Do Stock Prices Reflect the Corporate Governance Quality of Japanese Firms?
Do Stock Prices Reflect the Corporate Governance Quality of Japanese Firms?
复制标题
股价能否反映日本企业的公司治理质量？
DOI：
10.2139/ssrn.1458925
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
P. Nguyen
中科院分区：
文献类型：
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作者：
Hiroyuki Aman;P. Nguyen
我们根据已知与良好公司治理相关的几个属性构建了治理指数。在检查该指数与公司绩效的标准指标呈正相关后，我们用它来评估治理排序投资组合的回报。我们的主要发现是，治理不善的公司的表现明显优于治理较好的公司。然而，这一结果源于治理不善的企业面临更大的风险。在对规模和账面市值比进行调整后，所有投资组合的超额回报变得微不足道。我们验证了样本期和特定行业的行为都不是造成这一结果的原因。与市场效率一致，股票价格似乎公平地反映了与不良（良好）公司治理相关的较高（较低）风险。 J.日本国际。经济 22 (4) (2008) 647-662。
We construct a governance index based on several attributes known to be associated with good corporate governance. After checking that the index is positively associated with standard indicators of firm performance, we use it to evaluate the returns on governance-sorted portfolios. Our main finding is that poorly governed firms significantly outperform better-governed firms. However, this result derives from the greater risk exposure of poorly governed firms. After adjusting for size and book-to-market, excess returns become insignificant across all portfolios. We verify that neither the sample period nor the behavior of specific industries is responsible for this outcome. Consistent with market efficiency, stock prices appear to fairly reflect the higher (lower) risk associated with poor (good) corporate governance. J. Japanese Int. Economies 22 (4) (2008) 647-662.
DOI：
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发表时间：
2006
期刊：
The Keizai Gaku, Annual Report of the Economic Society, Tohoku University (being preinted)
影响因子：
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作者：
OZAWA;Rei;Yoshio KANAZAKI
通讯作者：
Yoshio KANAZAKI