کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
973160 | 932762 | 2011 | 15 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: An Ohlson valuation framework for valuing corporate governance: The case of Taiwan An Ohlson valuation framework for valuing corporate governance: The case of Taiwan](/preview/png/973160.png)
We examine the relation between a firm's market value, financial performance, and corporate governance as a cointegrated system in the Ohlson (1995) valuation framework. Using a comprehensive set of 29 governance measures in 4 categories for Taiwanese firms, we find that governance related to ownership structure and divergence between cash flow rights and control rights are important for a firm's market valuation. In particular, information about shareholdings of board directors and supervisors, shareholdings of controlling family, and voting rights are influential for firm value. Controlling for book value and residual incomes in the model, these governance measures track much of the remaining firm valuation that is unrelated to a firm's financial performance. Our findings provide some insight into the intrinsic value of corporate governance and the types of corporate governance mechanisms that are especially important for firms with similar ownership structure and controls.
Journal: Pacific-Basin Finance Journal - Volume 19, Issue 4, September 2011, Pages 420–434