Corporate Governance, Enforcement, and Firm Value: Evidence from India

@inproceedings{Dharmapala2013CorporateGE,
  title={Corporate Governance, Enforcement, and Firm Value: Evidence from India},
  author={Dhammika Dharmapala and Vikramaditya S. Khanna},
  year={2013}
}
This article analyzes the impact of corporate governance on firm value using a sequence of reforms in India (Clause 49) enacted in 2000, for which more severe penalties were introduced in 2004. The reforms did not apply to all firms and resulted in treatment and control groups of firms with overlapping characteristics. A difference-in-difference approach (controlling for various factors including firm-specific time trends) shows a substantial positive causal effect of the reforms in combination… CONTINUE READING

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