Corporate Governance, Expected Operating Performance, and Pricing

@article{Fuerst1998CorporateGE,
  title={Corporate Governance, Expected Operating Performance, and Pricing},
  author={O. Fuerst and Sok-Hyon Kang},
  journal={Corporate Ownership and Control},
  year={1998},
  volume={1},
  pages={13-30}
}
  • O. Fuerst, Sok-Hyon Kang
  • Published 1998
  • Business
  • Corporate Ownership and Control
  • We examine whether ownership and governance characteristics are associated with the firm s operating performance and stock price. We hypothesize that while ownership structure and governance mechanisms impact the firm's operating performance, they can also impact stakeholders abilities to expropriate rents from other stakeholders. We use a two-step estimation approach to assess whether the benefits of a better governance system manifest as higher operating performance, or as a premium on share… CONTINUE READING
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