期刊
EUROPEAN FINANCIAL MANAGEMENT
卷 12, 期 2, 页码 249-283出版社
WILEY
DOI: 10.1111/j.1354-7798.2006.00318.x
关键词
corporate governance; principal-agent problems; ownership structure; firm valuation; endogeneity
Recent empirical research shows evidence of a positive relationship between the quality of firm-specific corporate governance and firm valuation. Instead of looking at one single corporate governance mechanism in isolation, we construct a broad corporate governance index and apply five additional variables related to ownership structure, board characteristics, and leverage to provide a comprehensive description of firm-level corporate governance for a representative sample of Swiss firms. To control for potential endogeneity of these six governance mechanisms, we develop a system of simultaneous equations and apply three-stage least squares (3SLS). Our results support the widespread hypothesis of a positive relationship between corporate governance and firm valuation.
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