| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6262 |
| DP6262 Rethinking Trade Preferences: How Africa Can Diversify its Exports | |
| Anthony Venables; Paul Collier | |
| 发表日期 | 2007-04-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We evaluate the impact of firm-level corporate governance provisions on the valuation of firms in a large cross-section of countries. Unlike previous work, we distinguish between governance provisions that are set at the country-level and those that are adopted at the firm-level. We find that governance provisions adopted by firms beyond those imposed by regulations and common practices among firms in the country have a strong, positive effect on firm valuation. Our results indicate that, despite the costs associated with improving corporate governance at the firm level, many firms choose to adopt governance provisions beyond what can be considered the norm in the country, and these improvements in corporate governance have a positive effect on firm valuation. These findings contribute to the current debate on the extent to which corporate governance reform can be left to the ?invisible hand? of the market or requires government interference. |
| 主题 | Financial Economics |
| 关键词 | Corporate governance Firm valuation Government policy Laissez faire |
| URL | https://cepr.org/publications/dp6262 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535097 |
| 推荐引用方式 GB/T 7714 | Anthony Venables,Paul Collier. DP6262 Rethinking Trade Preferences: How Africa Can Diversify its Exports. 2007. |
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