期刊
JOURNAL OF FINANCIAL ECONOMICS
卷 125, 期 1, 页码 120-142出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2017.04.010
关键词
Cross-country study; Firm value; Board reforms
资金
- Research Grants Council of the Hong Kong Special Administrative Region, China [IGN12BM05]
- HKUST Institute for Emerging Market Studies [IEMS16BM03]
- EY
We examine the impact of corporate board reforms on firm value in 41 countries. Using a difference-in-differences design, we find that board reforms increase firm value. Reforms involving board and audit committee independence, but not reforms involving separation of chairman and chief executive officer positions, drive the valuation increases. In addition, while comply-or-explain reforms result in a greater increase in firm value than rule-based reforms, the effects of reforms are similar across civil law and common law countries. Further investigation shows that the subsequent change in board independence plays an important role in explaining the effectiveness of the reforms. (C) 2017 Elsevier B.V. All rights reserved.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据