An Integrated Framework of Corporate Governance and Firm Valuation
"Recent empirical research shows evidence of a positive relationship between the quality of firm-specific corporate governance and firm valuation. Instead of looking at one single corporate governance mechanism in isolation, we construct a broad corporate governance index and apply five additional variables related to ownership structure, board characteristics, and leverage to provide a comprehensive description of firm-level corporate governance for a representative sample of Swiss firms. To control for potential endogeneity of these six governance mechanisms, we develop a system of simultaneous equations and apply three-stage least squares (3SLS). Our results support the widespread hypothesis of a positive relationship between corporate governance and firm valuation." Copyright Blackwell Publishers Ltd, 2006.
Year of publication: |
2006
|
---|---|
Authors: | Beiner, Stefan ; Drobetz, Wolfgang ; Schmid, Markus M. ; Zimmermann, Heinz |
Published in: |
European Financial Management. - European Financial Management Association - EFMA. - Vol. 12.2006, 2, p. 249-283
|
Publisher: |
European Financial Management Association - EFMA |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Corporate Governance, Unternehmensbewertung und Wettbewerb - eine Untersuchung für die Schweiz
Beiner, Stefan, (2004)
-
Corporate Governance und Unternehmungsbewertung in der Schweiz
Beiner, Stefan, (2004)
-
Corporate Governance, Unternehmensbewertung und Wettbewerb - eine Untersuchung für die Schweiz
Beiner, Stefan, (2004)
- More ...