A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis
A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis
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DOI：
10.2139/ssrn.246030
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发表时间：
2002-05
期刊：
影响因子：
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通讯作者：
Todd Mitton
中科院分区：
文献类型：
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作者：
Todd Mitton
在一个来自印度尼西亚、韩国、马来西亚、菲律宾和泰国的399家公司的样本中，公司治理相关变量的公司层面差异对1997-1998年东亚金融危机期间的公司绩效产生了重大影响。首先，在危机期间，披露质量较高的指标（拥有adr和来自六大会计师事务所的审计师）与更好的股价表现显著相关。其次，更高的外部（而非管理层）所有权集中度导致了危机期间更好的业绩。最后，多元化公司，特别是那些在不同部门之间投资机会差异很大的公司，在危机期间的表现不如单一部门的公司。
In a sample of 399 firms from Indonesia, Korea, Malaysia, the Philippines, and Thailand, firm-level differences in variables related to corporate governance had a significant impact on firm performance during the East Asian financial crisis of 1997-1998. First, indicators of higher disclosure quality (having ADRs and auditors from Big Six accounting firms) are associated with significantly better stock price performance during the crisis. Second, higher outside (but not managerial) ownership concentration led to better performance during the crisis. Finally, diversified firms, particularly those with high variation in investment opportunities across divisions, performed worse than single-segment firms during the crisis.