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Article: Board structure, corporate governance and firm value: Evidence from Hong Kong

TitleBoard structure, corporate governance and firm value: Evidence from Hong Kong
Authors
KeywordsBoard Structure
Corporate Governance
Family Ownership
Firm Value
Internal Corporate Governance Mechanisms
Issue Date2012
PublisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/routledge/09603107.html
Citation
Applied Financial Economics, 2012, v. 22 n. 15, p. 1289-1303 How to Cite?
AbstractThis article investigates the effects of board structure and internal Corporate-Governance (CG) mechanisms on firm value in an emerging market with concentrated ownership and family involvement. Using a unique Hong Kong (HK) panel dataset from 2001 to 2009, we create a board-structure index that captures board independence, balance of power and conflicts of interest. We also construct other major CG mechanisms to correctly specify our model. We combine the 13 CG attributes, which consist of binary and continuous variables, with four CG mechanisms, using Principal Component Analysis (PCA). In contrast with prior evidence from developed markets, our results indicate that firms with independent board structure are associated with higher firm value and are both statistically and economically significant. The results also suggest that board structure is the most important among the major internal CG mechanisms. © 2012 Copyright Taylor and Francis Group, LLC.
Persistent Identifierhttp://hdl.handle.net/10722/177794
ISSN
2015 SCImago Journal Rankings: 0.244
References

 

DC FieldValueLanguage
dc.contributor.authorLei, ACHen_US
dc.contributor.authorSong, FMen_US
dc.date.accessioned2012-12-19T09:39:55Z-
dc.date.available2012-12-19T09:39:55Z-
dc.date.issued2012en_US
dc.identifier.citationApplied Financial Economics, 2012, v. 22 n. 15, p. 1289-1303en_US
dc.identifier.issn0960-3107en_US
dc.identifier.urihttp://hdl.handle.net/10722/177794-
dc.description.abstractThis article investigates the effects of board structure and internal Corporate-Governance (CG) mechanisms on firm value in an emerging market with concentrated ownership and family involvement. Using a unique Hong Kong (HK) panel dataset from 2001 to 2009, we create a board-structure index that captures board independence, balance of power and conflicts of interest. We also construct other major CG mechanisms to correctly specify our model. We combine the 13 CG attributes, which consist of binary and continuous variables, with four CG mechanisms, using Principal Component Analysis (PCA). In contrast with prior evidence from developed markets, our results indicate that firms with independent board structure are associated with higher firm value and are both statistically and economically significant. The results also suggest that board structure is the most important among the major internal CG mechanisms. © 2012 Copyright Taylor and Francis Group, LLC.en_US
dc.languageengen_US
dc.publisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/routledge/09603107.htmlen_US
dc.relation.ispartofApplied Financial Economicsen_US
dc.subjectBoard Structureen_US
dc.subjectCorporate Governanceen_US
dc.subjectFamily Ownershipen_US
dc.subjectFirm Valueen_US
dc.subjectInternal Corporate Governance Mechanismsen_US
dc.titleBoard structure, corporate governance and firm value: Evidence from Hong Kongen_US
dc.typeArticleen_US
dc.identifier.emailSong, FM: fmsong@hkucc.hku.hken_US
dc.identifier.authoritySong, FM=rp01095en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1080/09603107.2011.650329en_US
dc.identifier.scopuseid_2-s2.0-84859602874en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84859602874&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume22en_US
dc.identifier.issue15en_US
dc.identifier.spage1289en_US
dc.identifier.epage1303en_US
dc.publisher.placeUnited Kingdomen_US
dc.identifier.scopusauthoridLei, ACH=45661682900en_US
dc.identifier.scopusauthoridSong, FM=7203075605en_US

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