Does better corporate governance result in higher valuations in emerging markets? Another examination using a new data set

被引：53

作者：

Morey, Matthew ^{[1
]}

Gottesman, Aron ^{[1
]}

Baker, Edward ^{[2
]}

Godridge, Ben ^{[3
]}

机构：

[1] Pace Univ, Lubin Sch Business, New York, NY 10038 USA

[2] Cambridge Strategy, London, England

[3] AllianceBernstein, London, England

来源：

JOURNAL OF BANKING & FINANCE | 2009年 / 33卷 / 02期

关键词：

Corporate governance; Emerging markets; Valuation; Ratings; FINANCIAL LIBERALIZATION; GROWTH; FIRMS; KOREA;

D O I：

10.1016/j.jbankfin.2008.07.017

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper utilizes a new data set from AllianceBernstein that, unlike other corporate governance data, has monthly-updated firm-level governance ratings for 21 emerging markets countries for almost a five year period. With these unique data, we examine how changes in corporate governance ratings impact firm Valuation. Using this test we find evidence that improvements in corporate governance result in significantly higher valuations. (c) 2008 Elsevier B.V. All rights reserved.

引用

页码：254 / 262

页数：9

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