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An Integrated Framework of Corporate Governance and Firm ValuationStefan BeinerUniversity of Basel; University of Oxford - Said Business School Markus M. SchmidUniversity of St. Gallen - Swiss Institute of Banking and Finance Wolfgang DrobetzUniversity of Hamburg Heinz ZimmermannUniversity of Basel - Center for Economic Science (WWZ) - Department of Finance European Financial Management, Vol. 12, No. 2, pp. 249-283, March 2006 Abstract: Recent empirical research shows evidence of a positive relationship between the quality of firm-specific corporate governance and firm valuation. Instead of looking at one single corporate governance mechanism in isolation, we construct a broad corporate governance index and apply five additional variables related to ownership structure, board characteristics, and leverage to provide a comprehensive description of firm-level corporate governance for a representative sample of Swiss firms. To control for potential endogeneity of these six governance mechanisms, we develop a system of simultaneous equations and apply three-stage least squares (3SLS). Our results support the widespread hypothesis of a positive relationship between corporate governance and firm valuation.
Number of Pages in PDF File: 36 Accepted Paper SeriesDate posted: May 8, 2006Suggested CitationContact Information
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