Predicting Firms' Corporate Governance Choices: Evidence from Korea

48 Pages Posted: 14 Nov 2005  

Woochan Kim

Korea University Business School; European Corporate Governance Institute (ECGI); Asia Corporate Governance Institute (AICG)

Bernard S. Black

Northwestern University - Pritzker School of Law; Northwestern University - Kellogg School of Management; European Corporate Governance Institute (ECGI)

Hasung Jang

Korea University - Department of Finance

Abstract

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).

Keywords: Korea, corporate governance, corporate governance index, law and finance

JEL Classification: G32, G34

Suggested Citation

Kim, Woochan and Black, Bernard S. and Jang, Hasung, Predicting Firms' Corporate Governance Choices: Evidence from Korea. 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. Available at SSRN: https://ssrn.com/abstract=428662

Woochan Kim

Korea University Business School ( email )

LG-POSCO Bldg #524
Anam-Dong, Seongbuk-Ku
Seoul, Seoul 136701
+822-3290-2816 (Phone)
+822-922-7220 (Fax)

HOME PAGE: http://biz.korea.ac.kr/professor/wckim

European Corporate Governance Institute (ECGI) ( email )

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

Asia Corporate Governance Institute (AICG) ( email )

1, 5-ga, Anam-dong
Sungbuk-gu
Seoul, 136-701
Korea, Republic of (South Korea)

Bernard S. Black (Contact Author)

Northwestern University - Pritzker School of Law ( email )

375 E. Chicago Ave
Chicago, IL 60611
United States
312-503-2784 (Phone)

Northwestern University - Kellogg School of Management

2001 Sheridan Road
Evanston, IL 60208
United States
847-491-5049 (Phone)

European Corporate Governance Institute (ECGI)

Brussels
Belgium

Hasung Jang

Korea University - Department of Finance ( email )

Seoul, 136-701
United States

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