Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence
We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that, during the 1997 Asian financial crisis, Asian firms with weaker corpo...
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| Published in | Journal of financial economics Vol. 105; no. 2; pp. 412 - 435 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English |
| Published |
Amsterdam
Elsevier B.V
01.08.2012
Elsevier Sequoia S.A |
| Subjects | |
| Online Access | Get full text |
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| Abstract | We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that, during the 1997 Asian financial crisis, Asian firms with weaker corporate governance experience a larger drop in their share values but, during the post-crisis recovery period, such firms experience a larger rebound in their share values. We also find consistent evidence for Latin American firms during the 2001 Argentine economic crisis. Our results support the view that controlling shareholders' expropriation incentives imply a link between corporate governance and firm value. |
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| AbstractList | We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that, during the 1997 Asian financial crisis, Asian firms with weaker corporate governance experience a larger drop in their share values but, during the post-crisis recovery period, such firms experience a larger rebound in their share values. We also find consistent evidence for Latin American firms during the 2001 Argentine economic crisis. Our results support the view that controlling shareholders' expropriation incentives imply a link between corporate governance and firm value. All rights reserved, Elsevier We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that, during the 1997 Asian financial crisis, Asian firms with weaker corporate governance experience a larger drop in their share values but, during the post-crisis recovery period, such firms experience a larger rebound in their share values. We also find consistent evidence for Latin American firms during the 2001 Argentine economic crisis. Our results support the view that controlling shareholders' expropriation incentives imply a link between corporate governance and firm value. We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that, during the 1997 Asian financial crisis, Asian firms with weaker corporate governance experience a larger drop in their share values but, during the post-crisis recovery period, such firms experience a larger rebound in their share values. We also find consistent evidence for Latin American firms during the 2001 Argentine economic crisis. Our results support the view that controlling shareholders' expropriation incentives imply a link between corporate governance and firm value. [PUBLICATION ABSTRACT] |
| Author | Baek, Jae-Seung Kang, Jun-Koo Liu, Wei-Lin Bae, Kee-Hong |
| Author_xml | – sequence: 1 givenname: Kee-Hong surname: Bae fullname: Bae, Kee-Hong organization: Schulich School of Business, York University, Canada – sequence: 2 givenname: Jae-Seung surname: Baek fullname: Baek, Jae-Seung organization: Department of International Business, Hankuk University of Foreign Studies, South Korea – sequence: 3 givenname: Jun-Koo surname: Kang fullname: Kang, Jun-Koo email: jkkang@ntu.edu.sg organization: Nanyang Business School, Nanyang Technological University, Singapore – sequence: 4 givenname: Wei-Lin surname: Liu fullname: Liu, Wei-Lin organization: Nanyang Business School, Nanyang Technological University, Singapore |
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| Cites_doi | 10.1016/S0304-405X(03)00167-3 10.1016/S0304-405X(03)00121-1 10.1111/0022-1082.00200 10.2307/3003400 10.1016/0304-405X(88)90048-7 10.1016/j.jfineco.2007.02.007 10.1111/j.1540-6261.1997.tb02727.x 10.1016/S0304-405X(00)00065-9 10.1016/S0304-405X(00)00071-4 10.1016/S0165-4101(01)00011-8 10.1016/S0927-538X(00)00011-1 10.1111/1540-6261.00551 10.1016/S0304-405X(02)00076-4 10.1086/250006 10.1093/rfs/hhn055 10.1016/S0304-405X(00)00067-2 10.1111/0022-1082.00186 10.1086/250042 10.1016/S0304-405X(03)00068-0 10.1016/S0304-405X(00)00069-6 10.1111/0022-1082.00084 10.1111/1540-6261.00457 10.1057/palgrave.jibs.8400213 10.1016/S0165-4101(02)00047-2 10.1086/261385 10.1111/j.1745-6622.1998.tb00501.x 10.1016/j.jce.2003.08.004 10.2307/30040617 |
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| Keywords | Asian financial crisis Cash flow rights Expropriation Control rights Corporate governance Firm value G33 G21 G32 G34 G15 Controlling shareholder |
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| Snippet | We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery... |
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| SubjectTerms | Argentina Asia Asian financial crisis Business valuation Cash flow Cash flow rights Control rights Controlling shareholder Corporate governance Economic crisis Economic models Expropriation Financial crisis Firm value Latin America Stockholders Studies |
| Title | Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence |
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