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Valuing Corporate Governance in Politically Connected Firms: A Study of Thailand.

机译：重视政治关联公司的公司治理：泰国研究。

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摘要

Thailand underwent intensive corporate governance reforms following the Asian financial crisis making it a good setting to test the joint effects of corporate governance and political connections on firm value. Using data from listed firms in Thailand from 2001 to 2006, this dissertation finds that political connections add value to connected firms, as reflected in their traded share prices. Moreover, political connections and corporate governance tend to be complementary. That is, rather than subtract value from firms through the greater transparency that might conflict with the process of political connection value extraction, better corporate governance adds value to minority shareholders as it might re-distribute benefits away from majority shareholders' expropriation and into minority shareholders' hands. This dissertation also finds that the nature of cash flows from political connections and good corporate governance are different; cash flows from political connections are much larger and more tangible than cash flows from better corporate governance which are usually intangible and not immediately measurable, rendering disproportionate values between the two. In addition, industry effects also play an important role in political concentration, political connection value, and complementarity between political connections and corporate governance.
机译：在亚洲金融危机之后，泰国进行了深入的公司治理改革，使其成为检验公司治理和政治联系对公司价值的共同影响的良好环境。利用2001年至2006年泰国上市公司的数据，本论文发现政治联系为关联公司增加了价值，如其交易股价所反映。此外，政治联系和公司治理往往是互补的。就是说，更好的公司治理不是通过更大的透明度（可能与政治联系的价值提取过程相冲突）从公司中减去价值，而是为小股东增加了价值，因为它可能将收益从大股东没收中重新分配给小股东的手。本文还发现，政治联系和良好的公司治理所产生的现金流的性质是不同的。政治联系产生的现金流量要比更好的公司治理产生的现金流量要大得多，而且更为有形，后者通常是无形的且无法立即测量，从而使两者之间的价值不成比例。此外，行业效应在政治集中度，政治联系价值以及政治联系与公司治理之间的互补性中也起着重要作用。

著录项

  • 作者

    Sthienchoak, Jananya.;

  • 作者单位

    Fletcher School of Law and Diplomacy (Tufts University).;

  • 授予单位 Fletcher School of Law and Diplomacy (Tufts University).;
  • 学科 Economics Finance.
  • 学位 Ph.D.
  • 年度 2013
  • 页码 297 p.
  • 总页数 297
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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