Does corporate governance predict firm market values evidence from korea
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Does corporate governance predict firm market values evidence from korea
ecgiDoes Corporate Governance Predict Firms’ Market Values?Evidence from KoreaFinance Working Paper N’ 86'200441061Bernard BlackNorthwestern Universit Does corporate governance predict firm market values evidence from korea t}’ and ECGII lasung JangKorea University Business School and ECGIWoochan KimKorea University Business School and ECGI€• Bernard Black. Hasting Jang and Woochan Kún 2012. All rights reserved Short sections of text, not to exceed two paiagraplis. may be quoted without explicit permission provided tha Does corporate governance predict firm market values evidence from korea t full credit, including © notice, is given to the sourceThis paper can be downloaded without charge from: http:''ssru.coin'abstract_id=311275www.ecgiDoes corporate governance predict firm market values evidence from korea
.global'contentworking-papersIÍCGI Working Paper Senes in l inanceDoes Corporate Governance Predict Firms Market Values? Evidence from KoreaWorking PaecgiDoes Corporate Governance Predict Firms’ Market Values?Evidence from KoreaFinance Working Paper N’ 86'200441061Bernard BlackNorthwestern Universit Does corporate governance predict firm market values evidence from korea w Id Detnselz. John Donohue. Jcftrcy Gordon. Daniel Hamcrmcsh. Miyajima Hidcaki. Ji-Sang Jang. Simon Johnson. Louis Kaplow. E. Han Kim. Kate Litvak. Florencio Lopcz-dc-Silancs. Inessa Love. Stephen Magee. Jun Qian. Trond Randov. Mark Roe. Hyun-Ilan shin. Jeff Slniad. Michael Weisbach, and Bernard Ye Does corporate governance predict firm market values evidence from korea ung for comments on earlier drafts.Ĩ: Bernard Black. I lasting Jang and Woochan Kirn 2012. All rights reserved. Short sections of text, not to exceedDoes corporate governance predict firm market values evidence from korea
two paragraphs, may be quoted Without explicit permission provided that full credit, including e notice, is given to the source.Electronic copy availaecgiDoes Corporate Governance Predict Firms’ Market Values?Evidence from KoreaFinance Working Paper N’ 86'200441061Bernard BlackNorthwestern Universit Does corporate governance predict firm market values evidence from korea n important and likely causal factor in explaining the market value of Korean public companies. We construct a corporate governance index (KCGI, 0-100) for 515 Korean companies based on a 2001 Korea Stock Exchange survey. In OLS. a worst-to-best change in KCGI predicts a 0.47 increase in Tobin's q ( Does corporate governance predict firm market values evidence from korea about a 160% increase in share price). This effect is statistically strong (t = 6.12) and robust to choice of market value variable (Tobin s q. markeVDoes corporate governance predict firm market values evidence from korea
book. and markeVsales). specification of the governance index, and inclusion of extensive control variables. We rely on unique features of Korean legaecgiDoes Corporate Governance Predict Firms’ Market Values?Evidence from KoreaFinance Working Paper N’ 86'200441061Bernard BlackNorthwestern Universit Does corporate governance predict firm market values evidence from korea oefficients are larger than OLS coefficients and are highly significant. Thus, this paper offers evidence consistent with a causal relationship between an overall governance index and higher share prices in emerging markets. We also find that Korean firms with 50% outside directors have 0.13 higher Does corporate governance predict firm market values evidence from korea Tobin’s q (roughly 40% higher Share price), after controlling for the rest of KCGI. This effect, too, is likely causal. Thus, we report the first evidDoes corporate governance predict firm market values evidence from korea
ence consistent with greater board independence causally predicting higher share prices in emerging markets.Keywords: Korea, corporate governance, corecgiDoes Corporate Governance Predict Firms’ Market Values?Evidence from KoreaFinance Working Paper N’ 86'200441061Bernard BlackNorthwestern Universit Does corporate governance predict firm market values evidence from korea FinanceNorthwestern University, Pritzker School of Lav/, Kellogg School ofManagement2211 Campus Drive. EvanstonIL 60208. United States phone: +1 847 491 5049 e-mail: bblack@kellogg.northwestern.eduHasung JangProfessor of FinanceKorea University Business School. Department of FinanceHyundai Motor Hal Does corporate governance predict firm market values evidence from korea l #510 Anam. SeongbukecgiDoes Corporate Governance Predict Firms’ Market Values?Evidence from KoreaFinance Working Paper N’ 86'200441061Bernard BlackNorthwestern UniversitecgiDoes Corporate Governance Predict Firms’ Market Values?Evidence from KoreaFinance Working Paper N’ 86'200441061Bernard BlackNorthwestern UniversitGọi ngay
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