Abstract:

The purpose of this paper is to analyze the empirical link between corporate governance and financial performance on a sample of 51 companies mostly from the technology sector and NASDAQ listed, during 2010-2013. Performance was measured using as proxy the return on assets (ROA) and the return on equity (ROE) and for the corporate governance measures there were selected variables as duality, seniority and remuneration of the CEO, size, independence and gender diversity related to Boards of Directors. As estimation techniques we used multivariate regression models, generalized least squares (GLS) and standard error correction for heteroskedasticity using White's method. The empirical results have confirmed the influence of mixed corporate governance variables on financial performance indicators at the company level. Hence, we obtained in both models a positive influence on financial performance from variables age, years listing and CEO's remuneration with bonuses.