Does better corporate governance result in higher valuations in emerging markets? Another examination using a new data set

Matthew Morey, Aron Gottesman, Edward Baker and Ben Godridge

Journal of Banking & Finance, 2009, vol. 33, issue 2, 254-262

Abstract: This paper utilizes a new data set from AllianceBernstein that, unlike other corporate governance data, has monthly-updated firm-level governance ratings for 21 emerging markets countries for almost a five year period. With these unique data, we examine how changes in corporate governance ratings impact firm valuation. Using this test we find evidence that improvements in corporate governance result in significantly higher valuations.

Keywords: Corporate; governance; Emerging; markets; Valuation; Ratings (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (44)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:33:y:2009:i:2:p:254-262

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