| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12819 |
| 来源ID | Working Paper 12819 |
| Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth | |
| Reena Aggarwal; Isil Erel; Rene M. Stulz; Rohan Williamson | |
| 发表日期 | 2007-01-11 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We compare the governance of foreign firms to the governance of similar U.S. firms. Using an index of firm governance attributes, we find that, on average, foreign firms have worse governance than matching U.S. firms. Roughly 8% of foreign firms have better governance than comparable U.S. firms. The majority of these firms are either in the U.K. or in Canada. When we define a firm's governance gap as the difference between the quality of its governance and the governance of a comparable U.S. firm, we find that the value of foreign firms increases with the governance gap. This result suggests that firms are rewarded by the markets for having better governance than their U.S. peers. It is therefore not the case that foreign firms are better off simply mimicking the governance of comparable U.S. firms. Among the individual governance attributes considered, we find that firms with board and audit committee independence are valued more. In contrast, other attributes, such as the separation of the chairman of the board and of the CEO functions, do not appear to be associated with higher shareholder wealth. |
| 主题 | Financial Economics ; Corporate Finance ; Other ; Law and Economics |
| URL | https://www.nber.org/papers/w12819 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570484 |
| 推荐引用方式 GB/T 7714 | Reena Aggarwal,Isil Erel,Rene M. Stulz,et al. Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12819.pdf（198KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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