Operating Efficiency and Corporate Governance

• Main Authors: Dybvig, Philip H., WARACHKA, Mitchell Craig
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2010
• 主題: Finance and Financial Management; Portfolio and Security Analysis
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/1898
• 機構: Singapore Management University

Although empirical studies often use Tobin's Q as a proxy for operating performance, our theoretical framework highlights its ambiguity when evaluating corporate Governance. In particular, capital in the denominator of Tobin's Q is endogenous since entrenched managers can enjoy the quiet l...