Does corporate governance matter? A crude test using Russian data.(Symposium on Norms and Corporate Law)

From: University of Pennsylvania Law Review | Date: June 1, 2001| Author: Black, Bernard | Copyright information

Does a firm's corporate governance behavior affect its market value? In most empirical tests in developed countries, firm-specific corporate governance actions have little or no effect on market value. These weak results could reflect limited variation among firms in governance practices.

In contrast, the corporate governance practices of Russian firms vary widely, from quite good to awful. I test whether corporate governance behavior affects the market value of Russian ...

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