Abstract
In this study, we examine how corporate governance affects portfolio management. Investors are expected to opt for a judicious trade-off between risk and return. Such an objective can be achieved through the contribution of corporate governance which is assumed to align manager and shareholders interests and minimize agency conflict.Our results show that governance structure affects risk and return. However, this impact is not the same whether we use market or accounting measures (whether before or after 2000). Moreover, we find that governance quality has an impact though various mechanisms on excess return and idiosyncratic risk for active portfolio strategies.
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