The most striking observation from the study is that changes that were introduced as a corporate governance reform, such greater professionalism in boards, did not gain traction and enhance performance, rather the process of director selection and the concentrated bureaucratic and political interference stymied what was asserted to be conceptually sound reforms.
We are thankful to Alessandro Hinna and Fabio Monteduro (track chairs) for their suggestions in IRSPM-2013 which are incorporated in the updated version of the paper.
Locke, S. and Duppati, G. (2014), "Financial Performance in Indian State-Owned Enterprises Following Corporate Governance Reforms", Mechanisms, Roles and Consequences of Governance: Emerging Issues (Studies in Public and Non-Profit Governance, Vol. 2), Emerald Group Publishing Limited, Bingley, pp. 59-88. https://doi.org/10.1108/S2051-663020140000002002
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