Title: Impact of internal corporate governance and self-regulation on financial performance: a study of international stock exchanges

Authors: Rashid Ameer; Radiah Othman

Addresses: Head of School Global Studies, IPU New Zealand Tertiary Institute, 57 Aokautere Drive, Fitzherbert 4410, Palmerston North, New Zealand ' School of Accountancy, Massey University, Business Studies West, Tennent Drive 4410, Palmerston North, New Zealand

Abstract: This study examines the extent to which corporate governance and self-regulation affect the financial performance of international stock exchanges. Our empirical results show that an increase in the proportion of independent directors with professional accounting and finance qualifications increases financial performance and the valuation of stock exchanges. In addition, our empirical results show that a strong self-regulation model has a significant positive impact on the financial performance of self-listed stock exchanges in common-law countries compared to civil-law countries. Our results have economic implications for board diversity and self-regulation frameworks of international stock exchanges.

Keywords: CEO tenure; demutualisation; board diversity; financial performance; self-regulation.

DOI: 10.1504/IJCG.2021.121280

International Journal of Corporate Governance, 2021 Vol.12 No.3/4, pp.321 - 349

Accepted: 10 Jan 2022
Published online: 24 Feb 2022 *

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