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Full Description
Based on his Corporate Governance Rating (CGR) for German firms, Andreas Schillhofer documents a positive relationship between the CGR and firm value. In addition, there is strong evidence that expected returns are negatively correlated with the CGR if dividend yields and price-earnings ratios are used as proxies for the cost of capital.
Contents
1 Introduction and Motivation for the Study.- 2 Overview.- 3 Theoretical and Conceptual Framework.- 3.1 Theory of Principal-Agent Relationships.- 3.2 Corporate Governance.- 3.3 Preliminary Thoughts on Corporate Governance and Risk.- 4 Governance Mechanisms and Firm Performance.- 4.1 Overview and Methodology.- 4.2 Ex-ante Preventive Control Mechanisms.- 4.3 Ongoing Disciplinary Control Mechanisms.- 4.4 Ex-post Corrective Control Mechanisms.- 4.5 Summary.- 5 Modeling Governance as a Reward for Risk.- 5.1 Introduction.- 5.2 Alternative Approaches to Corporate Governance and Cost of Capital.- 5.3 Explanatory Power of Governance on Firm-Level.- 5.4 Testable Hypotheses.- 6 Empirical Evidence on the Relationship Between Corporate Governance and Expected Returns on Equity.- 6.1 Introduction and Research Objectives.- 6.2 Input Data to the Model.- 6.3 Characteristics of the Corporate Governance Rating.- 6.4 Univariate Analysis.- 6.5 Portfolio Buy-and-Hold Returns.- 6.6 Corporate Governance and Firm Value.- 6.7 The Corporate Governance Rating and Expected Rates of Return on Equity.- 7 Conclusions and Outlook.
