Corporate Governance Mechanisms： Evidence From Small- and Medium-Sized Enterprises （SMEs）  

作　　者：Angeline Kiew-Heong Yap Yan-Ling Ng 

机构地区：[1]HELP University, Kuala Lumpur, Malaysia [2]Universiti Tunku Abdul Rahman, Selangor, Malaysia

出　　处：《Journal of Modern Accounting and Auditing》2015年第7期353-362,共10页现代会计与审计（英文版）

摘　　要：This paper aims to investigate the extent to which Malaysian small- and medium-sized enterprises （SMEs） adopted corporate governance （CG） principles and their effects on firm performance. The principles examined included： establishing clear roles and responsibilities; strengthening composition; and reinforcing independence. The paper is based on a questionnaire survey study among 113 SMEs that consisted of 35% （39） of manufacturing and related services and 65% （74） from services including information and communication technology （ICT）, primary agriculture, construction, mining, and quarrying. The analysis of the data indicates that 32% of the respondents said that the primary reason why they have their own business is to have control over their own working life. This fmding appears to confirm the f＇mancing theory that SMEs owners have other goals than profitability. In addition, 30% of SMEs perceived that the most important role played by the board is risk management; hence, these boards have a greater control over financial risks that may lead to better financial performance. The analysis also shows that 81% of the respondents＇ board consisted of internal board members only. These enterprises need to see the important role of external board members as a source of advice providers and experts to them. For policies relating to clear roles and responsibilities of board, only 28% of the respondents established clear functions reserved for the board and those delegated to management; substantial respondents did not draw up policies relating to reinforce board independency （between 75% and 79%） and to strengthen board composition （46%）. Besides, 68% of the respondents have the position of chairman and CEO held by same individuals and 81% of the chairman is an executive member of the board. These findings suggest that SMEs cannot see the importance of strengthening board and having independent board members. Regression analysis also indicates that board independence has a significant a

关 键 词：corporate governance （CG） small- and medium-sized enterprises （SMEs） emerging markets MALAYSIA 

分 类 号：F279.243[经济管理—企业管理] F276.6[经济管理—国民经济]