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Governance and Profitability around the World
Vincent J. Hooper University of New South Wales - School of Banking and Finance Ah Boon Sim University of New South Wales - School of Banking and Finance Asfandyar Uppal University of New South Wales - School of Banking and Finance September 2005 University of New South Wales Banking and Finance Working Paper Abstract: The purpose of this paper is to examine the effect of governance environments upon aggregate dividend yield and earnings per share for developed and emerging stock markets over the time period January 1995 to December 2002. Using an augmented version of the dividend growth model and allowing for the control of risk factors, we find that governance environments have a significant influence upon dividend yield and earnings per share. The results have policy implications for government policy setters as improvements to governance environments may induce portfolio equity inflow, which is increasingly being seen as a driving force for economic growth.
Keywords: Governance, stock market performance, dividends, earnings JEL Classifications: C33, G15, G39 Working Paper SeriesDate posted: September 29, 2005 ; Last revised: April 06, 2008Suggested CitationContact Information
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