Corporate Governance and Firm Value: Econometric Modelling and Analysis of Emerging and Developed Financial Markets
Corporate governance is a subject of high academic and practical significance in contemporary business. The book determines and analyses the relationship between corporate governance and the value of a firm in emerging and developed financial markets by using sophisticated econometric methods and models. The results of the study show that corporate governance does matter - there is a positive relationship between corporate governance and the value of a firm in these financial markets, although the nature of these relationships differ between emerging and developed financial markets because of the individual characteristics of these markets. This book makes an original contribution by undertaking a very comprehensive comparative econometric study on the poorly researched topic of the relationship between corporate governance and firm value in emerging and developed markets.
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Corporate Governance and the Value of a Firm The Need for a New Model
A New Conceptual Framework Hypotheses and Model Development
Methodology and Econometric Framework
Econometric Results and Discussion
Implications of the Results Corporate Governance and the Value of a Firm in Developing and Developed Financial Markets
60 Total panel Adjusted R2 affecting the value agency cost agency theory Akaike info criterion board size CEO duality CGVF models CGVF relationships Coefficient Standard error conceptual framework control variables corporate governance instruments corporate governance mechanism corporate governance model covariance d.f. corrected cross-market analysis Cross-sections included descriptive statistics developed financial markets developing and developed diagonal standard errors Durbin–Watson econometric Edgeworth complements efficient error t-Statistic Probability errors and covariance F-statistic firm in developing free cash flow hypothesis improve the value information asymmetry internal corporate governance Least Squares Date LOGMC LOGSIZE majority shareholders Malaysia market capitalisation Mean dependent variable multicollinearity negative relationship Panel Least Squares positive relationship price-to-book value ratio Prob(F-statistic regulatory authority relationship between corporate residual Log likelihood return on total ROTA Schwarz criterion SD dependent variable Standard error t-Statistic suggests Sum squared tests Tobin’s Q total assets Total panel balanced TQ Method Variable Coefficient Standard White diagonal standard