Does Corporate Governance Affect Firm Value
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Does Corporate Governance Affect Firm Value
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Author : Sebastian Schilling
language : en
Publisher: diplom.de
Release Date : 2003-05-27
Does Corporate Governance Affect Firm Value written by Sebastian Schilling and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-05-27 with Business & Economics categories.
Inhaltsangabe:Abstract: This thesis provides evidence that companies showing stronger corporate governance performance are on average also valued higher in terms of Tobin s q. This evidence is found using a dataset of 242 of Europe s largest corporations listed in the FTSE Eurotop 300 index. For each of these corporations, a dataset of over 300 corporate governance rating variables is analysed to establish a detailed overview of a firm s corporate governance performance. These 300 rating variables result out of a corporate governance standard established by an independent rating agency in cooperation with the largest European institutional investors and in reference to the respective national corporate governance codes of the companies in the sample. The final regression model containing independent score components for Corporate Governance performance and financial performance proxied by ROA represents an R square adjusted of 42 per cent, thereby making the model and the inherent coefficients highly representative. The coefficient of the corporate governance score component suggests that, ceteris paribus, a one point increase in the value of the score component leads on average to a 0.3 point increase in Tobin s q. The statistical findings are tested in depth for their practical validity in the subsequent Interview with the DWS Investment Group. Inhaltsverzeichnis:Table of Contents: Abstractiii 1.Introduction1 2.An Introduction to Corporate Governance6 2.1The Agency Problem6 2.1.1Transaction Conditions8 2.1.2Incentive Mechanisms10 2.1.3Economic Importance11 2.1.4Intermediate Conclusion12 2.2The Stakeholder Impact on Corporate Governance12 2.2.1Corporate Governance, contractual governance, and work governance13 2.3Culture, ownership concentration and law15 2.4Corporate Governance: A Definition18 3.The Corporate Governance Rating Framework20 3.1Rights and Duties of Shareholders20 3.1.1Academic Review21 3.1.2Key Criteria and Best Practice Recommendations21 3.1.3Code Review24 3.2Range of Takeover Defenses24 3.2.1Academic Review24 3.2.2Key Criteria and Best Practice Recommendations25 3.2.3Codes26 3.3Disclosure on Corporate Governance27 3.3.1Academic Review27 3.3.2Key Criteria and Best Practice Recommendations28 3.3.3Code Review30 3.4Board Structure and Functioning31 3.5Conclusion36 4.Statistical Analysis38 4.1Data39 4.1.1Corporate Governance Rating Data39 4.1.2Financial Data39 4.1.3Analysis of Omission [...]
The Board Of Directors
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Author : Ettore Croci
language : en
Publisher: Springer
Release Date : 2018-12-04
The Board Of Directors written by Ettore Croci and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-04 with Business & Economics categories.
Boards of directors are a central feature of any corporate governance regime. The role of directors and how they affect firm value and policies is examined in depth in academic literature. However, it is easy to get both lost and overwhelmed when searching through the literature review that investigates several characteristics, often one at the time. This book provides a careful and concise look at corporate finance literature, specifically with regard to the board of directors, summarizing the main findings and reconciling them. This book documents the pros and cons associated with the various attributes of the board and the directors as found in the current literature and provides sections geared specifically to practitioners in this space, as well, allowing for a better and more comprehensive description of this important corporate governance mechanism. The resulting book aims to facilitate the interpretation of changes in corporate governance through the lens of the recent academic literature.
Does Corporate Governance Affect Firm Value
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Author : Bernard S. Black
language : en
Publisher:
Release Date : 2003
Does Corporate Governance Affect Firm Value written by Bernard S. Black and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Corporate governance categories.
Why Does Corporate Governance Affect Firm Value
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Author : Bernard S. Black
language : en
Publisher:
Release Date : 2018
Why Does Corporate Governance Affect Firm Value written by Bernard S. Black and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Prior work in emerging markets provides evidence that better corporate governance predicts higher market value, but very little on the specific channels through which governance increases value. We provide evidence, from a natural experiment in Korea, that reduced tunneling can be an important channel. Korean legal reform in 1999 improved board independence of ldquo;largerdquo; firms (assets amp;gt; 2 trillion won) relative to smaller firms. This shock to governance allows us to assess the effects of reform using a regression discontinuity design. In event studies of the reform events, we show that large firms whose controllers have incentive to tunnel (positive Expropriation Risk Index firms) earn strong positive returns, relative to other large firms. In panel regressions over 1998-2004, we also show that better governance (higher Korea Corporate Governance Index) moderates the negative effect of related-party transactions on value and increases the sensitivity of firm profitability to industry profitability (consistent with less tunneling).lt;brgt;lt;brgt;In a companion paper, Bernard Black and Woochan Kim, The Effect of Board Structure on Firm Value: A Multiple Identification Strategy Approach Using Korean Data (working paper 2008), lt;a href=quot;http://ssrn.com/abstract=968287quot;gt;http://ssrn.com/abstract=968287lt;/agt;, we seek to identify Korean board structure reforms as likely causing an increase in firm market value.lt;brgt;lt;brgt;For our earlier cross-sectional research on Korean corporate governance, see: lt;brgt;lt;brgt;Bernard Black, Hasung Jang and Woochan Kim, Does Corporate Governance Affect Firms' Market Values? Evidence from Korea,: 22 Journal of Law, Economics and Organization 366-413 (2006), nearly final version at lt;a href=quot;http://ssrn.com/abstract=311275quot;gt;http://ssrn.com/abstract=311275lt;/agt;.lt;brgt;lt;brgt;Bernard Black, Hasung Jang amp;amp; Woochan Kim, Predicting Firms' Corporate Governance Choices: Evidence from Korea, 12 Journal of Corporate Finance 660-691 (2006), nearly final version at lt;a href=quot;http://ssrn.com/abstract=428662quot;gt;http://ssrn.com/abstract=428662lt;/agt.
How Corporate Governance Affects Firm Value
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Author : Bernard S. Black
language : en
Publisher:
Release Date : 2012
How Corporate Governance Affects Firm Value written by Bernard S. Black and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Prior work in emerging markets provides evidence of an association between corporate governance and firm market value (based on the trading prices of minority shares), more limited evidence of a causal relationship, but very little evidence on the channels through which governance may affect firm behavior and therefore market value, and whether governance affects only the value of minority shares or also affects overall firm value. We first confirm the association between governance and the market value of Korean public companies in a firm fixed effects framework, using panel data 1998-2004. Firms with higher scores on an overall Korean corporate governance index (KCGI) have higher Tobin's q; this result is driven by the board structure subindex of KCGI and, less strongly, by ownership parity and disclosure subindices. Shareholder rights and board procedure subindices are not significant. We then provide evidence supporting two broad channels: Reduced insider self-dealing, and hence wealth transfer from controllers to outside shareholders; and improved firm performance, and hence higher overall firm value. For self-dealing, we find that for better-governed firms, related party transactions are less adverse to firm value and firm profitability is more sensitive to shocks to industry profitability. For overall firm value; we find that for better-governed firms (i) capital expenditures and sales growth are lower, but investment is more sensitive to profitability; (ii) profitability is more sensitive to growth opportunities; (iii) dividends are higher, controlling for profits, and are more sensitive to profits. In addition, lagged board structure is associated with higher firm profitability. Board structure subindex is associated with all results except those for dividends. A 2SLS analysis (using 1999 legal rules which apply only to large firms to instrument for board structure) offers evidence that the link between board structure and these channels is likely to be causal.
Investor Protection And Corporate Governance
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Author : Alberto Chong
language : en
Publisher: World Bank Publications
Release Date : 2007-06-26
Investor Protection And Corporate Governance written by Alberto Chong and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06-26 with Business & Economics categories.
'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.
Corporate Governance Agency Theory And Firm Value
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Author : Hamizah Hassan
language : en
Publisher: Nova Science Publishers
Release Date : 2017
Corporate Governance Agency Theory And Firm Value written by Hamizah Hassan and has been published by Nova Science Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with BUSINESS & ECONOMICS categories.
Introduction and context -- Corporate governance and firm value: issues-causality, interaction and non-linearity -- Econometric methods: data, summary statistics and models -- Empirical evidence 1: causality model results -- Empirical evidence 2: interaction model results -- Empirical evidence 3: non-linear model results -- Corporate governance and firm value: findings and conclusion
The Relationship Between Corporate Governance Indicators And Firm Value
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Author : Attiya Y. Javed
language : en
Publisher:
Release Date : 2007
The Relationship Between Corporate Governance Indicators And Firm Value written by Attiya Y. Javed and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Corporate governance categories.
Firm Value
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Author : Paolo Saona Hoffmann
language : en
Publisher: BoD – Books on Demand
Release Date : 2018-08-01
Firm Value written by Paolo Saona Hoffmann and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-01 with Business & Economics categories.
This edited volume aims to discuss the most contemporary state of the determinants of the firm value. This book presents theoretical works as well as empirical studies that contrast the arguments offered by the leading, ground-breaking theories on the firm value. What variables determine the firm value? Are these determinants controllable or uncontrollable by the managers of the companies? Is the impact of corporate governance systems on the firm value symmetrical between different institutional contexts? Do the financial reports affect the value of the firm? What role does corporate social responsibility play as a determinant of the firm value? These and other questions are analyzed and scrutinized step by step throughout this book.
Venture Capital Corporate Governance And Firm Value
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Author : Maik Kleinschmidt
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-11-09
Venture Capital Corporate Governance And Firm Value written by Maik Kleinschmidt and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-09 with Business & Economics categories.
Maik Kleinschmidt explores the determinants of venture capitalists’ influence as well as their impact on the corporate governance of portfolio companies and analyses the influence of corporate governance on the companies’ firm value. His findings support the hypothesis that venture capitalists improve the corporate governance of their portfolio companies and that their abilities determine their impact. Moreover, they show the positive impact of good corporate governance on some measures for firm value.
