Operating Efficiency and Corporate Governance

• المؤلفون الرئيسيون: Dybvig, Philip H., WARACHKA, Mitchell Craig
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 2010
• الموضوعات: Finance and Financial Management; Portfolio and Security Analysis
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/lkcsb_research/1898
• المؤسسة: 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...