We set out in this study to examine the market value of comprehensive disclosure of information relating to compensation paid to directors and executives. It is argued that firms with higher levels of board independence would self-select to provide comprehensive disclosure of compensation,...

This study investigates the effect of ownership and control on firm value using exogenous variation resulting from stock price reactions to the sudden death of individual blockholders. Stock market reactions range from -5% to 4% for inside blockholders as ownership increases and from 0% to -2%...

We explore the effect of corporate opacity on the relation between staggered boards and firm value. We find that through mitigating takeover pressure, staggered boards become increasingly beneficial to firm value as opacity increases. In addition, we document that staggered boards reduce value...

This study assesses the level of implementation of Enterprise Risk Management (ERM) in companies listed in the Nairobi Stock Exchange (NSE). The study also seeks to test the significance of factors affecting this level of ERM implementation and to investigate whether the level of ERM...

Previous studies provide evidence of a negative relationship between staggered boards and firm value. However, these studies use specifications that do not allow for the heterogeneous impacts of staggered boards for different subsets of firms as predicted by theory. This paper presents more...

A common view, seemingly supported by empirical findings, is that better corporate governance leads to better corporate performance. But, if true, why do firms then leave money on the table by having poor governance? This paper builds a model that explains the empirical findings, but which...

Analyzing a sample of 13,917 U.S. firm-years from 1991 to 2006, we find that more innovative firms demonstrate high corporate social responsibility (CSR) performance subsequent to a successful innovation. These high-CSR innovative firms enjoy significantly higher valuation post-innovation. These...

The paper investigates the impact of capital structure and information asymmetry on the value of companies listed on the Warsaw Stock Exchange. The study was conducted using the ordinary least squares (OLS) method on a sample of 273 companies in 2017 and the GMM dynamic paneldata approach with...

Social capital and value creation are concepts that have been associated in financial literature for a long time and still remain controversial. Social capital refers to a firm´s attributes, such as trust, civic attitudes, and relationship networks that enable greater economic development. It...

Manuscript Type: Empirical Research Question/Issue: We examine the relationship between corporate governance and firm value, and evaluate the relatively understudied governance practices in Venezuela. Research Findings/Results: We construct a corporate governance index (CGI) for publicly listed...