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How Corporate Governance Affects Firm Value: Evidence on Channels from KoreaBernard S. BlackNorthwestern University - School of Law; Northwestern University - Kellogg School of Management; European Corporate Governance Institute (ECGI) Woochan KimKorea University Business School; European Corporate Governance Institute (ECGI); Asia Corporate Governance Institute (AICG) Hasung JangKorea University - Department of Finance Kyung Suh ParkKorea University - Department of Finance December 1, 2008 ECGI - Finance Working Paper No. 103/2005 EFA 2009 Bergen Meetings Paper U of Texas Law, Law and Econ Research Paper No. 51 McCombs Research Paper No. 01-05 KDI School of Pub Policy & Management Paper No. 08/19 Abstract: In a companion paper, 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, we seek to identify Korean board structure reforms as likely causing an increase in firm market value. For our earlier cross-sectional research on Korean corporate governance, see 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 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
Number of Pages in PDF File: 48 Keywords: Korea, corporate governance, corporate governance index, law and finance, firm valuation, board of directors, emerging markets JEL Classification: G12, G32, G34 working papers seriesDate posted: November 9, 2005 ; Last revised: February 2, 2009Suggested CitationContact Information
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