Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence

• Main Authors: Bae, Kee-Hong, Baek, Jae-Seung, Kang, Jun-Koo, Liu, Wei-Lin
• 其他作者: Nanyang Business School
• 格式: Article
• 語言: English
• 出版: 2013
• 主題: DRNTU::Business::Finance
• 在線閱讀: https://hdl.handle.net/10356/97936; http://hdl.handle.net/10220/18083

We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that, during the 1997 Asian financial crisis, Asian firms with weaker corpo...