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Does Corporate Governance Predict Firms' Market Values? Evidence from Korea

Woochan Kim
KDI School of Public Policy and Management

Bernard S. Black
Northwestern University - School of Law; Northwestern University - Kellogg School of Management; University of Texas at Austin - School of Law; McCombs School of Business, University of Texas at Austin; European Corporate Governance Institute (ECGI)

Hasung Jang
Korea University - Department of Finance

nearly final version, published in Journal of Law, Economics, and Organization, Vol. 22, No. 2, Fall 2006
ECGI - Finance Working Paper No. 86/2005
KDI School of Pub Policy & Management Paper No. 02-04
McCombs Research Paper Series No. 02-05
Stanford Law and Economics Olin Working Paper No. 237
U of Texas law, Law and Econ Research Paper No. 26

Abstract:
In a companion paper, Bernard Black, Hasung Jang & Woochan Kim, Predicting Firms' Corporate Governance Choices: Evidence from Korea, 12 Journal of Corporate Finance 660-691 (2006), nearly final version at http://ssrn.com/abstract=428662, we examine the factors which predict firms' governance choices.

For our related, subsequent work with panel data on Korean governance, see:

Bernard Black and Woochan Kim, The Effect of Board Structure on Firm Value: A Multiple Identification Strategy Approach Using Korean Data (working paper 2008), http://ssrn.com/abstract=968287 (identification of board structure reforms with an increase in firm market value).

Bernard Black, Woochan Kim, Hasung Jang and Kyung-Suh Park, How Corporate Governance Affects Firm Value: Evidence on Channels from Korea (working paper 2008), http://ssrn.com/abstract=844744 (studying the channels through which governance may affect firm market value).

Keywords: Korea, corporate governance, corporate governance index, law and finance, firm valuation, board of directors, emerging markets

JEL Classifications: G32, G34

Accepted Paper Series

Date posted: January 20, 2005 ; Last revised: December 04, 2008

Suggested Citation

Kim, Woochan, Black, Bernard S. and Jang, Hasung, Does Corporate Governance Predict Firms' Market Values? Evidence from Korea (2006). nearly final version, published in Journal of Law, Economics, and Organization, Vol. 22, No. 2, Fall 2006; ECGI - Finance Working Paper No. 86/2005; KDI School of Pub Policy & Management Paper No. 02-04; McCombs Research Paper Series No. 02-05; Stanford Law and Economics Olin Working Paper No. 237; U of Texas law, Law and Econ Research Paper No. 26. Available at SSRN: http://ssrn.com/abstract=311275

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Contact Information

Woochan Kim KDI School of Public Policy and Management ( email ) P.O. Box 184 Seoul 130-868 130-868 Korea +82 2 3299 1030 (Phone) +82 2 968 5072 (Fax)
Bernard S. Black (Contact Author) Northwestern University - School of Law ( email ) 375 E. Chicago Ave Chicago, IL 60611 United States 512-503-2784 (Phone)
Northwestern University - Kellogg School of Management ( email ) 2001 Sheridan Road Evanston, IL 60208 United States 847-491-5049 (Phone)
University of Texas at Austin - School of Law ( email ) Austin, TX 78705 United States 512-471-4632 (Phone)
McCombs School of Business, University of Texas at Austin Austin, TX 78712 United States
European Corporate Governance Institute (ECGI) Brussels Belgium
Hasung Jang Korea University - Department of Finance ( email ) Seoul 136-701 Korea

Abstract

References (34)

Citations (90)

Date posted: January 20, 2005 ; Last revised: December 04, 2008

Suggested Citation

Contact Information

Woochan Kim

Bernard S. Black (Contact Author)

Hasung Jang