Boosting Foreign Investment: The Role of Certification of Corporate Governance
研究东南亚机构联盟发布的“最佳公司”榜单对公司治理认证的经济后果，发现上榜能吸引外国投资、改善治理实践，并带来正向股市反应和更高会计绩效。
ABSTRACT This paper studies the economic consequences of certification of corporate governance practices. For identification, we exploit a recent cross‐country initiative by a coalition of key institutions in Southeast Asia; the periodic publication of a “Top List” of companies in the region selected based on an independent assessment of corporate governance practices. Our results suggest that being included in the list induces an increase in foreign investment and changes in corporate governance practices. The announcement of the Top List elicits a positive stock market response among constituents and is followed by higher accounting performance. Overall, the evidence suggests that the certification of governance practices is a meaningful tool to boost foreign investment.