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Do corporate governance dynamics drive performance of state-owned and non-state-owned enterprises? An Indian perspective

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Abstract

The current study examines how corporate governance (CG) affects the business performance of state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). The data of 36 listed SOEs and 104 non-SOEs registered on the Indian BSE Dollex 200 has been endorsed for 10 years (2011–2012 to 2020–2021). Both random effects model and fixed effects models are used for analysis. Using regression analysis as a tool to check the impact of the board variables (board attendance, board meetings, board size, board independence and women directors) as CG indicators on firm performance (ROA, ROE and Tobin’s Q), this study reports that CG variables do not have any significant impact on the firm performance of SOEs other than appointment of the independent directors and board attendance. However, CG practices are significantly associated with the corporate performance of non-SOEs other than board meetings. This study provides insight into how CG practices affect SOEs and non-SOEs differently and highlights the importance of ownership pattern in the connection between CG standards and Indian corporate value.

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    Khushboo Tanwer & Mahesh Chand Garg

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Tanwer, K., Garg, M.C. Do corporate governance dynamics drive performance of state-owned and non-state-owned enterprises? An Indian perspective. Asian J Bus Ethics 13, 1–30 (2024). https://doi.org/10.1007/s13520-023-00185-2

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