Impactul guvernanței corporative asupra performanței întreprinderilor industriale cotate din SUA
The Impact of Corporate Governance on the Performance of US Listed Industrial Enterprises

Summary/Abstract: The impact of corporate governance on the company's performance is an important issue for the proper functioning of companies. This study was conducted on 51 industrial companies, included in the S&P500, for the period 2017-2021, resulting in 255 observations. The aim of the paper is to highlight the relationship between ROE and ROA profitability rates, and governance indicators: size of the board of directors, the percentage of independent members of the board of directors, the number of board meetings, the percentage of women on the board of directors, chief executive officer(CEO)’s age and the percentage of shares owned by institutional investors, to which some control variables were added. Regarding the methodology, linear and non-linear regression models were employed, which outlined the dependence relationship between the mentioned variables. The main results of the study are: the negative influence of the number of board meetings on performance, the positive impact of the presence of women on the board of directors on profitability and the direct influence of the presence of institutional investors on performance. It was also found that CEO age has a non-linear influence on profitability. Thus, this paper is important both for the academic environment and the business environment, which can approach certain decisions based on the analyzed aspects.

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