Detail publikace

Does corporate governance affect the market value and risk of Czech joint-stock companies?

Originální název

Does corporate governance affect the market value and risk of Czech joint-stock companies?

Anglický název

Does corporate governance affect the market value and risk of Czech joint-stock companies?

Jazyk

en

Originální abstrakt

The paper analyses the relationships and impacts between Good Corporate Governance (GC and the Firm Market Value and the Firm Risk, including Financial Performance in the companies of the processing industry. Empirical research has been verified in 118 joint-stock companies in the Czech Republic with the number of employees over 250 according to the EU criterion. Data was acquired by empirical research in the Czech Republic which was completed in 2012-2016. The aim of the paper is to propose a suitable model of Good Corporate Governance for unlisted Czech companies in the Czech Republic and to identify its impacts on the Firm Market Value, the Firm Risk and the Financial Performance. The methodology of research is based on modelling, using the structural equation modelling (SEM) for modelling the interrelationships and impacts between the GCG performance, the Firm Market Value, the Firm Risk and the Financial Performance. The empirical research has shown that responsible corporate governance has an impact on the Firm Market Value, both through the financial performance and through the stable risk. The investors are thus suggested that if good corporate governance and regulatory measures are introduced, thereby strengthening the corporate financial performance and the stable Firm Risk, then it will have a significant impact on the Firm Market Value.

Anglický abstrakt

The paper analyses the relationships and impacts between Good Corporate Governance (GC and the Firm Market Value and the Firm Risk, including Financial Performance in the companies of the processing industry. Empirical research has been verified in 118 joint-stock companies in the Czech Republic with the number of employees over 250 according to the EU criterion. Data was acquired by empirical research in the Czech Republic which was completed in 2012-2016. The aim of the paper is to propose a suitable model of Good Corporate Governance for unlisted Czech companies in the Czech Republic and to identify its impacts on the Firm Market Value, the Firm Risk and the Financial Performance. The methodology of research is based on modelling, using the structural equation modelling (SEM) for modelling the interrelationships and impacts between the GCG performance, the Firm Market Value, the Firm Risk and the Financial Performance. The empirical research has shown that responsible corporate governance has an impact on the Firm Market Value, both through the financial performance and through the stable risk. The investors are thus suggested that if good corporate governance and regulatory measures are introduced, thereby strengthening the corporate financial performance and the stable Firm Risk, then it will have a significant impact on the Firm Market Value.

BibTex


@inproceedings{BUT157994,
  author="Iveta {Šimberová} and Alena {Kocmanová} and Marie {Pavláková Dočekalová} and Stanislav {Škapa}",
  title="Does corporate governance affect the market value and risk of Czech joint-stock companies?",
  annote="The paper analyses the relationships and impacts between Good Corporate Governance (GC and the Firm Market Value and the Firm Risk, including Financial Performance in the companies of the processing industry. Empirical research has been verified in 118 joint-stock companies in the Czech Republic with the number of employees over 250 according to the EU criterion. Data was acquired by empirical research in the Czech Republic which was completed in 2012-2016. The aim of the paper is to propose a suitable model of Good Corporate Governance for unlisted Czech companies in the Czech Republic and to identify its impacts on the Firm Market Value, the Firm Risk and the Financial Performance. The methodology of research is based on modelling, using the structural equation modelling (SEM) for modelling the interrelationships and impacts between the GCG performance, the Firm Market Value, the Firm Risk and the Financial Performance. The empirical research has shown that responsible corporate governance has an impact on the Firm Market Value, both through the financial performance and through the stable risk. The investors are thus suggested that if good corporate governance and regulatory measures are introduced, thereby strengthening the corporate financial performance and the stable Firm Risk, then it will have a significant impact on the Firm Market Value. 
",
  address="International Institute of Informatics and Systemics",
  booktitle="IMCIC 19 Proceeding, Volume I",
  chapter="157994",
  edition="I",
  howpublished="electronic, physical medium",
  institution="International Institute of Informatics and Systemics",
  year="2019",
  month="march",
  pages="29--34",
  publisher="International Institute of Informatics and Systemics",
  type="conference paper"
}