Does the Quality of Corporate Governance Affect Firm Valuation and Risk? Evidence from a Corporate Governance Scorecard in Hong Kong

Yan-Leung Cheung; Aris Stouraitis; Weiqiang Tan

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Does the Quality of Corporate Governance Affect Firm Valuation and Risk? Evidence from a Corporate Governance Scorecard in Hong Kong

机译：公司治理的质量会影响公司的估值和风险吗？来自香港公司治理记分卡的证据

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Using Hong Kong firm data, we construct an index of corporate governance during 2002-2005, which scores the corporate governance practices of listed companies from the public shareholders' perspective based on the Organization for Economic Corporation and Development Principles of Corporate Governance. The findings show that family firms and firms with concentrated ownership structures are associated with bad corporate governance. The evidence also shows that these firms improve their corporate governance practices slower than their peers. Overall, the quality of corporate governance is very significant in explaining future company stock returns and risk. Good corporate governance is associated with both higher stock returns and with lower risk. Improvements in corporate governance are associated with significantly higher stock returns and lower company risk.

机译：利用香港的公司数据，我们构建了2002-2005年的公司治理指数，该指数根据经济公司组织和公司治理发展原则从公众股东的角度对上市公司的公司治理实践进行了评分。研究结果表明，家族企业和所有权结构集中的企业与不良的公司治理有关。证据还表明，这些公司改善公司治理实践的步伐比同行慢。总体而言，公司治理的质量对于解释未来公司的股票收益和风险非常重要。良好的公司治理与较高的股票收益和较低的风险相关。公司治理的改善与股票收益显着提高和公司风险降低相关。

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来源
《International review of finance》 |2010年第4期|p.403-432|共30页
作者
Yan-Leung Cheung; Aris Stouraitis; Weiqiang Tan;
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School of Business Hong Kong Baptist University Room WLB801, 8/F The Wing Lung Bank Bldg for Business Studies Renfrew Road, Kowloon Tong Kowloon, Hong Kong;

Department of Economics and Finance, City University of Hong Kong;

School of Business, Hong Kong Baptist University of Hong Kong;

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Does the Quality of Corporate Governance Affect Firm Valuation and Risk? Evidence from a Corporate Governance Scorecard in Hong Kong

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