Does corporate governance predict firms' market values? Evidence from Korea

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Abstract

We report strong OLS and instrumental variable evidence that an overall cor-porate governance index is an important and likely causal factor in explaining the market value of Korean public companies. We construct a corporate gov-ernance index (KCGI, 0;100) for 515 Korean companies based on a 2001 Korea Stock Exchange survey. In OLS, a worst-to-best change in KCGI predicts a 0.47 increase in Tobin’s q (about a 160 % increase in share price). This effect is statistically strong (t 6.12) and robust to choice of market value variable (Tobin’s q, market/book, and market/sales), specification of the governance

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Document Metadata

Issuer: Oxford University Press (OUP)
Document Type: Research / Academic Paper
Publication Year: 2006
Retrieved: 5 May 2026
Source: Contact XFID for Access
Record ID: XFY47L1PF5
Validation: Inferred by XFID

Topics

Corporate Governance

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Oxford University Press (OUP) (2006). Does corporate governance predict firms' market values? Evidence from Korea. XFID: XF-Y47L1PF-5. Retrieved from https://xframework.id/XFY47L1PF5

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