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Article: An empirical study on corporate governance and market valuation in China

TitleAn empirical study on corporate governance and market valuation in China
Authors
KeywordsCorporate governance index
Corporate governance mechanisms
Corporate governance premium
Market valuation
Issue Date2006
PublisherGaodeng Jiaoyu Chubanshe.
Citation
Frontiers Of Economics In China, 2006, v. 1 n. 1, p. 83-111 How to Cite?
AbstractThis paper empirically studies the relationship between the governance mechanisms and the market valuation of publicly listed firms in China. The authors construct measures for corporate governance mechanisms and measures of market valuation for all publicly listed firms on the two stock markets in China by using data from the firm's annual reports. They then investigate how the market-valuation variables are affected by the corporate governance variables while controlling for a number of factors commonly considered in market valuation analysis. A corporate governance index is also constructed to summarize the information contained in the corporate governance variables. The index is found to have statistically and economically significant effects on market valuation. The analysis indicates that investors pay a significant premium for well-governed firms in China benefiting firms that improve their governance mechanisms. © Higher Education Press and Springer-Verlag 2006.
Persistent Identifierhttp://hdl.handle.net/10722/85605
ISSN
2015 SCImago Journal Rankings: 0.130
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorBai, CEen_HK
dc.contributor.authorLiu, Qen_HK
dc.contributor.authorLu, Jen_HK
dc.contributor.authorSong, FMen_HK
dc.contributor.authorZhang, Jen_HK
dc.date.accessioned2010-09-06T09:07:05Z-
dc.date.available2010-09-06T09:07:05Z-
dc.date.issued2006en_HK
dc.identifier.citationFrontiers Of Economics In China, 2006, v. 1 n. 1, p. 83-111en_HK
dc.identifier.issn1673-3444en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85605-
dc.description.abstractThis paper empirically studies the relationship between the governance mechanisms and the market valuation of publicly listed firms in China. The authors construct measures for corporate governance mechanisms and measures of market valuation for all publicly listed firms on the two stock markets in China by using data from the firm's annual reports. They then investigate how the market-valuation variables are affected by the corporate governance variables while controlling for a number of factors commonly considered in market valuation analysis. A corporate governance index is also constructed to summarize the information contained in the corporate governance variables. The index is found to have statistically and economically significant effects on market valuation. The analysis indicates that investors pay a significant premium for well-governed firms in China benefiting firms that improve their governance mechanisms. © Higher Education Press and Springer-Verlag 2006.en_HK
dc.languageengen_HK
dc.publisherGaodeng Jiaoyu Chubanshe.en_HK
dc.relation.ispartofFrontiers of Economics in Chinaen_HK
dc.subjectCorporate governance indexen_HK
dc.subjectCorporate governance mechanismsen_HK
dc.subjectCorporate governance premiumen_HK
dc.subjectMarket valuationen_HK
dc.titleAn empirical study on corporate governance and market valuation in Chinaen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1673-3444&volume=1&spage=83&epage=111&date=2006&atitle=An+Empirical+Study+on+Corporate+Governance+and+Market+Valuation+in+Chinaen_HK
dc.identifier.emailLiu, Q: qliu@hku.hken_HK
dc.identifier.emailSong, FM: fmsong@hkucc.hku.hken_HK
dc.identifier.emailZhang, J: jjzhang@econ.hku.hken_HK
dc.identifier.authorityLiu, Q=rp01078en_HK
dc.identifier.authoritySong, FM=rp01095en_HK
dc.identifier.authorityZhang, J=rp01124en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.resp.2005.07.001en_HK
dc.identifier.scopuseid_2-s2.0-33746124921en_HK
dc.identifier.hkuros123394en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33746124921&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume1en_HK
dc.identifier.issue1en_HK
dc.identifier.spage83en_HK
dc.identifier.epage111en_HK
dc.identifier.isiWOS:000237944300008-
dc.publisher.placeChinaen_HK
dc.identifier.scopusauthoridBai, CE=13805990500en_HK
dc.identifier.scopusauthoridLiu, Q=55429572300en_HK
dc.identifier.scopusauthoridLu, J=7601562836en_HK
dc.identifier.scopusauthoridSong, FM=7203075605en_HK
dc.identifier.scopusauthoridZhang, J=55367373100en_HK

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