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公司治理的定义及其对组织的影响是一个话题在过去二十年的广泛的研究。经合组织(OECD)描述了公司治理公司管理层之间的关系,董事会、股东和其他利益相关者,韦兰和饥饿(2000)采用战略管理方法和定义术语作为股东之间的关系,董事会和管理在决定公司的方向和性能。高调的企业失败和全球最佳公司治理实践的采用研究人员提供了一个机会找到金融实践最佳公司治理的影响。虽然普遍认为公司治理改善长期财务绩效,但过去的研究提供了混合金融丰收后的公司治理实践的证据。研究者吉尔等(2001),龚帕斯et al .(2003),Weisbach(1988),钟,赖特和基迪亚(2003),侯赛因,Cahan和亚当斯(2000)证人积极的公司治理对财务业绩的影响等研究人员道尔顿et al .(1998),Bathala和拉奥(1995),哈钦森(2002)寻找实验证据-这些变量之间的关系。如果关系是不确定的,那么为什么公司仍倾向于遵循良好的公司治理实践,其中一个原因可能是吸引全球投资者出现全球经济施压组织遵循治理实践,以使他们的高管负责。其他原因可能是组织只是遵循最佳治理实践,仪式,以满足监管机构的监管要求。Rajagopalan和张(2008)表明,私有化和全球化背后的主要驱动力是印度和中国等新兴经济体的公司治理改革。新兴经济体刎颈争夺外国投资和外国投资者更喜欢公司遵循良好治理实践Rajagopalan和张(2008)认为,它帮助外国投资者保护全球的完整性。

介绍——Introduction

The definition of Corporate Governance and its implications on an organisation have been a topic of extensive research over the last two decades. OECD describes corporate governance as a set of relationship between company management, board, shareholders and other stakeholders, Wheelan and Hunger (2000) adopt strategic management approach and define the term as a relationship among shareholders, board of directors and management in determining the direction and performance of the corporation. High profile corporate failure and global adoption of best corporate governance practices provided an opportunity to researchers to find financial influence of practicing best corporate governance. Though it is a widespread believe that corporate governance improve long term financial performance but past researches have provided mixed evidences of financial fruitfulness of following corporate governance practices. Researchers such as Gill (2001), Gompers et al. (2003), Weisbach (1988), Chung, wright and Kedia (2003), Hossain, Cahan and Adams (2000) witness a positive effect of corporate governance on financial performance while researchers like Dalton et al. (1998), Bathala and Rao (1995), Hutchinson (2002) find empirical evidence for negative relationship between these variables. If the relationship is uncertain then why firms are still tending to follow good corporate governance practices, one of the reasons may be to attract global investors as emergence of global economy has put pressure on organisations to follow governance practices in order to make their executives accountable. The other reason may be that organisations simply follow best governance practices as rituals to meet the regulatory requirements imposed by governing bodies. Rajagopalan and Zhang (2008) indicate that privatisation and globalisation are main driving forces behind corporate governance reforms in emerging economies like India and China. Emerging economies have cut throat competition for foreign investment and foreign investors prefer firms that follow good governance practices as Rajagopalan and Zhang (2008) argue that it helps foreign investors to preserve their global integrity. Khanna and Palepu (2001) argue that product and labour market globalisation can be taken as a cause of Indian companies adopting best corporate governance practices.

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