Corporate Governance Systems and Firm Value: Empirical Evidence from Japan’s Natural Experiment

2012 ◽  
Author(s):  
Robert Eberhart
Keyword(s):  
Corporate Governance ◽  
Empirical Evidence ◽  
Firm Value ◽  
Natural Experiment ◽  
Governance Systems

Corporate Governance-Systeme und Unternehmensfinanzierung - Empirische Befunde für deutsche Großunternehmen / Corporate Governance-Systems and Corporate Financing – Empirical Evidence for large corporations in Germany

ORDO ◽  
2013 ◽  
Vol 64 (1) ◽  
Author(s):  
Elmar Gerum ◽  
Sascha H. Mölls
Keyword(s):  
Corporate Governance ◽  
Empirical Evidence ◽  
Sich Eine ◽  
Governance System ◽  
Corporate Financing ◽  
Governance Systems ◽  
Corporate Governance System ◽  
Large Corporations

ZusammenfassungDas Ziel des Beitrages ist es zu prüfen, ob und inwieweit sich das deutsche Corporate Governance-System, insbesondere die Unternehmensfinanzierung, im Zuge des Systemwettbewerbs an internationale Standards angeglichen hat. Dazu wird das deutsche System zunächst im Kontext alternativer Corporate Governance-Systeme verortet. Danach werden empirische Befunde zur Struktur der Unternehmensfinanzierung sowie flankierender Institutionen in deutschen Großunternehmen präsentiert und erklärt. Es zeigt sich, dass heute eine effiziente Mischfinanzierung typisch ist, die die traditionellen Vorteile einer Bankenfinanzierung mit den Möglichkeiten des Kapitalmarkts kombiniert. Im Lichte der Befunde empfiehlt sich eine Neuorientierung von Forschung und Politik zu Corporate Governance.

scholarly journals PENGARUH PENGHINDARAN PAJAK TERHADAP NILAI PERUSAHAAN YANG DIMODERASI OLEH CORPORATE GOVERNANCE DAN KEPEMILIKAN MAYORITAS

2018 ◽  
Vol 12 (2) ◽  
pp. 126-145
Author(s):  
Tiara Ulfa Inanda ◽  
Eddy Suranta ◽  
Pratana Puspa Midiastuty
Keyword(s):  
Corporate Governance ◽  
Linear Regression ◽  
Multiple Linear Regression ◽  
Empirical Evidence ◽  
Firm Value ◽  
Tax Avoidance ◽  
Ranking List ◽  
Majority Shareholder

This study aims to provide empirical evidence about the effect of tax avoidance on firm value is moderated by corporate governance and majority shareholder. This study using a sample of 13 non-financial companies that listed on Corporate Governance Perception Index (CGPI) ranking list. This research uses 3 hypotheses. data were analyzed using multiple linear regression using SPSS 22.0 program. The results showed that tax avoidance has no significant effect on firm value, corporate governance that moderates tax avoidance affects the firm's value and the majority shareholder that moderates tax avoidance does not affect the firm's value.

How Does Ownership Structure Affect Firm Value? A Comparison Using Different Corporate Governance Systems

2003 ◽  
Author(s):  
Alberto de Miguel ◽  
Julio Pindado ◽  
Chabela de la Torre
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Firm Value ◽  
Governance Systems

scholarly journals Large changes in board size, corporate governance and firm value

2009 ◽  
Vol 7 (2) ◽  
pp. 440-450
Author(s):  
Yixi Ning ◽  
Massoud Metghalchi ◽  
Jonathan Du
Keyword(s):  
Corporate Governance ◽  
Empirical Evidence ◽  
Firm Size ◽  
Firm Value ◽  
Board Independence ◽  
Board Structure ◽  
Board Size ◽  
Good Opportunity ◽  
Long Run

We find that substantial changes in board size, either an increase or a decrease of three or more directors at one time, are permanent movements rather than temporary changes, but the large changes are followed by small reversal in the subsequent years. Empirical evidence shows that all types of directors (inside, affiliated, and independent) are strongly affected by board size expansions (or reductions). Large changes in board size provide a good opportunity for a firm to optimize its board structure by increasing board independence and retiring elder directors. Further analysis indicates that such substantial changes in board size are associated with more frequent board meetings, a higher likelihood of CEO transitions, and firm size expansions. However, we find no evidence that large decreases (or increases) in board size add (or destroy) firm value for shareholders in the long run.

scholarly journals Corporate governance and shareholder value in listed firms: An empirical analysis in five countries (France, Italy, Japan, UK, USA)

2013 ◽  
Vol 10 (3) ◽  
pp. 36-50 ◽  
Author(s):  
Barbara Monda ◽  
Marco Giorgino
Keyword(s):  
Corporate Governance ◽  
Firm Value ◽  
One Dimension ◽  
Four Dimensions ◽  
Listed Firms ◽  
Governance Systems ◽  
Governance Quality ◽  
Corporate Governance Quality ◽  
The Relationship

In this paper, we design a multi-dimensional index to measure the quality of Corporate Governance systems adopted by firms and use it to investigate the correlation between Corporate Governance quality and firm value. Unlike most studies that examine the relationship between only one dimension of Governance and firm value, we present a complex index (CGI) composed of 39 variables referable to four dimensions: Board, Remuneration, Shareholder Rights and Disclosure. By analysing a sample of 100 large companies listed on the main stock markets in five different countries over three years (2009-2011), we confirm the widespread hypothesis of the existence of a positive and statistically significant relationship between Corporate Governance, as measured by a subset of 12 variables, and firm value.

scholarly journals The convergence and divergence debate: a regulatory conversations perspective

2010 ◽  
Vol 7 (4) ◽  
pp. 462-472
Author(s):  
Ulf Larsson-Olaison
Keyword(s):  
Corporate Governance ◽  
Empirical Evidence ◽  
Empirical Support ◽  
Corporate Governance Code ◽  
Governance Systems ◽  
Starting Point ◽  
Convergence And Divergence

A frequent starting point when the developments of the world’s corporate governance systems are discussed is whether those systems will converge (see e.g. Hansmann & Kraakman, 2004) or continue on their path of divergence (se e.g. Roe, 2000). The empirical evidence used in that discussion could be referred to as “anecdotic” (Coffee, 2001). Given the weight of the theoretical arguments on convergence or divergence and the weaknesses in their empirical support, one could argue that these two concepts co-vary rather than mutely exclude and can thus help to account for the findings of simultaneous convergence and divergence in e.g. Collier & Zaman (2005) and Jonnergård & Larsson (2007). In this paper the processes leading up to the Swedish corporate governance code being issued are used to shed some light on how divergence in convergence and convergence in divergence are produced in the regulatory discourse (Black, 2002).

scholarly journals Corporate Social Responsibility and Corporate Governance

2016 ◽  
Author(s):  
Cynthia A. Williams
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Social Welfare ◽  
Empirical Evidence ◽  
Corporate Responsibility ◽  
Business Law ◽  
Corporate Behavior ◽  
Governance Systems ◽  
Corporate Social

Corporate social responsibility is a subject of growing importance in business and law. Today, no analysis of corporate governance systems would be complete without considering the pressures on companies to be seen as responsible corporate citizens. This chapter provides a descriptive overview of developments in the field, including increasing voluntary and required environmental, social, and governance (ESG) disclosure; and proliferating voluntary and multilateral standards for responsible corporate behavior. It reviews some of the more significant empirical evidence on the financial results of companies’ implementation of corporate responsibility initiatives, including the effects of such initiatives on innovation, trust, and social welfare. It concludes with an analysis relating these developments to arguments about the objectives of the corporation and the shareholder/stakeholder debate—with particular reference to the argument between Cornell Distinguished Professor of Corporate and Business Law, Lynn A. Stout, and Chief Justice of the Delaware Supreme Court, Leo E. Strine, Jr.

Private Equity Characteristics, Corporate Governance and Firm Value: Empirical Evidence from Small and Medium‐sized Enterprises*

2020 ◽  
Vol 34 (2) ◽  
pp. 163-183
Author(s):  
Li Jiujin ◽  
Rakesh Gupta ◽  
Li Haihong ◽  
Shao Qiang
Keyword(s):  
Corporate Governance ◽  
Empirical Evidence ◽  
Firm Value ◽  
Private Equity
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