公司制度环境下的企业内部治理机制构建考察

正式制度体现为具有刚性约束力的法规和章程,如《公司法》、《劳动法》;而非正式制度则内含了公司所处地域的风俗习惯等元素。作为植根于社会文化环境下的人来说,他无论是在进行战略设计,还是在实施具体的经营管理,都无法摆脱传统意识对他的影响。因此,应从公司正式和非正式制度环境下,来考察企业内部治理机制的构建问题。

Internal Mechanisms of Corporate Governance and Firm Performance： A Review of Theory and Empirical Evidence

Literature has revealed the existence of several external and internal disciplining mechanisms that are hypothesized as factors influencing corporate governance. This paper reviews the theoretical and empirical literature on five internal mechanisms of corporate governance, namely, dividend payouts, financial leverage, institutional shareholding, board duality, and board size. These mechanisms have received the greatest deal of attention in the literature. The paper makes an original contribution to the literature as it is the first of its type, to the best of our knowledge, to provide a comprehensive idea on these five internal mechanisms of corporate governance. This study will help in investigating the relationship between internal corporate governance mechanisms and firm performance with the main aim of extending the existing literature on firm performance by empirically investigating the contribution of these mechanisms in the smooth conduct of business operations. The empirical evidence amassed favors a smaller board size, non-existence of duality and favorable dividend mechanisms as effective internal governance mechanisms affecting firm performance. At the same time, there is no conclusive evidence on the relationship between leverage and institutional ownership as internal governance mechanisms influencing agency cost and firm performance.