An Integrated Framework of Corporate Governance and Firm Valuation
构建了一个综合公司治理指数，并加入所有权结构、董事会特征和杠杆等变量，用三阶段最小二乘法控制内生性，发现公司治理质量与估值正相关。
Abstract Recent empirical research shows evidence of a positive relationship between the quality of firm‐specific corporate governance and firm valuation. Instead of looking at one single corporate governance mechanism in isolation, we construct a broad corporate governance index and apply five additional variables related to ownership structure, board characteristics, and leverage to provide a comprehensive description of firm‐level corporate governance for a representative sample of Swiss firms. To control for potential endogeneity of these six governance mechanisms, we develop a system of simultaneous equations and apply three‐stage least squares (3SLS). Our results support the widespread hypothesis of a positive relationship between corporate governance and firm valuation.