IMPACT OF CORPORATE GOVERNANCE DISCLOSURES ON FINANCIAL PERFORMANCE
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1 Inspira-Journal of Commerce, Economics & Computer Science 60 ISSN : , Volume 01, No. 03, July- September, 2015, pp IMPACT OF CORPORATE GOVERNANCE DISCLOSURES ON FINANCIAL PERFORMANCE Dr. P. Sri Ram Prachi Kolmkar Abstract The belief that better Corporate Governance practices and Disclosure lead to a superior firm performance is widespread. This paper tries to investigate whether firms Corporate Governance Disclosures lead to better financial performance or whether financial performance and Corporate Governance are not related. This study has been retrained only to the Indian Finance Sector and the variables measuring financial performance have been restrained to six variables namely Earnings Per Share, Market Price per Share, Dividend per Share, Return on Equity, Return on Assets and Return on Capital. A Sample of 15 companies from the Indian Finance Sector for a period of 5 years has been chosen having a background of different financial services. Regression analysis and correlation matrix has been used to determine the results. Keywords: Corporate Governance, Clause 49, DPS, MPS, ROE, ROA, OLS, Regression. Introduction India opened up its economy in the year 1991 and from than there has been a massive growth of corporate sector with lot of external capital flowing within the economy. Many huge investments had been made in different sectors like Finance, FMCG, IT, Textile, Automobile and so on. This led to the evolution of a corporate reform in the country basically to safeguard the investors. The Corporate Governance initiatives caught momentum during the mid 1990 s. SEBI came into existence in the year 1992 mainly with a motive to protect the investors. The First voluntary Code of Corporate Governance was given by Confederation of Indian Industry in the year SEBI framed two committees to tackle the issue of Corporate Governance, one chaired by Kumar Mangalam Birla who submitted its report in 1999 and the second chaired by Narayan Murthy who submitted its report in the year The recommendations mainly Assistant Professor, Department of Commerce, Goa University, Goa. Research Scholar, Department of Commerce, Goa University, Goa.
2 Dr. P. Sri Ram & Prachi kolmkar : Impact of Corporate Governance Disclosures highlighted the disclosure laws and role and composition of Board of Directors. Clause 49 deals with the Corporate Governance norms to be followed by all the companies listed on all the stock Exchange in India. All the publically traded companies have to sign a listing agreement with the stock exchanges in India as per the amendment made to clause 49 in Clause 49 was re-amended in 2004 and came into effect in the year However after the Satyam Scam in the year 2008, the SEBI made the disclosures pertaining to promoter s shareholdings and any pledging of shares to third parties mandatory. The Ministry of Corporate Affairs, SEBI, Reserve Bank of India and the institute of Chartered Accounts of India are the key players in maintaining the Corporate Governance standard in the country. As per Clause 49 of the Listing Agreement, there should be a separate section on Corporate Governance in the Annual Reports of listed companies, with detailed compliance report on Corporate Governance. The companies should also submit a quarterly compliance report to the stock exchanges within 15 days from the close of quarter as per the prescribed format. The Corporate Governance disclosure score is assigned to companies taking the above variables into consideration to determine the level of disclosure by the companies. Through a circular dated April 17th 2014, SEBI released the amendments to Clause 49 of the Equity Listing Agreement. The revised Clause 49 updates and aligns the Listing Agreement with Corporate Governance changes bought out in the Companies Act, There are also certain changes which are stricter than that mandated in the new Companies Act, Corporate India must commit itself as a reliable, innovative and prompt service provider to their customers and should also become reliable business partners in order to prosper and to have an all round growth. Literature Review Lamport M J et al (2011) have based their study on the measurement of the quality of Corporate Governance and on whether there exists a relationship between Corporate Governance and firm performance for a sample of the Top 100 companies in Mauritius taken for the study. Univariate and regression analysis have been used to arrive at the results. Results of the study shows that overall, there is no difference in performance for companies having poor or excellent quality of governance. Hence no significant relationship has been found between Corporate Governance and financial performance, though a significant relationship has been found for the top 20 category of companies, the other results were inconclusive. Priyanka Aggarwal (2013) has examined the relationship of Corporate Governance on the financial performance of companies taking into account a sample of 20 companies listed on S&P CNX Nifty 50 Index. Various tests like regression, correlation, t-test and F-test have been performed using secondary data over a period of two years from FY to FY The results of the study reveal that Corporate Governance ratings have had significant impact on the financial performance of the companies to a greater extent. Sherif S. Elbarrad (2014) has analysed the relationship between disclosures in annual reports as outlined in the Corporate Governance regulations imposed by the Saudi Capital Market Authority and companies
3 62 Inspira- Journal of Commerce, Economics & Computer Science : July - September, 2015 performance in Saudi Arabia. This research is conducted on three sectors (Banking, Cement and Multi-Investment) to measure the relationship between those variables and company performance measured by three measures, namely Return on Assets (ROA), Return on Equity (ROE) and Price to Earnings ratio (PE).The results revealed that both ROE and ROA correlate with some of the disclosure variables. However, these variables differ from one sector to the other. Research Methodology The study is based on secondary data. A Sample of 15 companies from the Indian Finance Sector for a period of 5 years has been chosen having a background of different financial services. The yearly data on Earnings Per Share (EPS), Market Price per Share (MPS), Dividend per Share (DPS), Return on Equity (ROE), Return on Assets (ROA) and Return on Capital (ROC) was obtained from secondary sources. Further, the Corporate Governance Disclosure Scores are acquired from Bloomberg database. The sample chosen is selected companies from the Indian financial sector listed on both NSE and BSE. The Finance Sector was chosen according to the sector wise market capitalization followed by within the sector market capitalization and availability of Corporate Governance Disclosure Scores from Bloomberg database for a period of 5 years has been chosen having a background of different financial services. Objectives To assign ranking to companies according to the average of their Corporate Disclosure Score and other Financial Performance Measurement variables. To interpret the existence or non existence of any impact of Corporate Governance disclosure score on the financial performance measurement variables. Statistical Tools and Techniques Used Regression analysis and Correlation Matrix has been used to determine the results. A regression analysis has been applied to identify the relationship between the Disclosure Scores and Financial Performance indicators such as Earnings Per Share (EPS), Market Price per Share (MPS), Dividend Per Share (DPS), Return on Equity (ROE), Return on Assets (ROA) and Return on Capital (ROC). The interpretation of the data is done on the basis of the p value obtained at 95% confidence interval using Gretl and Microsoft excel. Hypothesis Null Hypothesis (H0) There is no significant impact of Corporate Governance disclosure score on the financial performance measurement variables. Alternate Hypothesis (H1) There is a significant impact of Corporate Governance disclosure score on the financial performance measurement variables. Data Analysis and Interpretation A regression analysis has been applied for each of the variables based on the rankings and individually for each of the companies, taking Corporate Governance disclosure score as the independent variable in each of the cases and the remaining variables such as Earnings Per share, Dividend per share, Return on capital, Return on
4 Dr. P. Sri Ram & Prachi kolmkar : Impact of Corporate Governance Disclosures Equity, Return on Assets and market price per share as the dependent variables. The null hypothesis for each of the variables were formed as there is no significant relationship between Corporate Governance disclosure score and the respective dependent variable and thus the dependent variable is not affected by the Corporate Governance disclosure score or there is no impact of Corporate Governance disclosure score on the financial performance measurement variables. The alternate hypothesis is that there is significant relationship between the Corporate Governance disclosure score and the respective dependent variable. Regression Analysis of Corporate Governance Ranking and Financial Variables Rankings have been assigned to companies based on their average disclosure score as well as average of the performance measurement variables and thus a simple regression analysis and an OLS(Ordinary Least Square ) model has been run to identify the relationship between the said variables and based on the ranking. Corporate Governance Score Ranking and EPS Ranking Dependent variable: EPS (Earnings Per Share) Ranks Const C Granks R-Squared significant impact of Corporate Governance score on EPS. Corporate Governance Score Ranking and DPS Ranking (Dividend Per Share) Dependent Variable: DPS Ranks Const CG Ranks R-Squared significant impact of Corporate Governance score on DPS. Corporate Governance Score Ranking and ROE Ranking Dependent Variable: ROE (Return on Equity) Ranks Const CG Ranks R-Squared significant impact of Corporate Governance score on ROE.
5 64 Inspira- Journal of Commerce, Economics & Computer Science : July - September, 2015 Corporate Governance Score Ranking and ROC (Return on Capital) Ranking Dependent Variable: ROC Ranks Const CG Ranks R-squared significant impact of Corporate Governance score on ROC. Corporate Governance Score Ranking and MPS (Market Price Per Share) Ranking Dependent variable: MPS (Market Price Per Share) Const CGranks R-Squared significant impact of Corporate Governance score on MPS. Corporate Governance Score Ranking and ROA (Return on Asset) Ranking Dependent Variable: ROA Ranks Const CGranks R-Squared Since the p-value obtained is <0.05 we reject the null hypothesis, Thus there is a significant impact of Corporate Governance score on ROA. Thus the corporate governance disclosure score explains around 48% of ROA. Analysis EPS, which is an indicator of a company s profitability,however the results of the regression analysis does not show any significant relationship between the EPS and Disclosure Score of all the companies on an average basis and based on the rankings assigned. The other variables i.e. DPS, Return on Equity, Return on Capital and Market Prices of the shares have also shown that there does not exist any relationship between Corporate Governance disclosure score and the variables. Thus, the variables are not affected based on the ranking, by the governance disclosure score in the financial sector companies.on the other hand, the disclosure score had an impact on return on assets ratio. However, if taken individually for each company and the variables measuring financial performance under study, in case of few companies there exists a relationship between the disclosure score and the other variables. Thus each of the dependent variables i.e. DPS, EPS, Return on Equity, Return on Assets, Return on Capital and Closing market prices are affected by the Corporate Governance disclosure score of some
6 Dr. P. Sri Ram & Prachi kolmkar : Impact of Corporate Governance Disclosures companies.few companies in the Finance Sector from the chosen sample out of 15 companies such as Motilal Oswal, Capital first, IDFC, and banks such as Canara bank and Bank of India s financial performance variables were affected by the disclosure scores. The Corporate Governance disclosure score had an impact on the EPS of Bank of India and Capital First. Similarly, ROE and DPS in case of Motilal Oswal were affected by the scores and ROC for IDFC and Canara bank in the same way. The Market price per share was influenced for Bank of India. Thus the financial variables of just 5 companies were affected by the disclosure scores and Return on asset for Canara Bank and Motilal Oswal Financial Services. Conclusions To conclude, the results of regression and correlation analysis proved that disclosure score had an impact on the return on assets ratio of the companies, Since ROA is a financial ratio that shows the percentage of profit a company earns in relation to its overall resources. ROA is a useful ratio for interpreting profit performance, aside from determining financial gain (or loss).besides it also shows how profitable a company's assets are in generating revenue. On the other hand for the other variables like EPS, DPS, Return on Equity, Return on Capital, and market prices of shares, no significant differences among firms with low Corporate Governance score and those with higher Corporate Governance disclosure score in terms of their financial performance was observed in this study thus this study has developed mixed results. Hence, an overall conclusion drawn would be that some company s financial performance may be related to their Corporate Governance disclosure practices to some extent and thus may vary from company to company, however it cannot be denied that Corporate Governance disclosures are intended to increase the accountability of a company and when executed effectively, it can prevent the rise of huge corporate scandals, fraud and criminal liability of a company. References Jiban K Mukhopadhyay, Debasis Mallik, Dolly Dhamodiwala (2012) Corporate Governance Practices and Financial Performance of Selected Family Managed Medium Sized Listed Companies in India Joel Tham Kah Marn, Dondjio Fomedjou Romuald (2012) The Impact of Corporate Governance Mechanism and Corporate performance: A study of Listed Companies in Malaysia. Lamport M J, Latona M N, Seetanah B and Sannassee (2011) Relationship between Corporate Governance and Firm Performance: Evidence from a sample of Top 100 Mauritian Companies Sherif S. Elbarrad (2014) Corporate Governance Disclosure in Annual Financial Reports and Company Performance - Evidence from Saudi Arabia.
7 66 Inspira- Journal of Commerce, Economics & Computer Science : July - September, 2015 Annexure Selected Companies. of The Indian Finance Sector CG SCO RE ranks EPS ranks DPS ranks ROE ranks in numbers) ROC ranks MARKET PRICE PER SHARE ranks ROA ranks 1.Power Finance Corp IDFC Canara Bank Motilal Oswal Financial Services Dcb Bank Reliance Capital Ltd Capital First Bank Of India Uco Bank Magma Fincorp Jm Financial Muthoot Finance Hdfc Bank Dewan Housing Finance Corp Ltd Federal Bank Corporate Governance and Ranking of Selected Variable P Values obtained of variables through a Regression Analysis *P Value Companies EPS DPS ROE ROC ROA Market Price Per Share 1.Power Finance Corp IDFC Canara Bank Motilal Oswal Financial Services Dcb Bank Reliance Capital Ltd Capital First Ltd Bank Of India UCO Bank Magma Fincorp Jm Financial Muthoot Finance Hdfc Bank Dewan Housing Finance Corp Ltd Federal Bank
8 Dr. P. Sri Ram & Prachi kolmkar : Impact of Corporate Governance Disclosures Correlation Matrix CG CG EPS DPS ROE ROC Market Price per Share Ranks ROA Ranks 1 EPS DPS ROE ROC Market Price per Share Ranks ROA Ranks
CHAPTER 7 FINDINGS, CONCLUSION AND RECOMMENDATIONS
177 CHAPTER 7 FINDINGS, CONCLUSION AND RECOMMENDATIONS INTRODUCTION Corporate control, cash flow rights etc are spread across many stakeholders such as managers, shareholders, directors through legal,
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