Does Corporate Governance Predict Future Performance? Evidence from Hong Kong
研究香港大型上市公司公司治理质量变化与后续市场估值的关系，发现治理改善的公司估值上升，治理恶化的公司估值下降，且对MSCI指数成分股或与中国有关联的公司影响更大。
This study uses time‐series data to examine the relation between changes in the quality of corporate governance practices and subsequent market valuation among large listed companies in Hong Kong. The results indicate that firms that exhibit improvements in the quality of corporate governance display a subsequent increase in market valuation, whereas firms that exhibit deterioration in the quality of corporate governance practices tend to encounter a decline in market valuation. Additionally, the impact is greater for firms that are included in the MSCI index or with a China affiliation. The results provide evidence in support of the notion that good corporate governance can predict future market valuation.