Corporate Governance, Internal Control and Logistics Enterprise Performance: Based on the Empirical Study of Listed Logistics Enterprises in China

We examine the 2013-2019 data of 92 publicly listed Chinese enterprises in the logistics industry collected from CSMAR and Dibo databases, build comprehensive evaluation indexes that measure the quality of corporate governance, and employ Dibo internal control index to explore the impact of logistics enterprise governance quality and internal control effectiveness on their performance. The results of our empirical analysis show that the corporate governance quality and internal control effectiveness of logistics enterprises are positively correlated with their financial performance. The interaction between corporate governance and internal control positively impacts the performance of logistics enterprises, which confirms the positive moderator effect of governance quality for logistics enterprises. Secondly, both corporate governance and internal control have lag effects on logistics enterprise performance, and the lag effects of internal control is more significant than corporate governance. Thirdly, the influence of corporate governance and internal control on performance has heterogeneity in companies with different shareholding structure. Specifically, private logistics enterprises perform better than the state-owned logistics companies when concerning the roles of corporate governance and internal control. Finally, on the basis of robustness test, the conclusions are still valid.