Does Corporate Governance Impact Firm Performance? A Comparative Analysis of State-Owned Enterprises Versus Private Enterprises in India.

This paper examines the impact of Corporate Governance (CG) variables on firm performance, and studies if the relation is different for State-Owned Enterprises (SOEs) and private enterprises. The study examined 53 listed Indian firms, wherein 33 are private and the remaining are SOEs for the period 2011 to 2019, using multivariate regression analysis. The CG variables used in the study are independent director, non-executive directors, meetings, audit committee, and board size. Further, the study provides evidence that among all the CG variables, independent director and audit committee are found to be significant and this relation remains consistent in both types of firms: SOEs and private. The study concludes that the overall performance of SOEs is less than that of the private firms. [ABSTRACT FROM AUTHOR]