文档介绍：原文:
Corporate Governance and Financial Performance panies in Poland
Abstract
The research presented in the paper is aimed at examining the relationship between the level of corporate governance and the financial performance of panies in Poland. The corporate governance degree is expressed by the es of a rating of 2003 performed by Polish Corporate Governance Forum. The attempted models are of ordered multinomial type. Endogenous variable represents the rating e (A-, B+, B, B-, and C+), while the exogenous variables include various financial indicators evaluated on the basis of the 2002 financial statements. The estimated ordered logit models show that the level of corporate governance panies in Poland is associated with their ability to cope with the financial distress, as expressed by the degree of liquidity, profitability and the financial leverage variables. (JEL C10, O57, G30)
Corporate Governance Ratings for panies
From the perspective of pany, the corporate governance means: independent and efficient supervising body, transparent and accurate books, strong shareholders’ rights and equal treatment of all owners groups. Mechanism of corporate governance minimizes the agency costs, ., reduces pany’s market value loss resulting from a potential conflict between the managers and the owners (Shleifer and Vishny, 1996).
In Poland, the corporate governance questions have been addressed since the beginning of the first decade in 21st century, both legally and operationally. Good source of information on current issues in this area is Polish Corporate Governance Forum (PCFG) founded in 2000 by the Institute for Market Economics (/). Warsaw Stock Exchange (WSE) has adopted the corporate governance principles on the Polish market since 2002, with all panies declaring that they would observe most of the best practice rules (/). Since then, the new document, entitled Best practices in panies 2005 has been accepted for implementation. The Best practices express t