Corporate culture and firm value: Evidence from crisis

Does Corporate Governance Affect Firm Value? Evidence from Korea

† Earlier versions of this paper were presented at the Second Asian Conference on Corporate Governance (2002), 8th Mitsui Life Symposium on Global Financial Markets (2002), International Monetary Fund (2003), KAEA (Korea America Economic Association) annual meeting (2003), Korea Fair Trade Commission (2002), Korea Association of Industrial Organization (2002), KDI School of Public Policy and Ma...

National Culture, Corporate Governance Practices, and Firm Value*

We examine why corporate governance varies widely across countries and across firms, and why such variation matters. Using a new database from Governance Metrics International on corporate governance practices across a large number of countries and firms for 2006-2011 and employing a hierarchical linear model specification, we find that the national cultural dimension of individualism is positi...

Corporate Governance and Firm Profitability: Evidence from Korea before the economic crisis

This study examines how ownership structure and conflicts of interest among shareholders under a poor corporate governance system affected firm performance before the crisis. Using 5,829 Korean firms subject to outside auditing during 19931997, the paper finds that firms with low ownership concentration show low firm profitability, controlling for firm and industry characteristics. Controlling ...

Do corporate boards affect firm performance? New evidence from the financial crisis

This study uses the current financial crisis as a quasi-experiment to examine whether and to what extent corporate boards affect the performance of firms. Using cumulative stock returns over the crisis to measure of firm performance, we find that board independence, as traditionally defined, does not significantly affect firm performance. However, when we re-define independent directors as outs...

Tax Avoidance , Corporate Transparency , and Firm Value