Three professors of Wharton tried to find out if it possible to quantify and to measure the quality and efficiency of Corporate Governance.

For chance, the answer is clearly NO. A kind of common sense, I think… Some extracts:

“Lots of people are coming up with governance scorecards […] They’re coming up with best practices and selling this stuff. As far as we can tell, there’s no evidence that those scorecards map into better corporate performance or better behavior by managers.”

[The three professors] do think corporate governance matters, but after puzzling over reams of company numbers, they are not confident that anyone can measure whether one firm’s governance is better than another’s at least, not by using typical metrics.

I specially like this one:

In the absence of effective measurement tools, investors who are trying to assess firms’ governance have to do it the old-fashioned way. That is, they have to do their homework, examining companies one at a time.

Source: Corporate Governance by the Numbers: It Doesn’t Work