This study examines the association between the cost of debt capital and corporate governance practices. Utilizing a unique data set of firm-level corporate governance practices that is provided by the Korea Corporate Governance Service (KCGS), this study examines whether sound corporate governance practices reduce agency costs and thus the default risk and cost of debt capital of a firm. The f...

While some of the questions have been around since Berle and Means (1932), the term \corporate governance" did not exist in the English language until twenty years ago. In the last two decades, however, corporate governance issues have become important not only in the academic literature, but also in public policy debates. During this period, corporate governance has been identi ed with takeove...

Recently, many respected business leaders have voiced concern that corporate governance in American public companies has moved toward CEO primacy or a "dictatorship of the CEO," and away from traditional notions of shareholder primacy. This article shows that this concern is well-founded. The current system of corporate governance tends toward management indulgences. This is clearly reflected i...

Corporate governance seeks to ensure a fair return on the investment and it also establishes incentives and procedures that meet the interests of shareholders while respecting other stakeholders’ interests in the organization. Corporate governance has become one of the hottest topics of discussion in the circle of regulators, practitioners and academic in the aftermath of recent financial crisi...

The quality of corporate governance has been shown to have wide-ranging implications, e.g., on the performances of stock markets and on exchange rates. This study investigates whether the quality of corporate governance impacts investment decisions made at the micro level of the firm. We focus our study on emerging markets since it has been known that they have widely varying standards of corpo...

This paper develops an organizational approach to corporate governance and assesses the effectiveness of corporate governance and implications for policy. Most corporate governance research focuses on a universal link between corporate governance practices (e.g., board structure, shareholder activism) and performance outcomes, but neglects how interdependencies between the organization and dive...

This paper examines the cross-sectional relation between corporate governance and firm liquidity in the Chinese stock market. Each year we construct a measure of overall quality of governance based on publicly available information for each firm listed on the Shanghai Stock Exchange (SHSE) and the Shenzhen Stock Exchange (SZSE) over the 1999-2004 interval. After accounting for other liquidity-r...

The Companies Act, 1956 is the principal landmark legislation that governs companies in India. The Act prescribes provisions for protection of the interests of the investors, creditors and public at large but at the same time permits the management to utilize its resources for optimum results and prosperity. In the functioning of corporate sector, along with freedom of operation of companies, p...

introduction Over the last few decades, researchers have taken a thorough and critical look at corporate governance from various perspectives. They have studied how legal, social, and market forces influence the control mechanisms that a company adopts to prevent or discourage self-interested behavior by management. They have examined the structure and operations of the board of directors. They...