Corporate governance practices and firm performance measured by Croatian Corporate Governance Index (CCGI^®)

Figures & data

Table 1. Matrix of CCGI^® index, sub-index and Tobin Q correlation.

Correlations (ANALYSIS) Marked correlations are significant at p <.05000 N = 26 (Casewise deletion of missing data)
	Tobin Q	SUB-INDEX 1	SUB-INDEX 2	SUB-INDEX 3	SUB-INDEX 4	SUB-INDEX 5	CCGI
Tobin Q	1.0000	0.2264	0.0141	−0.0112	0.1509	−0.0326	0.1322
SUB-INDEX 1	0.2264	1.0000	0.7552	0.5104	0.2686	0.1059	0.7765
SUB-INDEX 2	0.0141	0.7552	1.0000	0.2936	0.1521	0.0318	0.6254
SUB-INDEX 3	−0.0112	0.5104	0.2936	1.0000	0.3304	0.1777	0.6943
SUB-INDEX 4	0.1509	0.2686	0.1521	0.3304	1.0000	0.0588	0.6893
SUB-INDEX 5	−0.0326	0.1059	0.0318	0.1777	0.0588	1.0000	0.3904
CCGI	0.1322	0.7765	0.6254	0.6943	0.6893	0.3904	1.0000

Correlations (ANALYSIS) Marked correlations are significant at p <.05000 N = 21 (Casewise deletion of missing data)
	Tobin Q	SUB-INDEX 1	SUB-INDEX 2	SUB-INDEX 3	SUB-INDEX 4	SUB-INDEX 5	CCGI
Tobin Q	1.0000	0.5062	0.3780	0.5451	0.5284	0.0925	0.5779
SUB-INDEX 1	0.5062	1.0000	0.8065	0.6943	0.6820	0.0477	0.9057
SUB-INDEX 2	0.3780	0.8065	1.0000	0.5462	0.4292	0.1656	0.7883
SUB-INDEX 3	0.5451	0.6943	0.5462	1.0000	0.5180	0.2173	0.7878
SUB-INDEX 4	0.5284	0.6820	0.4292	0.5180	1.0000	−0.0075	0.8012
SUB-INDEX 5	0.0925	0.0477	0.1656	0.2173	−0.0075	1.0000	0.3190
CCGI	0.5779	0.9057	0.7883	0.7878	0.8012	0.3190	1.0000

Correlations (ANALYSIS) Marked correlations are significant at p <.05000 N = 16 (Casewise deletion of missing data)
	Tobinov Q	SUB-INDEX 1	SUB-INDEX 2	SUB-INDEX 3	SUB-INDEX 4	SUB-INDEX 5	CCGI
Tobinov Q	1.0000	0.4472	0.3315	0.5188	0.2752	0.3336	0.4880
SUB-INDEX 1	0.4472	1.0000	0.6736	0.7675	0.5849	0.0996	0.8668
SUB-INDEX 2	0.3315	0.6736	1.0000	0.5406	0.3955	0.2224	0.7505
SUB-INDEX 3	0.5188	0.7675	0.5406	1.0000	0.6076	0.0930	0.8209
SUB-INDEX 4	0.2752	0.5849	0.3955	0.6076	1.0000	0.1487	0.8249
SUB-INDEX 5	0.3336	0.0996	0.2224	0.0930	0.1487	1.0000	0.3444
CCGI	0.4880	0.8668	0.7505	0.8209	0.8249	0.3444	1.0000

Correlations (ANALYSIS) Marked correlations are significant at p <.05.000 N = 23 (Casewise deletion of missing data)
	Tobinov Q	SUB-INDEX 1	SUB-INDEX 2	SUB-INDEX 3	SUB-INDEX 4	SUB-INDEX 5	CCGI
Tobinov Q	1.0000	0.2025	0.2121	0.4218	0.2906	0.3696	0.4198
SUB-INDEX 1	0.2025	1.0000	0.7271	0.4194	0.4522	−0.0734	0.7599
SUB-INDEX 2	0.2121	0.7271	1.0000	0.2498	0.4613	0.0156	0.7390
SUB-INDEX 3	0.4218	0.4194	0.2498	1.0000	0.6457	0.1708	0.7297
SUB-INDEX 4	0.2906	0.4522	0.4613	0.6457	1.0000	−0.0360	0.8336
SUB-INDEX 5	0.3696	−0.0734	0.0156	0.1708	−0.0360	1.0000	0.2318
CCGI	0.4198	0.7599	0.7390	0.7297	0.8336	0.2318	1.0000

Source: Author’s calculations, an extract from the software package Statistica 10.

Table 2. Matrix of correlation of CROBEX^® index and company performance for period from 2007 to 2010.

Correlations (Tobin Q vs CROBEX) Marked correlations are significant at p <.05000 N = 4 (Casewise deletion of missing data)
	Tobin Q	CROBEX
Tobin Q	1.0000	0.9981
CROBEX	0.9981	1.0000

Source: Author’s calculations, an extract from the software package Statistica 10.

Table 3. Results of simple linear regression for the year 2007.

Regression Summary for Dependent Variable: Tobin Q (analysis_2007) R=.13221501 R=.01748081 Adjusted R= − F(1.24)=.42700 p
	b*	Std.Err. - of b*	b	Std.Err. - of b	t(24)	p-value
Intercept			1.1679	3.7560	0.3109	0.7585
CCGI	0.1322	0.2023	3.5372	5.4131	0.6535	0.5197

Note: Obtained model is: Tobin Q = 1.1679 + 3.5372 * CCGI^® Representability of model measured by determination coefficient (R²) amounts to 0.0174.

Source: Author’s calculations, an extract from the software package Statistica 10.

Table 4. Results of simple linear regression for the year 2008.

Regression Summary for Dependent Variable: Tobin Q (analysis_2008) R=.57786446 R=.33392733 Adjusted R=.29887088 F(1.19)=9.5254 p
	b*	Std.Err. - of b*	b	Std.Err. - of b	t(19)	p-value
Intercept			−1.1166	0.6839	−1.6328	0.1190
CCGI	0.5779	0.1872	2.9810	0.9659	3.0863	0.0061

Note: Obtained model is: Tobin Q = −1.1166 + 2.9810 * CCGI^® Representability of the model measured by determination coefficient (R²) amounts to 0.3339.

Source: Author’s calculations, an extract from the software package Statistica 10.

Table 5. Results of simple linear regression for the year 2009.

Regression Summary for Dependent Variable: Tobinov Q (analysis_2009) R=.48802864 R=.23817195 Adjusted R=.18375566 F(1.14)=4.3769 p
	b*	Std.Err. - of b*	b	Std.Err. - of b	t(14)	p-value
Intercept			−0.8444	0.9515	−0.8874	0.3898
CCGI	0.4880	0.2333	2.8089	1.3426	2.0921	0.0551

Note: Obtained model is: Tobin Q = −0.8444 + 2.8089 * CCGI^® Representability of the model measured by the determination coefficient (R²) amounts to 0.2381.

Source: Author’s calculations, an extract from the software package Statistica 10.

Table 6. Results of simple linear regression for the year 2010.

Regression Summary for Dependent Variable: Tobinov Q (analysis_2010) R=.41977027 R=.17620708 Adjusted R=.13697884 F(1.21)=4.4918 p
	b*	Std.Err. - of b*	b	Std.Err. - of b	t(21)	p-value
Intercept			−0.3217	0.6675	.−0.4819	0.6348
CCGI	0.4198	0.1981	2.0051	0.9461	2.1194	0.0461

Note: Obtained model is: Tobin Q = −0.3217 + 2.0051 * CCGI^® Representability of the model measured by determination coefficient (R²) amounts to 0.1762.

Source: Author’s calculations, an extract from the software package Statistica 10.

Table 7. Results of multiple linear regression for the year 2007.

Regression Summary for Dependent Variable: Tobin Q (analysis_2007) R=.40138979 R=.16111376 Adjusted R= − F(5.20)=.76823 p
	b*	Std.Err. - of b*	b	Std.Err. - of b	t(20)	p-value
Intercept			6.1037	4.8342	1.2626	0.2213
SUB-INDEX ‘Transparency and Business Transparency’	0.6322	0.3549	10.8738	6.1034	1.7816	0.0900
SUB-INDEX ‘General Assembly and Relation Towards Stockholders’	−0.4087	0.3174	−9.3745	7.2812	−1.2875	0.2126
SUB-INDEX ‘Supervisory Board’	−0.2473	0.2499	−5.0158	5.0687	−0.9896	0.3342
SUB-INDEX ‘Management Board’	0.1279	0.2189	1.4656	2.5087	0.5842	0.5656
SUB-INDEX ‘Audit and Internal Control’	−0.0502	0.2084	−0.9736	4.0460	−0.2406	0.8123

Note: Obtained model is: Tobin Q = 6.1037 + 10.8738 * ‘Transparency and Business Transparency’ −9.3745 * ‘General Assembly and Relation Towards Stockholders’ −5.0158 * ‘Supervisory Board’ + 1.4656 * ‘Management Board’ −0.9736 * ‘Audit and Internal Control’ + e_i Representability of the model measured by multiple determination coefficient (R²) amounts to 0.1611.

Source: Author’s calculations, an extract from the software package Statistica 10.

Table 8. Results of multiple linear regression for the year 2008.

Regression Summary for Dependent Variable: Tobin Q (analysis_2008) R=.61766900 R=38151500 Adjusted R=.17535333 F(5.15) =1.8506 p
	b*	Std.Err. - of b*	b	Std.Err. - of b	t(15)	p-value
Intercept			−1.0032	1.0420	−0.9628	0.3509
SUB-INDEX ‘Transparency and Business Transparency’	0.0212	0.4901	0.0718	1.6623	0.0432	0.9661
SUB-INDEX ‘General Assembly and Relation Towards Stockholders’	0.0333	0.3666	0.1513	1.6630	0.0910	0.9287
SUB-INDEX ‘Supervisory Board	0.3421	0.2941	1.7773	1.5278	1.1633	0.2629
SUB-INDEX ‘Management Board’	0.3225	0.2901	0.8424	0.7578	1.1116	0.2838
SUB-INDEX ‘Audit and Internal control’	0.0140	0.2162	0.0638	0.9840	0.0649	0.9491

Note: Obtained model is: Tobin Q = −1.0030 + 0.0718 * ‘Transparency and business transparency’ + 0.1513 * ‘General Assembly and Relation Towards Stockholders’ + 1.7773 * ‘Supervisory Board’ + 0.8424 * ‘Management Board’ + 0.0638 * ‘Audit and Internal Control’ + e_i Representability of the model measured by multiple determination coefficient (R²) amounts to 0.3815.

Source: Author’s calculations, an extract from the software package Statistica 10.

Table 9. Results of multiple linear regression for the year 2009.

Regression Summary for Dependent Variable: Tobinov Q (analysis_2009) R=.60582684 R=.36702616 Adjusted R=.05053924 F(5.10) = 1.1597 p
	b*	Std.Err. - of b*	b	Std.Err. - of b	t(10)	p-value
Intercept			−2.1902	1.5597	−1.4042	0.1905
SUB-INDEX ‘Transparency and Business Transparency’	0.1694	0.4594	0.6677	1.8107	0.3687	0.7200
SUB-INDEX ‘General Assembly and Relation Towards Stockholders’	−0.0510	0.3489	−0.2410	1.6475	−0.1463	0.8866
SUB-INDEX ‘Supervisory Board’	0.4696	0.4128	2.7142	2.3855	1.1378	0.2817
SUB-INDEX ‘Management Board’	−0.1343	0.3279	−0.3775	0.9215	−0.4097	0.6907
SUB-INDEX ‘Audit and Internal Control’	0.3044	0.2604	1.9293	1.6509	1.1686	0.2697

Note: Obtained model is: Tobin Q = −2.1902 + 0.6677 * ‘Transparency Business Transparency’ − 0.2410 * ‘General Assembly and Relation Towards Stockholders’ + 2.7142 * ‘Supervisory Board’ − 0.3775 * ‘Management Board’ + 1.9293 * ‘Audit and Internal Control’ + e_i Representability of the model measured by multiple determination coefficient (R²) amounts to 0.3670.

Source: Author's calculations, an extract from the software package Statistica 10.

Table 10. Results of multiple linear regression for the year 2010.

Regression Summary for Dependent Variable: Tobinov Q (analysis_2010) R = 53367367 R = 28480758 Adjusted R = 07445687 F(5.17) = 1.3540 p
	b*	Std.Err. - of b*	b	Std.Err. - of b	t(17)	p-value
Intercept			−1.1902	0.9599	−1.2399	0.2318
SUB-INDEX ‘Transparency and Business Transparency’	−0.0098	0.3277	−0.0317	1.0585	−0.0300	0.9765
SUB-INDEX ‘General Assembly and Relation Towards Stockholders’	0.1115	0.3227	0.4116	1.1914	0.3455	0.7340
SUB-INDEX ‘Supervisory Board’	0.3077	0.2980	1.4095	1.3653	1.0324	0.3164
SUB-INDEX ‘Management Board’	0.0563	0.3010	0.1185	0.6333	0.1872	0.8537
SUB-INDEX ‘Audit and Internal Control’	0.3166	0.2176	1.3139	0.9030	1.4550	0.1639

Note: Obtained model is: Tobin Q = −1.1902 − 0.0317 * ‘Transparency and Business Transparency’ + 0.4116 * ‘General Assembly and Relation Towards Stockholders’ + 1.4096 * ‘Supervisory Board’ + 0.1185 * ‘Management Board’ + 1.3139 * ‘Audit and Internal Control’ + e_i Representability of the model measured by multiple determination coefficient (R²) amounts to 0.2848.

Source: Author’s calculations, an extract from the software package Statistica 10.

Table 11. Results of a simple linear regression of dependability of CG practice on time.

	b*	Std.Err. - of b*	b	Std.Err. - of b	t(2)	p-value
Intercept			0.6868	0.0069	99.6805	0.0001
Year	0.6593	0.5316	0.0031	0.0025	1.2402	0.3407

Note: Obtained model is: CCGI^® = −0.6868 + 0.0031 * Year Representability of the model measured by determination coefficient (R²) amounts to 0.4347.

Source: Author’s calculations, an extract from the software package Statistica 10.