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How Corporate Governance Affects Firm Value: Evidence on Channels from Korea

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

Woochan Kim
KDI School of Public Policy and Management

Hasung Jang
Korea University - Department of Finance

Kyung Suh Park
Korea 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

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

JEL Classifications: G12, G32, G34

Working Paper Series

Date posted: November 09, 2005 ; Last revised: February 02, 2009

Suggested Citation

Black, Bernard S., Kim, Woochan, Jang, Hasung and Park, Kyung Suh, How Corporate Governance Affects Firm Value: Evidence on Channels from Korea (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. Available at SSRN: http://ssrn.com/abstract=844744


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Contact Information

Bernard S. Black (Contact Author)
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
Northwestern University - School of Law
375 E. Chicago Ave
Chicago, IL 60611
United States
Northwestern University - Kellogg School of Management
2001 Sheridan Road
Evanston, IL 60208
United States
Hasung Jang
Korea University - Department of Finance ( email )
Seoul 136-701 Korea
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)
Kyung Suh Park
Korea University - Department of Finance ( email )
Seoul 136-701 Korea
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