메뉴 건너뛰기




Volumn 22, Issue 4, 2008, Pages 647-662

Do stock prices reflect the corporate governance quality of Japanese firms?

Author keywords

Corporate governance; Market efficiency; Performance; Risk exposure; Stock returns

Indexed keywords


EID: 56349128649     PISSN: 08891583     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jjie.2008.05.001     Document Type: Article
Times cited : (47)

References (42)
  • 2
    • 15544386278 scopus 로고    scopus 로고
    • Empirical evidence on corporate governance in Europe: The effect on stock returns, firm value and performance
    • Bauer R., Guenster N., and Otten R. Empirical evidence on corporate governance in Europe: The effect on stock returns, firm value and performance. J. Asset Manage. 5 (2004) 91-104
    • (2004) J. Asset Manage. , vol.5 , pp. 91-104
    • Bauer, R.1    Guenster, N.2    Otten, R.3
  • 3
    • 33947431737 scopus 로고    scopus 로고
    • An integrated framework of corporate governance and firm valuation
    • Beiner S., Drobetz W., Schmid M., and Zimmermann H. An integrated framework of corporate governance and firm valuation. Europ. Finan. Manage. 12 (2006) 249-283
    • (2006) Europ. Finan. Manage. , vol.12 , pp. 249-283
    • Beiner, S.1    Drobetz, W.2    Schmid, M.3    Zimmermann, H.4
  • 4
    • 0000909526 scopus 로고
    • Evidence that stock prices do not fully reflect the implications of current earnings for future earnings
    • Bernard V., and Thomas J. Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. J. Acc. Econ. 13 (1990) 305-340
    • (1990) J. Acc. Econ. , vol.13 , pp. 305-340
    • Bernard, V.1    Thomas, J.2
  • 5
    • 0037702976 scopus 로고    scopus 로고
    • Board independence and long-term performance
    • Bhagat S., and Black B. Board independence and long-term performance. J. Corp. Law 27 (2002) 231-273
    • (2002) J. Corp. Law , vol.27 , pp. 231-273
    • Bhagat, S.1    Black, B.2
  • 6
    • 33745787883 scopus 로고    scopus 로고
    • Does corporate governance predict firms' market values? Evidence from Korea
    • Black B., Jang H., and Kim W. Does corporate governance predict firms' market values? Evidence from Korea. J. Law, Econ. Organ. 22 (2006) 366-413
    • (2006) J. Law, Econ. Organ. , vol.22 , pp. 366-413
    • Black, B.1    Jang, H.2    Kim, W.3
  • 7
    • 56349122867 scopus 로고    scopus 로고
    • Brown, L., Caylor, M., 2004. Corporate governance and firm performance. Working paper. Georgia State University
    • Brown, L., Caylor, M., 2004. Corporate governance and firm performance. Working paper. Georgia State University
  • 8
    • 0001945039 scopus 로고
    • Timeliness of reporting and the stock price reaction to earnings announcements
    • Chambers A., and Penman S. Timeliness of reporting and the stock price reaction to earnings announcements. J. Acc. Res. 22 (1984) 21-47
    • (1984) J. Acc. Res. , vol.22 , pp. 21-47
    • Chambers, A.1    Penman, S.2
  • 9
    • 0141688437 scopus 로고    scopus 로고
    • Managerial ownership and firm valuation: Evidence from Japanese firms
    • Chen C., Guo W., and Mande V. Managerial ownership and firm valuation: Evidence from Japanese firms. Pacific-Basin Finance J. 11 (2003) 267-283
    • (2003) Pacific-Basin Finance J. , vol.11 , pp. 267-283
    • Chen, C.1    Guo, W.2    Mande, V.3
  • 10
    • 0000496978 scopus 로고
    • Economic forces and the stock market
    • Chen N.-F., Roll R., and Ross S. Economic forces and the stock market. J. Bus. 59 (1986) 383-403
    • (1986) J. Bus. , vol.59 , pp. 383-403
    • Chen, N.-F.1    Roll, R.2    Ross, S.3
  • 11
    • 33644912611 scopus 로고    scopus 로고
    • Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations
    • Core J., Guay W., and Rusticus T. Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations. J. Finance 61 (2006) 655-687
    • (2006) J. Finance , vol.61 , pp. 655-687
    • Core, J.1    Guay, W.2    Rusticus, T.3
  • 13
    • 84965402892 scopus 로고
    • The valuation consequence of accounting changes: A multi-year examination
    • Dharan G., and Lev B. The valuation consequence of accounting changes: A multi-year examination. J. Acc. Auditing Finance 8 (1993) 475-494
    • (1993) J. Acc. Auditing Finance , vol.8 , pp. 475-494
    • Dharan, G.1    Lev, B.2
  • 14
    • 15544368586 scopus 로고    scopus 로고
    • Corporate governance and expected stock returns: Evidence from Germany
    • Drobetz W., Schillhofer A., and Zimmermann H. Corporate governance and expected stock returns: Evidence from Germany. Europ. Finan. Manage. 10 (2004) 267-293
    • (2004) Europ. Finan. Manage. , vol.10 , pp. 267-293
    • Drobetz, W.1    Schillhofer, A.2    Zimmermann, H.3
  • 15
    • 1642331944 scopus 로고    scopus 로고
    • Value-enhancing capital budgeting and firm-specific stock return variation
    • Durnev A., Morck R., and Yeung B. Value-enhancing capital budgeting and firm-specific stock return variation. J. Finance 59 (2004) 1-65
    • (2004) J. Finance , vol.59 , pp. 1-65
    • Durnev, A.1    Morck, R.2    Yeung, B.3
  • 16
    • 0001413464 scopus 로고
    • Two agency-cost explanations of dividends
    • Easterbrook F. Two agency-cost explanations of dividends. Amer. Econ. Rev. 74 (1984) 650-659
    • (1984) Amer. Econ. Rev. , vol.74 , pp. 650-659
    • Easterbrook, F.1
  • 17
    • 0011938271 scopus 로고
    • A multi-index risk model of the Japanese stock market
    • Elton E., and Gruber M. A multi-index risk model of the Japanese stock market. Japan World Economy 1 (1988) 21-44
    • (1988) Japan World Economy , vol.1 , pp. 21-44
    • Elton, E.1    Gruber, M.2
  • 18
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • Fama E., and French K. Common risk factors in the returns on stocks and bonds. J. Finan. Econ. 33 (1993) 3-56
    • (1993) J. Finan. Econ. , vol.33 , pp. 3-56
    • Fama, E.1    French, K.2
  • 19
    • 0001630741 scopus 로고
    • Timeliness of annual earnings announcements: Some empirical evidence
    • Givoly D., and Palmon D. Timeliness of annual earnings announcements: Some empirical evidence. Acc. Rev. 57 (1982) 486-508
    • (1982) Acc. Rev. , vol.57 , pp. 486-508
    • Givoly, D.1    Palmon, D.2
  • 20
    • 0037332214 scopus 로고    scopus 로고
    • Corporate governance and equity prices
    • Gompers P., Ishii J., and Metrick A. Corporate governance and equity prices. Quart. J. Econ. 118 (2003) 107-155
    • (2003) Quart. J. Econ. , vol.118 , pp. 107-155
    • Gompers, P.1    Ishii, J.2    Metrick, A.3
  • 21
    • 50849147784 scopus 로고
    • An empirical examination of the Arbitrage Pricing Theory using Japanese data
    • Hamao Y. An empirical examination of the Arbitrage Pricing Theory using Japanese data. Japan World Economy 1 (1988) 45-61
    • (1988) Japan World Economy , vol.1 , pp. 45-61
    • Hamao, Y.1
  • 22
    • 0012583968 scopus 로고    scopus 로고
    • Boards of directors as an endogenously determined institution: A survey of the economic literature
    • Hermalin B., and Weisbach M. Boards of directors as an endogenously determined institution: A survey of the economic literature. Econ. Pol. Rev. 9 (2003) 7-26
    • (2003) Econ. Pol. Rev. , vol.9 , pp. 7-26
    • Hermalin, B.1    Weisbach, M.2
  • 23
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen M. Agency costs of free cash flow, corporate finance, and takeovers. Amer. Econ. Rev. 76 (1986) 323-329
    • (1986) Amer. Econ. Rev. , vol.76 , pp. 323-329
    • Jensen, M.1
  • 24
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen M., and Meckling W. Theory of the firm: Managerial behavior, agency costs, and ownership structure. J. Finan. Econ. 3 (1976) 305-360
    • (1976) J. Finan. Econ. , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 25
    • 0000419191 scopus 로고
    • Relative importance of economic factors in the US and Japanese stock markets
    • Kaneko T., and Lee B. Relative importance of economic factors in the US and Japanese stock markets. J. Japanese Int. Econ. 9 (1995) 290-307
    • (1995) J. Japanese Int. Econ. , vol.9 , pp. 290-307
    • Kaneko, T.1    Lee, B.2
  • 26
    • 27244452426 scopus 로고    scopus 로고
    • An empirical examination of the costs and benefits of executive stock options: Evidence from Japan
    • Kato K., Lemmon M., Luo M., and Schallheim J. An empirical examination of the costs and benefits of executive stock options: Evidence from Japan. J. Finan. Econ. 78 (2005) 435-461
    • (2005) J. Finan. Econ. , vol.78 , pp. 435-461
    • Kato, K.1    Lemmon, M.2    Luo, M.3    Schallheim, J.4
  • 27
    • 8844252399 scopus 로고    scopus 로고
    • Corporate governance, investor protection, and performance in emerging markets
    • Klapper L., and Love I. Corporate governance, investor protection, and performance in emerging markets. J. Corp. Finance 10 (2004) 703-728
    • (2004) J. Corp. Finance , vol.10 , pp. 703-728
    • Klapper, L.1    Love, I.2
  • 28
    • 0000567811 scopus 로고
    • Ownership structure and corporate performance in Japan
    • Lichtenberg F., and Pushner G. Ownership structure and corporate performance in Japan. Japan World Economy 6 (1994) 239-261
    • (1994) Japan World Economy , vol.6 , pp. 239-261
    • Lichtenberg, F.1    Pushner, G.2
  • 29
    • 21144476214 scopus 로고
    • A modest proposal for improved corporate governance
    • Lipton M., and Lorsch J. A modest proposal for improved corporate governance. Bus. Lawyer 48 (1992) 59-77
    • (1992) Bus. Lawyer , vol.48 , pp. 59-77
    • Lipton, M.1    Lorsch, J.2
  • 30
    • 20044388793 scopus 로고    scopus 로고
    • Size really matters: Further evidence on the negative relationship between board size and firm value
    • Mak Y., and Kusnadi Y. Size really matters: Further evidence on the negative relationship between board size and firm value. Pacific-Basin Finance J. 13 (2005) 301-318
    • (2005) Pacific-Basin Finance J. , vol.13 , pp. 301-318
    • Mak, Y.1    Kusnadi, Y.2
  • 31
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell J., and Servaes H. Additional evidence on equity ownership and corporate value. J. Finan. Econ. 27 (1990) 595-612
    • (1990) J. Finan. Econ. , vol.27 , pp. 595-612
    • McConnell, J.1    Servaes, H.2
  • 32
    • 56349105324 scopus 로고    scopus 로고
    • Miyajima, H., 2006. The performance effects and determinants of corporate governance reform in Japan. Working paper. Waseda University
    • Miyajima, H., 2006. The performance effects and determinants of corporate governance reform in Japan. Working paper. Waseda University
  • 33
    • 0041020462 scopus 로고    scopus 로고
    • Banks and corporate control in Japan
    • Morck R., and Nakamura M. Banks and corporate control in Japan. J. Finance 54 (1999) 319-339
    • (1999) J. Finance , vol.54 , pp. 319-339
    • Morck, R.1    Nakamura, M.2
  • 34
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck R., Shleifer A., and Vishny R. Management ownership and market valuation: An empirical analysis. J. Finan. Econ. 20 (1988) 293-315
    • (1988) J. Finan. Econ. , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 35
    • 0011831464 scopus 로고    scopus 로고
    • Banks, ownership structure, and firm value in Japan
    • Morck R., Nakamura M., and Shivdasani A. Banks, ownership structure, and firm value in Japan. J. Bus. 73 (2000) 539-566
    • (2000) J. Bus. , vol.73 , pp. 539-566
    • Morck, R.1    Nakamura, M.2    Shivdasani, A.3
  • 36
    • 27644564183 scopus 로고    scopus 로고
    • Do boards affect performance? Evidence from corporate restructuring
    • Perry T., and Shivdasani A. Do boards affect performance? Evidence from corporate restructuring. J. Bus. 78 (2005) 1403-1432
    • (2005) J. Bus. , vol.78 , pp. 1403-1432
    • Perry, T.1    Shivdasani, A.2
  • 37
    • 84977729119 scopus 로고
    • R square
    • Roll R. R square. J. Finance 43 (1988) 541-566
    • (1988) J. Finance , vol.43 , pp. 541-566
    • Roll, R.1
  • 38
    • 0000211393 scopus 로고
    • Outside directors, board independence, and shareholder wealth
    • Rosenstein S., and Wyatt J. Outside directors, board independence, and shareholder wealth. J. Finan. Econ. 26 (1990) 175-191
    • (1990) J. Finan. Econ. , vol.26 , pp. 175-191
    • Rosenstein, S.1    Wyatt, J.2
  • 39
    • 56349142726 scopus 로고    scopus 로고
    • Board size and market valuation: An empirical analysis of governance mechanism for Keiretsu firms
    • Japan Center for Economic Research
    • Saito T. Board size and market valuation: An empirical analysis of governance mechanism for Keiretsu firms. JCER Econ. J. 44 (2002) 85-111 Japan Center for Economic Research
    • (2002) JCER Econ. J. , vol.44 , pp. 85-111
    • Saito, T.1
  • 40
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer A., and Vishny R. A survey of corporate governance. J. Finance 52 (1997) 737-783
    • (1997) J. Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.2
  • 41
    • 0001104190 scopus 로고    scopus 로고
    • On the costs of a bank centered financial system: Evidence from the changing main bank relations in Japan
    • Weinstein D., and Yafeh Y. On the costs of a bank centered financial system: Evidence from the changing main bank relations in Japan. J. Finance 53 (1998) 635-672
    • (1998) J. Finance , vol.53 , pp. 635-672
    • Weinstein, D.1    Yafeh, Y.2
  • 42
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation of companies with a small board of directors
    • Yermack D. Higher market valuation of companies with a small board of directors. J. Finan. Econ. 40 (1996) 185-212
    • (1996) J. Finan. Econ. , vol.40 , pp. 185-212
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.