Working Paper

16 September 2020

Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel

Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for economic performance and, at the same time, as potential abusers of their...

Assaf Hamdani | Konstantin Kosenko | Yishay Yafeh
27 August 2018

Which Aspects of Corporate Governance Do and Do Not Matter in Emerging Markets

Well-constructed, country-specific “corporate governance indices” can predict higher firm values in emerging markets. However, there is little credible research on which aspects of governance drive that overall...

Bernard Black | Antonio Gledson de Carvalho | Vikramaditya Khanna | Woochan Kim | Burcin Yurtoglu
01 March 2014

Methods for Multicountry Studies of Corporate Governance (and Evidence from the BRIKT Countries)

We discuss empirical challenges in multicountry studies of the effects of firm-level corporate governance on firm value, focusing on emerging markets. We assess the severe data, “construct validity,” and endogeneity issues in...

Bernard Black | Antonio Gledson de Carvalho | Vikramaditya Khanna | Woochan Kim | Burcin Yurtoglu
01 June 2007

The Effect of Board Structure on Firm Value: A Multiple Identification Strategies Approach Using Korean Data

Outside directors and audit committees are widely considered to be central elements of good corporate governance. We use a 1999 Korean law as an exogenous shock to assess how board structure affects firm market value. The law mandates...

Bernard Black | Woochan Kim
01 November 2005

Why Does Corporate Governance Affect Firm Value: Evidence on a Self-Dealing Channel from a Natural Experiment in Korea

Prior work in emerging markets provides evidence that better corporate governance predicts higher market value, but very little on the specific channels through which governance increases value. We provide evidence, from a natural...

Bernard Black | Woochan Kim | Hasung Jang | Kyung Suh Park
01 June 2005

Shareholder Suits and Outside Director Liability: The Case of Korea

Reforms to Korean corporate and securities law carried out in the wake of the 1997-1998 East Asian financial crisis included a mandate that boards include a minimum number of outside directors and facilitation of shareholder lawsuits...

Bernard Black | Brian Cheffins | Michael Klausner