haku: @indexterm VALUATION / yhteensä: 677
viite: 75 / 677
| Tekijä: | Beiner, S. (et al.) |
| Otsikko: | An integrated framework of corporate governance and firm valuation |
| Lehti: | European Financial Management
2006 : MAR, VOL. 12:2, p. 249-283 |
| Asiasana: | corporate governance board of directors management valuation companies Switzerland |
| Vapaa asiasana: | ownership structure |
| Kieli: | eng |
| Tiivistelmä: | There is evidence of a positive relationship btw. the quality of firm-specific corporate governance (hereafter as: c-g.) and firm valuation (as: f-v.) shown by empirical research. Instead of looking at a single c-g. mechanism in isolation, this paper constructs a broad c-g. index, applying five additional variables related to ownership structure, board characteristics, and leverage to provide a comprehensive description of firm-level c-g. for a representative sample of Swiss firms. To control for potential endogeneity of these six c-g. mechanisms, a system of simultaneous equations is developed and applied three-stage least squares (3SLS). The results support the widespread hypothesis of a positive relationship btw. c-g. and f-v. |
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