公司治理评价研究前沿探析
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外国经济与管理 2011 年 第 33 卷第 08 期, 页码：57 - 65
摘要
参考文献
摘要
公司治理实践的发展推动了公司治理评价研究。国外学者和研究机构开发了一系列公司治理评价系统,并且基于这些评价系统构建了公司治理指数以检验公司治理的有效性。而国内相关研究比较缺乏,尚待丰富。鉴于此,本文系统梳理了近年来国外公司治理评价研究的相关文献,首先介绍了公司治理评价系统的发展情况,其次梳理了基于公司治理指数的相关实证研究,继而探讨了公司治理评价系统和公司治理指数的合理性,最后对未来研究方向进行了展望,以期推动国内研究深入展开。
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[2]Gompers,P,Ishii,J,and Metrick,A.Corporate governance and equity prices[J].The Quarterly Journal of Economics,2003,118(1):107-155.
[3]Bebchuk,L A,Cohen,A,and Ferrell,A.What mattersin corporate governance?[J].Reviewof Financial Studies,2009,22(2):783-827.
[4]Cremers,KJ,and Nair,V B.Governance mechanisms and equity prices[J].The Journal of Finance,2005,60(6):2 859-2 894.
[5]Ammann,M,Oesch,D,and Schmid,M M.Corporate governance and firm value:International evidence[J].Journal of EmpiricalFinance,2011,18(1):36-55.
[6]Djankov,S,La Porta,R,Lopez-de-Silanes,F,and Shleifer,A.The lawand economics of self-dealing[J].Journal of Financial Eco-nomics,2008,86(3):430-465.
[7]Larcker,D F,Richardson,S A,and Tuna,AI.Corporate governance,accounting outcomes,and organizational performance[EB/OL].Available at SSRN:http://ssrn.com/abstract=976566,March 30,2007.
[8]Brown,L D,and Caylor,MC.Corporate governance andfirmvaluation[J].Journal of Accounting and Public Policy,2006,25(4):409-434.
[9]Denis,D K,and McConnell,J J.International corporate governance[J].Journal of Financial and Quantitative Analysis,2003,38(2):1-36.
[10]Ho,Chi-Kun.Corporate governance and corporate competitiveness:An international analysis[J].Corporate Governance:An In-ternational Review,2005,13(2):211-253.
[11]Bhagat,S,Bolton,B J,and Romano,R.The promise and peril of corporate governance indices[J].Columbia Law Review,2008,108(8):1 803-1 882.
[12]Cremers,M,and Ferrell,A.Thirty years of corporate governance:Firmvaluation&stock returns[R].Yale School of Manage-ment Working paper,2009.
[13]Core,J E,Guay,WR,and Rusticus,T O.Does weak governance cause weak stockreturns:An examination of firmoperating per-formance andinvestors’expectations[J].Journal of Finance,2006,61(2):655-687.
[14]Johnson,S A,Moorman,T C,and Sorescu,S M.Areexamination of corporate governance and equity prices with updated andsupplemental results[J].Reviewof Financial Studies,2009,22(11):4 753-4 786.
[15]Bebchuk,L A,Cohen,A,and Wang,C C Y.Learning and the disappearing association between governance and returns[R].NBER Working Paper Series,No.w15912,2010.
[16]Ertugrul,M,and Hegde,S.Corporate governance ratings and firm performance[J].Financial Management,2009,38(1):139-160.
[17]Daines,R M,Gow,I D,and Larcker,D F.Rating the ratings:How good are commercial governance ratings?[J].Journal of Fi-nancial Economics,2010,98(3):439-461.
[18]Khanna,V.Corporate governance ratings:One score,two scores,or more?[J].University of Pennsylvania Law Review,2009,158(39):39-51.
[19]Bebchuk,L A,and Hamdani,A.The elusive quest for global governance standards[R].Harvard Lawand Economics DiscussionPaper No.633,2009.
[20]Doidge,C,Karolyi,G A,and Stulz,R M.Why do countries matter so muchfor corporate governance?[J].Journal of Financial E-conomics,2007,86(1):1-39.
引用本文
李维安, 徐业坤, 宋文洋. 公司治理评价研究前沿探析[J]. 外国经济与管理, 2011, 33(8): 57–65.
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