The studies on the influence of corporate governance over corporate performance can be differentiated by their approaches to CG quality measurers and corporate performance indicators. By first criteria existing papers use single measurer or CG indices. To understand the results of the Board’s activities researchers concentrate on accounting measurers of firm performance  (profit, ROA, ROE) and aggregate market-based measurers (market capitalization).

We are developing the effective Boards concept for the quality of governance measurement and therefore we introduce new performance measurers to analyze strategic results of the Russian firms based on the residual income approach. The introduction of economic profit for performance measurers allow to adjust the whole research to different types of firms and to emerging markets finance concepts.

The empirical part is divided into several stages. The first part is based on the experience of Russian firms (the sample includes the firms developing IAS-based financial reports). The second stage will involve additional indicators for CG quality available for Russia. The third part will expand to other emerging markets.