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Corporate Governance and Firm Performance in Central Asia

Student: Farangiz Kadamova

Supervisor: Elena Rogova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Finance (Master)

Final Grade: 7

Year of Graduation: 2020

Good corporate governance is one of the major drivers of successful economic development and enterprise value creating in both developed and developing countries. However, in the last two decades, there has been very little research on corporate governance and firm performance in Central Asia, whereas the amount of research works on corporate governance influence on companies’ performance in West and South Asia has increased significantly. This paper examines the corporate governance impact on firm’s performance in Central Asia and suggests algorithms of identifying its main contributing factors. I hypothesize that firm performance in developing countries of Central Asia is likely to benefit more from higher level of corporate governance. Additional hypothesis is that corporate governance is positively associated with firm performance and firm profitability. I use different regression models to test my hypothesis on panel data. The main variables will be various governance features such as size of the board, ownership structure, CEO duality and independence director ratio to better understand the issue of corporate governance. As regards data collection, the main sources of information for my research are national stock exchanges where chosen companies are listed. Furthermore, collected data will be developed by annual reports data of companies. The results will show interpretation of numerical results and recommendations for companies in Central Asia. In conclusion, the topic of my research combines both theoretical and practical aspects of corporate governance and firm performance in Central Asia since studies in this topic are rare. The research will be important for investors, firm managers and directors of companies in Central Asia that aim to develop the corporate governance structure of their company and enlarge its firm value.

Full text (added May 15, 2020)

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