The Impact of Corporate Governance on Firm Performance on Stock Price among Publicly Listed Companies in the Philippines 2009 to 2011

摘要

As corporations grew into Microsoft, GMs and GEs of today, they threw of the remaining shackles of state limitations. They gained the institutional rights and became self-perpetuating entities (Millstein, 2003). Nowadays, corporate scandals and bankruptcies have extremely affected many countries particularly those that happened in Enron Corp. and Xerox Corp, smooth the way for companies to improve their corporate governance practices. This study examined the impact of corporate governance on firm performance and stock price among publicly listed companies in the Philippines during 2009 to 2011. This study used multiple regression analysis to test the hypothesis in a sample of 52 firms. The researcher utilized Full model and Stepwise Model to come up with set of independent variables that were significant to ROE, ROA and Stock Price. The variables are transformed to make it comparable and were able to meet assumptions such as Linearity, Multicollinearity, Normality and Heteroscedasticity. Firm size directly related to ROE and Stock Price while inversely related on ROA. Interaction of Firm Size and Silver directly related to ROE and Stock Price while inversely related on ROA. The Interaction of Firm Size and Gold directly related to ROA while inversely related on ROE. Interaction of Firm Size and Platinum inversely related to Stock Price. Interaction of Firm Age and Silver directly related to ROA while inversely related on ROE. The Interaction of Firm Age and Gold directly related to ROE while inversely related on ROA and Stock Price. Interaction of Firm age and Platinum and Interaction of Firm age and Platinum Plus directly related to Stock Price.