CORPORATE GOVERNANCE AND FIRM VALUE OF KAZAKHSTANI COMPANIES IN THE CONDITIONS OF ECONOMIC INSTABILITY
Journal Title: Polish Journal of Management Studies - Year 2018, Vol 17, Issue 2
Abstract
The main goal of this paper is to evaluate the effects of corporate governance system on Kazakhstani companies’ economic and financial performances following the ongoing economic sanctions against the Russian Federation. With the empirical study of the Corporate Governance disclosures of large Kazakhstani listed firms, we tested the hypothesized causal relationship between management ownership and other corporate governance variables and corporate financial performance indicators, such as ROA, ROE, ROS, and others. Based on correlation and regression analysis, we found that there is no reason to presume the strong relations between the analyzed variables. Moreover, we come to a conclusion that the sanctions only have an indirect influence at the Kazakhstani companies. Our findings indicate that the firms’ financial conditions might be mostly affected by other factors, such as the low oil and gas prices in world market.<br/><br/>
Authors and Affiliations
Zhanat Zhussupova, Irina Onyusheva, Mohamed El-Hodiri
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