Extant literature reveals that sound corporate governance practices significantly enhance firm
value. It is mostly unrevealed, however, how sound corporate governance affect firm value.
This paper focuses on this issue by providing a direct link between corporate governance
practices and strategic corporate decisions such as investment, financing, dividend policies and
cash holdings. Applying a unique data set of firm-level corporate governance practices provided
by the Korea Corporate Governance Service (KCGS) into Fama and French (1998)`s framework,
we expect that corporate governance practices affect firm value by enhancing value implications
of those firm-level decisions. The findings show that value information of financing, investment,
dividend, and cash holding decisions is strong for firms with sound corporate governance
practices.
학술대회/행사
학술대회안내
[2008년 제 4차] Value Information of Corporate Decisions and Corpor
작성자 : 관리자
조회수 : 734
게시일 :
2008-12-11