Gompers versus Bebchuck Governance Measure and Firm Value
Abstract
This study compares the two primary measures of corporate governance quality, [1], GIM index and [2] E index using tests for comparing two nonnested models. We find that the GIM index has statistically significantly more power than the E index in explaining the variability in firm value, as measured by Tobin’s Q. This finding suggests that the IRRC provisions excluded from the E index may have a statistically significant incremental power in...
Paper Details
Title
Gompers versus Bebchuck Governance Measure and Firm Value
Published Date
Dec 21, 2016
Volume
4
Issue
6
Pages
184 - 190
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