caerCentral Asian Economic ReviewCentral Asian Economic Review2789-43982789-4401Университет Нархозcaer-22Research ArticleИНВЕСТИЦИИ, ФИНАНСЫ И УЧЕТINVESTMENT, FINANCE AND ACCOUNTINGВЛИЯНИЕ СТРУКТУРЫ УПРАВЛЕНИЯ И КОМПЕНСАЦИИ НА ФИНАНСОВЫЕ РЕЗУЛЬТАТЫ КАЗАХСТАНСКИХ КОМПАНИЙIMPACT OF THE MANAGEMENT STRUCTURE AND COMPENSATION ON FINANCIAL PERFORMANCE OF KAZAKHSTANI COMPANIESОразаеваА.OrazayevaA.

Алматы

Orazayeva Assem – PhD candidate, Bang Business College

Almaty

assem.orazayeva@kimep.kzАрсланМ.ArslanM.

Алматы

Arslan Muhammad – PhD, Research Professor, Bang Business College

Almaty

Университет КИМЭПКазахстанKIMEP UniversityKazakhstan2020281020200586105Copyright © Оразаева А., Арслан М., 20202020Оразаева А., Арслан М.Orazayeva A., Arslan M.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://caer.narxoz.kz/jour/article/view/22

Цель исследования – изучить влияние компенсации управленческого персонала, разнообразия состава управленческого персонала, а также наличия государственного участия на финансовые показатели листинговых компаний в Казахстане. Методология. Взаимосвязь в исследовании изучается на основе выборки из 156 годовых наблюдений по компаниям с помощью обобщенного метода моментов (ОММ). Оригинальность / ценность исследования. Исследование дополняет существующую литературу, нацеленную на практики корпоративного управления, путем сопоставления вознаграждения руководства листинговых компаний в Казахстане с результатами деятельности компаний, а также изучения влияния разнообразия состава управленческого персонала и государственного участия. Исследование также имеет практическое использование с точки зрения пересмотра политики вознаграждения топменеджмента за счет усиления взаимосвязи между компенсацией высшего руководства и показателями деятельности компаний. Кроме того, в исследовании подчеркивается, что увеличение разнообразия состава управленческого персонала может благотворно повлиять на результаты деятельности компаний в контексте Казахстана. В конечном итоге, исследование могло бы заинтересовать политические и академические круги путем стимулирования требований по раскрытию информации о компенсации для компаний, тем самым повышая прозрачность практик корпоративного управления. Результаты исследования. В результате исследования обнаружена положительная, но статистически незначительная взаимосвязь между компенсацией управленческого персонала и показателями деятельности компании, основанных на бухгалтерском учете, то есть рентабельность активов (ROA) и рентабельность собственного капитала (ROE). Однако, присутствие иностранного управленческого персонала в руководстве компании оказывает значительное положительное влияние на результаты деятельности, на основе ROA. С другой стороны, наличие государственного участия оказывает незначительное негативное влияние на результаты деятельности компании. В исследовании также использовались контрольные переменные на уровне компании и страны, где получены неоднозначные результаты. Обнаружено значительное отрицательное влияние размера компании, инфляции и левериджа на рентабельность активов, в то время влияние валового внутреннего продукта (ВВП) на результаты деятельности компаний положительное.

The purpose of the research – to study examines the effects of top management compensation, management diversity and government ownership on financial performance among Kazakhstani listed firms. Methodology. Drawing on a sample of 156 firm year observations, the study employs the generalized method of momentum (GMM) to examine the relationship. Originality / value. The study contributes to existing literature, aiming at corporate governance practices by aligning top management compensation with performance of listed firms in Kazakhstan, as well as examining the effects of management diversity and government ownership. The study also has practical implications in terms of reconsideration of top management remuneration policies by creating stronger tie of executive compensation and performance-based measures. In addition, the study highlights that increasing management diversity could enchase firm performance in context of Kazakhstan. At the end, the study could be of interest to policymakers and academia through stimulation of compensation disclosure requirements for firms, thereby increasing the transparency of corporate governance practices. Findings. The findings reveal positive but not statistically significant relationship among compensation and accounting-based measures of performance i.e. return on assets (ROA) and return on equity (ROE). However, presence of foreign national in management has significant positive impact on firm performance as measured by ROA. On the other hand, government ownership has insignificant negative impact on firm performance. The study also employed firm level and country level control variables and found mixed results. The findings reveal significant negative effects of firm size, inflation, and leverage on ROA, while positive effect of gross domestic product (GDP) on firm performance.

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The authors declare that there are no conflicts of interest present.