Access the full text.
Sign up today, get DeepDyve free for 14 days.
C. Karuna (2007)
Industry product market competition and managerial incentivesJournal of Accounting and Economics, 43
Huimin Chung (2006)
Investor protection and the liquidity of cross-listed securities: Evidence from the ADR marketJournal of Banking and Finance, 30
(2003)
Strong evidence in support of this argument is provided by both Brockman and Chung
Stuart Gillan, Jay Hartzell, L. Starks (2003)
Explaining Corporate Governance: Boards, Bylaws, and Charter ProvisionsS&P Global Market Intelligence Research Paper Series
Amy Dittmar, Jan Mahrt-Smith (2007)
Corporate Governance and the Value of Cash HoldingsFinancial Accounting eJournal
L. Bebchuk, Alma Cohen, Allen Ferrell (2004)
What Matters in Corporate Governance?Corporate Law: Securities Law
Jennifer Gaver, K. Gaver (1993)
Additional evidence on the association between the investment opportunity set and corporateJournal of Accounting and Economics, 16
Wei-peng Chen, Huimin Chung, Cheng-Few Lee, W. Liao (2007)
Corporate Governance and Equity Liquidity: Analysis of S&P Transparency and Disclosure RankingsWiley-Blackwell: Corporate Governance: An International Review
Stephen Brown, Stephen Hillegeist (2006)
How Disclosure Quality Affects the Long-Run Level of Information AsymmetryCapital Markets eJournal
Cremers Cremers, Nair Nair (2005)
Governance mechanisms and equity pricesJournal of Finance, 60
Stuart Gillan, Jay Hartzell, L. Starks (2006)
Tradeoffs in Corporate Governance: Evidence from Board Structures and Charter ProvisionsCorporate Law: Corporate Governance Law
A. Goldberger (1991)
A course in econometrics
Bebchuk (2005)
The costs of entrenched boardsJournal of Financial Economics, 78
M. Collins, David Blackwell, J. Sinkey (1995)
The Relationship Between Corporate Compensation Policies and Investment Opportunities: Empirical Evidence for Large Bank Holding CompaniesFinancial Management, 24
Core Core, Guay Guay, Rusticus Rusticus (2006)
Does weak governance cause weak stock returns? An examination of firm operating performance and analysts' expectationsJournal of Finance, 61
L. Bebchuk, Alma Cohen (2004)
The Costs of Entrenched BoardsLSN: Corporate Law (Topic)
Peter Klein, D. Shapiro, Jeffrey Young (2005)
Corporate Governance, Family Ownership and Firm Value: The Canadian EvidenceIO: Firm Structure
Don Anderson, Jere Francis, Donald Stokes (1993)
Auditing, directorships and the demand for monitoringJournal of Accounting and Public Policy, 12
John Mcconnell, H. Servaes (1990)
Additional evidence on equity ownership and corporate valueJournal of Financial Economics, 27
J. Core, W. Guay, T. Rusticus (2004)
Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' ExpectationsCorporate Finance: Governance
M. Hutchinson, F. Gul (2004)
Investment opportunity set, corporate governance practices and firm performanceJournal of Corporate Finance, 10
Fan Yang, R. Morck (2001)
The Mysterious Growing Value of S&P Index MembershipEFA 2002 Submissions
Mei Wen (2005)
Corporate governance and firm performance
Imen Mehdi (2007)
Empirical Evidence on Corporate Governance and Corporate Performance in TunisiaCorporate Governance: An International Review, 15
Andrei Shleifer, Robert Vishny (1996)
A Survey of Corporate GovernanceOrganizations & Markets eJournal
K. Lehn, Sukesh Patro, Mengxin Zhao (2007)
Governance indexes and valuation: Which causes which?Journal of Corporate Finance, 13
Kevin Chen, K. Wei, Zhihong Chen (2003)
Disclosure, Corporate Governance, and the Cost of Equity Capital: Evidence from Asia's Emerging MarketsCorporate Finance: Governance
Gaver Gaver, Gaver Gaver (1993)
Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policiesJournal of Accounting and Economics, 16
R. Porta, Florencio Silanes, Andrei Shleifer, Robert Vishny (1999)
Investor Protection and Corporate ValuationChicago Booth: Fama-Miller Working Paper Series
Dittmar Dittmar, Mahrt‐Smith Mahrt‐Smith (2007)
Corporate governance and the value of cash holdingsJournal of Financial Economics, 83
M. Cremers, Vinay Nair (2003)
Governance Mechanisms and Equity PricesExperimental & Empirical Studies eJournal
S. Titman, R. Wessels (1988)
The Determinants of Capital Structure ChoiceJournal of Finance, 43
Novaes Novaes (2003)
Capital structure choice when managers are in control: Entrenchment versus efficiencyJournal of Business, 76
Bernard Black, Hasung Jang, Woochan Kim (2005)
Does Corporate Governance Predict Firms' Market Values? Evidence from KoreaEmerging Markets: Finance eJournal
Shleifer Shleifer, Vishny Vishny (1997)
A survey of corporate governanceJournal of Finance, 52
Anderson (2004)
Board characteristics, accounting report integrity, and the cost of debtJournal of Accounting and Economics, 37
Jeffrey Zwiebel (1995)
Dynamic Capital Structure Under Managerial EntrenchmentThe American Economic Review, 86
E. Fama, K. French (1997)
Industry costs of equityJournal of Financial Economics, 43
Luigi Zingales, Walter Novaes (1995)
Capital Structure Choice When Managers are in Control: Entrenchment Versus EfficiencyCorporate Finance and Organizations eJournal
Imen Mehdi (2007)
Empirical Evidence on Corporate Governance and Corporate Performance in TunisiaCGN: Africa (Topic)
(2004)
To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation
Garay Garay, González González (2008)
Corporate governance and firm value: The case of VenezuelaCorporate Governance: An International Review, 16
Darius Palia (2001)
The Endogeneity of Managerial Compensation in Firm Valuation: A SolutionReview of Financial Studies, 14
Urbi Garay, Maximiliano González (2008)
Corporate Governance and Firm Value: The Case of VenezuelaOrganizations & Markets eJournal
Xianming Zhou (2001)
Understanding the determinants of managerial ownership and the link between ownership and performance: commentJournal of Financial Economics, 62
Clifford Smith, R. Watts (1992)
The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation PoliciesJournal of Financial Economics, 32
G. Garvey, Gordon Hanka (1999)
Capital Structure and Corporate Control: The Effect of Antitakeover Statutes on Firm LeverageJournal of Finance, 54
Ronald Anderson, D. Reeb (2003)
Founding-Family Ownership and Firm Performance: Evidence from the S&P 500Journal of Finance, 58
Douglas Skinner (1993)
The investment opportunity set and accounting procedure choice: Preliminary evidence☆Journal of Accounting and Economics, 16
Philip Berger, E. Ofek (1995)
Diversification's effect on firm valueJournal of Financial Economics, 37
René Stulz (1990)
Managerial discretion and optimal financing policiesJournal of Financial Economics, 26
P. Winston, Karen Prendergast (1986)
An Investment Opportunity
Daines Daines (2001)
Does Delaware law improve firm value?Journal of Financial Economics, 62
Robert Bushman, Raffi Indjejikian, Abbie Smith (1996)
CEO compensation: The role of individual performance evaluationJournal of Accounting and Economics, 21
(2004)
Why are Foreign Firms Listed in the U.S. Worth More
Bebchuk (2009)
What matters in corporate governance?Review of Financial Studies, 22
Paul Gompers, Joy Ishii, Andrew Metrick (2001)
Corporate Governance and Equity PricesCorporate
Robert Daines (2000)
Does Delaware Law Improve Firm ValueSocial Science Research Network
R. Morck, Andrei Shleifer, Robert Vishny (1988)
Management Ownership and Market Valuation: An Empirical AnalysisJournal of Financial Economics, 20
M. Roe (2004)
The Institutions of Corporate GovernanceLSN: Corporate Governance U.S. (Topic)
P. Brockman, Dennis Chung (2003)
Investor Protection and Firm LiquidityJournal of Finance, 58
Ronald Masulis, Cong Wang, Feixue Xie (2007)
Corporate Governance and Acquirer ReturnsLSN: Empirical Studies (Topic)
Asli Demirgüç-Kunt, Vojislav Maksimovic (1998)
Law, Finance and Firm GrowthCorporate Law: Law & Finance eJournal
(1984)
He is currently a Professor and Dean of College of Management, Chang-Gung University, Taiwan
Joy Begley
The investment opportunity set and accounting procedure choice
Demirgüç‐Kunt Demirgüç‐Kunt, Maksimovic Maksimovic (1998)
Law, finance, and firm growthJournal of Finance, 53
Klein Klein, Shapiro Shapiro, Young Young (2005)
Corporate governance, family ownership, and firm value: The Canadian evidenceCorporate Governance: An International Review, 13
Ronald Anderson, S. Mansi, D. Reeb (2003)
Board Characteristics, Accounting Report Integrity, and the Cost of DebtSPGMI: Compustat Fundamentals (Topic)
Heitor Almeida, Daniel Wolfenzon (2004)
The Effect of External Finance on the Equilibrium Allocation of CapitalCorporate Finance: Valuation
O. Hart (1983)
The Market Mechanism as an Incentive SchemeThe Bell Journal of Economics, 14
Hurvey Leibenstein (1966)
Allocative efficiency vs. X-EfficiencyThe American Economic Review, 56
(1984)
Corporate financing and investment decisions when firms have information that investors do not have
I. Welch (2003)
Capital Structure and Stock ReturnsJournal of Political Economy, 112
Frank Heflin, Kenneth Shaw, J. Wild (2005)
Disclosure Policy and Market Liquidity: Impact of Depth Quotes and Order Sizes*Contemporary Accounting Research, 22
Garvey Garvey, Hanka Hanka (1999)
Capital structure and corporate control: The effect of state anti‐takeover laws on firm leverageJournal of Finance, 54
Himmelberg Himmelberg, Hubbard Hubbard, Palia Palia (1999)
Understanding the determinants of managerial ownership and the links between ownership and firm performanceJournal of Financial Economics, 53
La Porta La Porta, Lopez‐de‐Silanes Lopez‐de‐Silanes, Shleifer Shleifer, Vishny Vishny (2002)
Investor protection and corporate valuationJournal of Finance, 57
M. Bradbury (1992)
VOLUNTARY DISCLOSURE OF FINANCIAL SEGMENT DATA: NEW ZEALAND EVIDENCEAccounting and Finance, 32
(1990)
The IRRC produced a total of eight volumes
H. Demsetz, K. Lehn (1985)
The Structure of Corporate Ownership: Causes and ConsequencesJournal of Political Economy, 93
ABSTRACT Manuscript Type: Empirical Research Question/Issue: We set out in this study to explore the overall impact of external financing needs on corporate governance and firm value, arguing that external financing needs have extremely important impacts on corporate governance, essentially because external financing can prove to be very costly, largely as a result of asymmetric information. Thus, we suggest that improvements in corporate governance of firms with external financing needs could help to reduce costs of outside equity financing. Research Findings/Insights: Our results reveal that it is in fact firm valuation that has an effect on governance practices, as opposed to the reverse, and that external financing needs appear to strengthen the influence of the quality of corporate governance practices on firm value. Theoretical/Academic Implications: The external forces considered in this study are product market competition, investment opportunities, and external financing needs, with particular emphasis being placed upon the impact of external financing needs, since this relates directly to outside shareholders. Given that poor corporate governance practices signal higher asymmetric information costs, and thus, lead to an increase in the costs of raising external capital, it is important to gain a comprehensive understanding of the impact of external financing needs on firm value and corporate governance. Practitioner/Policy Implications: Our results demonstrate the important implications that corporate governance practices have for those firms with a particularly strong need for external equity, and the fact that external financing needs provide incentives for firms to seek out ways of making improvements to the overall quality of their corporate governance practices.
Corporate Governance – Wiley
Published: May 1, 2010
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.