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Document Type

Journal Article

Department/Unit

Department of Finance & Decision Sciences

Title

Corporate governance, investment, and firm valuation in Asian emerging markets

Language

English

Abstract

We investigate the effects of corporate governance and family ownership on firm valuation through investment efficiency in Asian emerging markets. Using 3 years of time series data from the Credit Lyonnais Securities Asia corporate governance score for 10 Asian emerging markets, we find that good corporate governance leads to better or more efficient investment decisions and eventually to higher firm value. We also find that investors reward firms for improvement in corporate governance. The findings do not hold for Asian firms with a family or concentrated ownership structure. The results are not driven by changes in accounting standards in these markets. © 2011 Blackwell Publishing Ltd.

Publication Date

2011

Source Publication Title

Journal of International Financial Management and Accounting

Volume

22

Issue

3

Start Page

246

End Page

273

Publisher

Wiley

ISSN (print)

09541314

ISSN (electronic)

1467646X

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