Value

Working Paper

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 experiment in...Read more

Bernard Black
Woochan Kim
Hasung Jang
01 November 2005

The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe

Previous research initiated by Claessens et al. (2002) has established a value discount of disproportional ownership structures. Due to omitted variables problems it is difficult to provide a causal interpretation of these findings. We provide a...Read more

Morten Bennedsen
01 October 2006

Corporate Governance and Regulation: Can There be too Much of a Good Thing?

We investigate how company-level corporate governance practices and country-level legal investor protection jointly affect company performance. We find that in any legal regime a few specific governance practices improve performance. Companies...Read more

Valentina Giulia Bruno
Stijn Claessens
01 October 2006

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