TY - JOUR
T1 - The relation between firm-level corporate governance and market value
T2 - A case study of India
AU - Balasubramanian, N.
AU - Black, Bernard S.
AU - Khanna, Vikramaditya
N1 - Funding Information:
A copy of the survey is available on request from the authors. Most respondents held senior positions at their firms (309 were chief legal officer or company secretary; 42 were CFO or other senior finance official; and 10 were the CEO). The survey was supported by the Bombay Stock Exchange (BSE) and IIM Bangalore, one of India's top business schools. We mailed a survey to each firm, did follow up mailings and phone calls, and engaged the A.C. Nielsen survey research firm to visit firms. The higher response rates for non-BSE-500 firms (see Table 1 ) could reflect a tendency for A.C. Nielsen to contact firms with whom they had prior relationships. We promised confidentiality to respondents, and thus do not name individual firms in this paper.
PY - 2010/12
Y1 - 2010/12
N2 - Relatively little is known about the corporate governance practice of firms in emerging markets. We provide a detailed overview of the practices of publicly traded firms in India, and identify areas where governance practices are relatively strong or weak. We also find cross-sectional evidence of a positive relationship between firm market value and an overall governance index, as well as a subindex covering shareholder rights. The association is stronger for more profitable firms and firms with stronger growth opportunities.
AB - Relatively little is known about the corporate governance practice of firms in emerging markets. We provide a detailed overview of the practices of publicly traded firms in India, and identify areas where governance practices are relatively strong or weak. We also find cross-sectional evidence of a positive relationship between firm market value and an overall governance index, as well as a subindex covering shareholder rights. The association is stronger for more profitable firms and firms with stronger growth opportunities.
KW - Clause 49
KW - Corporate governance
KW - India
KW - Securities law
UR - http://www.scopus.com/inward/record.url?scp=77958194036&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=77958194036&partnerID=8YFLogxK
U2 - 10.1016/j.ememar.2010.05.001
DO - 10.1016/j.ememar.2010.05.001
M3 - Article
AN - SCOPUS:77958194036
SN - 1566-0141
VL - 11
SP - 319
EP - 340
JO - Emerging Markets Review
JF - Emerging Markets Review
IS - 4
ER -