波兰的公司治理与财务绩效[文献翻译]VIP免费

原文：CorporateGovernanceandFinancialPerformanceofCompaniesinPolandAbstractTheresearchpresentedinthepaperisaimedatexaminingtherelationshipbetweenthelevelofcorporategovernanceandthefinancialperformanceoflistedcompaniesinPoland.Thecorporategovernancedegreeisexpressedbytheoutcomesofaratingof2003performedbyPolishCorporateGovernanceForum.Theattemptedmodelsareoforderedmultinomialtype.Endogenousvariablerepresentstheratingoutcome(A-,B+,B,B-,andC+),whiletheexogenousvariablesincludevariousfinancialindicatorsevaluatedonthebasisofthe2002financialstatements.TheestimatedorderedlogitmodelsshowthatthelevelofcorporategovernanceofcompaniesinPolandisassociatedwiththeirabilitytocopewiththefinancialdistress,asexpressedbythedegreeofliquidity,profitabilityandthefinancialleveragevariables.(JELC10,O57,G30)CorporateGovernanceRatingsforPolishCompaniesFromtheperspectiveofacompany,thecorporategovernancemeans:independentandefficientsupervisingbody,transparentandaccuratebooks,strongshareholders’rightsandequaltreatmentofallownersgroups.Mechanismofcorporategovernanceminimizestheagencycosts,i.e.,reducesthecompany’smarketvaluelossresultingfromapotentialconflictbetweenthemanagersandtheowners(ShleiferandVishny,1996).InPoland,thecorporategovernancequestionshavebeenaddressedsincethebeginningofthefirstdecadein21stcentury,bothlegallyandoperationally.GoodsourceofinformationoncurrentissuesinthisareaisPolishCorporateGovernanceForum(PCFG)foundedin2000bytheInstituteforMarketEconomics(http://www.pfcg.org.pl/).WarsawStockExchange(WSE)hasadoptedthecorporategovernanceprinciplesonthePolishmarketsince2002,withalllistedcompaniesdeclaringthattheywouldobservemostofthebestpracticerules(http://www.gpw.com.pl/).Sincethen,thenewdocument,entitledBestpracticesinpubliccompanies2005hasbeenacceptedforimplementation.TheBestpracticesexpressthecorporategovernancestandingofWSEbasedonpracticalexperience,opinionsandsuggestionsofmarketparticipantsovertheperiodof2003Y2004andtherecentEuropeanCommissionrecommendationsinthisfield.PolishCorporateGovernanceForumperformedtworatingsofthecompaniesquotedonWarsawStockExchange,thefirstin2001andthesecondin2004(Tamowiczetal.,2001;Dzierzanowskietal.,2004).Thesetworatingsarenotreallycomparable,sincetheauthorssignificantlychangedthescopeandmethodologyforthesecondrating.Thelastratingof2004wascarriedoutfor53companieswithlargestcapitalizationonWSE.Thedataonlegalstandingofthecompanies’corporategovernanceissueswerecollectedasofNovember2003.Accordingtotheauthors’description,the2004ratingwasbasedBontheanalysisofstatutes,internalregulations(by-laws)concerningfunctioningofsupervisoryandmanagementboardsandshareholders’meetingsandcontentofthecompanies’websites.Theveryimportantsourcesofinformationwerethecompanies’declarationsofcompliancewiththeWarsawStockExchangeCodeandespeciallythecommentariestoparticularrules.AuthorsofPCFGratingindicateatleast60characteristicsthatweretakenintoaccountforeachcompanyinordertoobtainappropriatepictureofcompany’scorporategovernancelevel.Theindicatorvariablesfortheratingweretakenfromthefollowingareas:1.compositionandcompetenceofsupervisoryboardincl.independentboardmembers2.supervisionoverparty-relatedtransactions3.generalshareholdersmeetingaccessibility4.functioningofthemanagementboard5.Auditor’sindependence6.lackofanti-takeoverdefences7.regulationsontradinginownshares8.Companies...