کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5088769 | 1478324 | 2015 | 62 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
How corporate governance affect firm value? Evidence on a self-dealing channel from a natural experiment in Korea
ترجمه فارسی عنوان
چگونه حکومت شرکتی بر ارزش شرکت تاثیر می گذارد؟ شواهد در یک کانال خرید و فروش شخصی از یک آزمایش طبیعی در کره
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
Prior work in emerging markets provides evidence that better corporate governance predicts higher market value, but very little evidence on the specific channels through which governance can increase value. We provide evidence, from a natural experiment in Korea, that reduced tunneling is an important channel. Korean legal reform in 1999 changed the board structure of “large” firms (assets > 2 trillion won) relative to smaller firms. In event studies of the reform events, we show that large firms whose controllers have incentive to tunnel earn strong positive returns, relative to mid-sized firms. In panel regressions over 1998-2004, we also show that better governance moderates the negative effect of related-party transactions on value and increases the sensitivity of firm profitability to industry profitability (consistent with less tunneling).
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 51, February 2015, Pages 131-150
Journal: Journal of Banking & Finance - Volume 51, February 2015, Pages 131-150
نویسندگان
Bernard S. Black, Woochan Kim, Hasung Jang, Kyung-Suh Park,