• Avtar Singh
• Dr.Sukhdev Singh

The Companies Act 2013 was implemented with effect from 2015. The legislation was much sought after since many changes in the field of Corporate Governance were introduced in the Act. The stock exchange regulator SEBI also brought about momentous changes in the listing agreement in order to make Corporate Governance more effective. The study has framed two sets of indexes, one for the phase before the implementation of the Companies Act. The index is based on the SEBI clause 49 agreement 2013, Voluntary Guidelines on Corporate Governance 2009 and literature on pharmaceutical companies. The other is index related to the period after the introduction of the Companies Act 2013. This index is based on SEBI (LODR) 2015 Voluntary Guidelines on Corporate Governance 2009 and literature on pharmaceutical companies. The study has identified four sets of variables which influence Corporate Governance. Mandatory, Non Mandatory, Voluntary and Industry specific variables. Corporate Governance scores of 92 pharmaceutical companies is computed on the basis of a five point scale. The scores for five years 2009-10 to 2013-14 and three years 2014-15 to 2016-17 have been separately found out and have been regressed against five financial ratios EVA, MVA, Tobin’s Q, ROE and ROA. The aim is to study the impact of Corporate Governance on the financial performance before and after the introduction of the Companies Act, in order to see if any positive change has been noticed. The study could be helpful to know if the momentous changes made in the Corporate Governance has positively impacted the financial performance of pharmaceutical companies and also to help in future policy formulation.

Corporate Governance, CG Score, Mandatory variables, Non-Mandatory variables, Voluntary Variables, Industry Specific Variables.

"Impact of Corporate Governance on Financial Performance during the Post Companies Act 2013 period: Evidence from Pharmaceutical Companies", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 5, page no.667-677, May-2019, Available :http://www.jetir.org/papers/JETIR1906A98.pdf

"Impact of Corporate Governance on Financial Performance during the Post Companies Act 2013 period: Evidence from Pharmaceutical Companies", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 5, page no. pp667-677, May-2019, Available at : http://www.jetir.org/papers/JETIR1906A98.pdf