Corporate Governance Ratings and Firm Performance
检验了美国三大评级机构的公司治理评分，发现总分对未来绩效预测力弱，但部分动态治理子评级能提供更可靠的信息。
We examine the corporate governance ratings provided by three premier US rating agencies and find that summary scores are generally poor predictors of primary and secondary measures of future firm performance. However, some component sub‐ratings that focus on the eight key dimensions of dynamic governance structures provide more positive and reliable evidence of their information content in predicting the multiple dimensions of firm performance. These results reflect the recent observations by academic researchers and money managers that it is extremely difficult to distill all of the complex governance mechanisms into a single integrated, yet informative overall score.