According to Demsetz (1983), suggests that the CG is related to market expectations about the future effectiveness of the company, and this is demonstrated in the study by Brown and Caylor (2004) about the relationship between the positive CG efficiency and profit shares in the future. Another study by Brown and Caylor (2009) found CG improve company performance as measured by return on assets (ROA) and return on equity (ROE).
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