The Relation between Firm-Level Corporate Governance and Market Value: A Study of India
nearly final version, published in Emerging Markets Review, Vol. 11, pp. 319-340, 2010
European Corporate Governance Institute (ECGI) - Law Working Paper No. 177/2011
Northwestern Law & Econ Research Paper No. 10-10
U of Michigan Law & Econ, Empirical Legal Studies Center Paper No. 10-011
U of Texas Law School, Law and Economics Research Paper No. 180
34 Pages Posted: 9 Apr 2010 Last revised: 10 Dec 2018
There are 3 versions of this paper
Firm-Level Corporate Governance in Emerging Markets: A Case Study of India
The Relation between Firm-Level Corporate Governance and Market Value: A Study of India
Firm-Level Corporate Governance in Emerging Markets: A Case Study of India
Date Written: July 8, 2010
Abstract
Relatively little is known about the corporate governance practice of firms in emerging markets. We provide a detailed overview of the practices of publicly traded firms in India, and identify areas where governance practices are relatively strong or weak, relative to developed countries. We also examine whether there is a cross-sectional relationship between measures of governance and measures of firm performance and find evidence of a positive relationship for an overall governance index and for an index covering shareholder rights. The association is stronger for more profitable firms and firms with stronger growth opportunities.
Keywords: India, securities law, corporate governance, Clause 49
JEL Classification: G38, K22
Suggested Citation: Suggested Citation
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