Predicting Firms' Corporate Governance Choices: Evidence from Korea
Korea University Business School; European Corporate Governance Institute (ECGI); Asia Corporate Governance Institute (AICG)
Bernard S. Black
Northwestern University - School of Law; Northwestern University - Kellogg School of Management; European Corporate Governance Institute (ECGI)
Korea University - Department of Finance
Journal of Corporate Finance, Vol. 12, pp. 660-691, 2006
ECGI - Finance Working Paper No. 87/2005
KDI School of Pub Policy & Management Paper No. 04-16
McCombs Working Paper No. FIN-03-05
Stanford Law and Economics Olin Working Paper No. 269
U of Texas law, Law and Econ Research Paper No. 39
In a companion paper, we report evidence that a broad corporate governance index predicts higher share prices for Korean firms. Bernard Black, Hasung Jang and Woochan Kim, Does Corporate Governance Affect Firms' Market Values? Evidence from Korea, 22 Journal of Law, Economics and Organization 366-413 (2006), nearly final version at http://ssrn.com/abstract=311275
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 (channels through which governance may affect firm value).
Number of Pages in PDF File: 48
Keywords: Korea, corporate governance, corporate governance index, law and finance
JEL Classification: G32, G34
Date posted: November 14, 2005
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