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| Tekijä: | Garay, U. Gonzalez, M. |
| Otsikko: | Corporate governance and firm value: the case of Venezuela |
| Lehti: | Corporate governance
2008 : MAY, VOL. 16:3, p. 194-209 |
| Asiasana: | corporate governance company performance company value Venezuela South America |
| Kieli: | eng |
| Tiivistelmä: | This study explores the relationship btw. corporate governance and firm value, evaluating governance practices in Venezuela. A corporate governance index (CGI) is built for publicly-listed firms free of self-selection and self-reported bias. It is found that its mean value is below the emerging market average in general, and below the Latin American average, in particular. This weak investor protection environment makes Venezuela a good setting to study how firm value is affected by corporate governance practices. It is shown that an increase of 1 percent in the CGI produces an average increase of 11.3 percent in dividend payouts, 9.9 percent in price-to-book, and 2.7 percent in Tobin's Q. These findings are robust after considering the potential endogeneity of the regression variables. |
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