Does Corporate Governance Predict Firms' Market Values? Evidence from Korea

S. Black, Bernard; Jang, Haegyu; Kim, Woochan

doi:10.1093/jleo/ewj018

Public

Does Corporate Governance Predict Firms' Market Values? Evidence from Korea

Published in The Journal of Law Economics and Organization • Jan 4, 2006

Authors:

Bernard S. Black

Haegyu Jang

Woochan Kim

Abstract

We report strong OLS and instrumental variable evidence that an overall corporate governance index is an important and likely causal factor in explaining the market value of Korean public companies. We construct a corporate governance index (KCGI, 0∼100) for 515 Korean companies based on a 2001 Kore...

Subject

Corporate governance

Excellence

Political science

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