. D. Damayanti // Patria Artha Journal of Accounting & Financial Reporting. – 2018. – Vol. 2. – No. 2. – P. 186-200. – URL: http://ejournal.patria-artha.ac.id/index.php/jafr/article/view/176 (дата обращения: 23.02.2024).
14. Saona P. Country level governance variables and ownership concentration as determinants of firm value in Latin America / P. Saona, P. San Mart?n // International Review of Law and Economics. – 2016. – Vol. 47. – P. 84-95. – URL: https://ideas.repec.org/a/eee/irlaec/v47y2016icp84-95.html (дата обращения: 20.02.2024).
15. Vintila G. Does ownership structure influence firm value? An empirical research towards the bucharest stock exchange listed companies / G. Vintila, S. C. Gherghina // International Journal of Economics and Financial Issues. – 2015. – Vol. 5. – No. 2. – P. 501-514. – URL: https://dergipark.org.tr/en/download/article-file/363022 (дата обращения: 23.02.2024).
16. Vochenko D. Impact of ESG factors on the market capitalization of companies / D. Vochenko, Q. Xu, S. Kendo // Available at SSRN. – 2024. – URL: https://ssrn.com/abstract=4719937 (дата обращения: 15.01.2024).
17. Wang B. Ownership, institutions and firm value: Cross-provincial evidence from China / B. Wang // Research in International Business and Finance. – 2018. – Vol. 44. – P. 547-565. – URL: https://www.sciencedirect.com/science/article/pii/s0275531917303379 (дата обращения: 23.02.2024).
Corporate governance quality: factors and their impact on company value
Keywords: corporate governance quality; company value; board of directors; collegial executive body; sole executive body; ESG; gender balance; institutional investors; capital concentration.
The purpose of the study is to define corporate governance quality by revealing, classifying, and systematizing its determinants based on their impact - positive, negative, or uncertain - on company value. The article delves into various dimensions of corporate governance quality, encompassing ownership structure, the gender balance, activities in the field of sustainable development, and the socio-demographic profiles of the board of directors. The scientific novelty lies in the consolidation of a broad spectrum of determinants and their presumed influence on the company value, thereby clarifying the essence of corporate governance quality. As a result of the study, a framework has been developed that can be used for further development of theoretical positions and may serve as a basis for quantitative studies on the dependency of company value on corporate governance quality. Methods: critical analysis, synthesis, and generalization.