The effect of board structure on firm value: A multiple identification strategies approach using Korean data
DC Field | Value | Language |
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dc.contributor.author | Black, Bernard | - |
dc.contributor.author | Kim, Woochan | - |
dc.date.accessioned | 2021-09-06T21:46:02Z | - |
dc.date.available | 2021-09-06T21:46:02Z | - |
dc.date.created | 2021-06-18 | - |
dc.date.issued | 2012-04 | - |
dc.identifier.issn | 0304-405X | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/108834 | - |
dc.description.abstract | Outside directors and audit committees are widely considered to be central elements of good corporate governance. We use a 1999 Korean law as an exogenous shock to assess whether and how board structure affects firm market value. The law mandates 50% outside directors and an audit committee for large public firms, but not smaller firms. We study this shock using event study, difference-in-differences, and instrumental variable methods, within an overall regression discontinuity approach. The legal shock produces economically large share price increases for large firms, relative to mid-sized firms; their share prices jump in 1999 when the reforms are announced. (C) 2011 Elsevier B.V. All rights reserved. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | ELSEVIER SCIENCE SA | - |
dc.subject | CORPORATE GOVERNANCE | - |
dc.subject | DIRECTORS | - |
dc.subject | SIZE | - |
dc.subject | DETERMINANTS | - |
dc.subject | SHAREHOLDERS | - |
dc.subject | PERFORMANCE | - |
dc.subject | OWNERSHIP | - |
dc.subject | VALUATION | - |
dc.title | The effect of board structure on firm value: A multiple identification strategies approach using Korean data | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Kim, Woochan | - |
dc.identifier.doi | 10.1016/j.jfineco.2011.08.001 | - |
dc.identifier.scopusid | 2-s2.0-84857459021 | - |
dc.identifier.wosid | 000301092100010 | - |
dc.identifier.bibliographicCitation | JOURNAL OF FINANCIAL ECONOMICS, v.104, no.1, pp.203 - 226 | - |
dc.relation.isPartOf | JOURNAL OF FINANCIAL ECONOMICS | - |
dc.citation.title | JOURNAL OF FINANCIAL ECONOMICS | - |
dc.citation.volume | 104 | - |
dc.citation.number | 1 | - |
dc.citation.startPage | 203 | - |
dc.citation.endPage | 226 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | DIRECTORS | - |
dc.subject.keywordPlus | SIZE | - |
dc.subject.keywordPlus | DETERMINANTS | - |
dc.subject.keywordPlus | SHAREHOLDERS | - |
dc.subject.keywordPlus | PERFORMANCE | - |
dc.subject.keywordPlus | OWNERSHIP | - |
dc.subject.keywordPlus | VALUATION | - |
dc.subject.keywordAuthor | Korea | - |
dc.subject.keywordAuthor | Outside directors | - |
dc.subject.keywordAuthor | Audit committee | - |
dc.subject.keywordAuthor | Corporate governance | - |
dc.subject.keywordAuthor | Board of directors | - |
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