Abstract Corporate Governance (CG) in India has undergone major transformation in the recent past with the enactment of Companies Act, 2013 and revision of SEBI’s Listing Agreement. Though some studies were undertaken in the Indian context few conventional aspects of CG have been repetitively addressed with conflicting results. The aim of this study is to examine the impact of some prominent CG attributes such as board size, board independence, role duality, board’s gender diversity, ownership concentration and audit committee independence on both market as well as accounting based measures of firm performance (FP). To this end the study uses a sample of top 100 non-financial and non-utility firms listed on the Bombay Stock Exchange (BSE) for the period of 2014-2018 and employs two stage least square with instrumental variables technique of estimation which takes into account potential endogeneity in CG-FP relationship. The findings reveal a significant positive impact of board size, ownership concentration and audit committee independence on market based measure of FP while board independence is found to have a significant negative impact on accounting based measure of FP. Moreover role duality and gender diversity are not associated with FP. The outcome of this study highlights how the relationship between CG and FP works in the unique institutional setting of India and it should be of interest to regulators, practitioners and other market participants.

中文翻译：

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公司治理会影响公司绩效吗？来自印度的证据

摘要随着2013年《公司法》的颁布和SEBI上市协议的修订，印度的公司治理（CG）在最近经历了重大变革。尽管在印度背景下进行了一些研究，但CG的一些常规方面已经被重复地解决，但结果相互矛盾。这项研究的目的是研究一些重要的企业管治属性，例如董事会规模，董事会独立性，角色二重性，董事会的性别多样性，所有权集中度和审计委员会独立性对市场以及基于会计的公司绩效衡量标准的影响（FP）。 ）。为此，本研究使用了2014-2018年在孟买证券交易所（BSE）上市的前100家非金融和非公用事业公司的样本，并采用了两阶段最小二乘估计和工具变量技术，该方法将说明CG-FP关系中潜在的内生性。调查结果表明，董事会规模，股权集中度和审计委员会独立性对基于财务报告的财务指标具有显着的积极影响，而董事会独立性对基于财务报告的财务指标具有显着的负面影响。此外，角色二重性和性别多样性与计划生育无关。这项研究的结果突出了CG和FP之间的关系如何在印度独特的制度环境中发挥作用，监管机构，从业人员和其他市场参与者应该对此感兴趣。