• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Corporate Governance and Firm Performance in Central Asia

Student: Kadamova Farangiz

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)

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses