Corporate Governance Mechanisms and Firm Performance:Evidence from Finland

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dc.contributor Swedish School of Economics and Business Administration, Department of Finance and Statistics, Finance en
dc.contributor Svenska handelshögskolan, institutionen för finansiell ekonomi och ekonomisk statistik, finansiell ekonomi sv
dc.contributor.author Nandelstadh von, Alexander
dc.contributor.author Rosenberg, Matts
dc.date.accessioned 2011-03-30T10:50:20Z
dc.date.available 2011-03-30T10:50:20Z
dc.date.issued 2003
dc.identifier.isbn 951-555-807-7 fi
dc.identifier.issn 0357-4598 fi
dc.identifier.uri http://hdl.handle.net/10227/183 fi
dc.identifier.uri URN:ISBN:951-555-807-7 fi
dc.description.abstract This paper examines the association between corporate governance attributes and firm performance of Finnish firms during 1990 – 2000. The empirical results suggest that corporate governance matters for firm performance. First, univariate test results indicate that firms characterized by a high (efficient) level of corporate governance have delivered greater stock returns, are higher valued based on the measure of Tobin’s Q, and exhibit higher ratios of cash flow to assets, on average, in comparison to their counterparts characterized by a low (inefficient) level of corporate governance. Second, controlling for a number of well-known determinants of stock returns, we find evidence that firms categorized by inefficient corporate governance have delivered inferior returns to shareholders during the investigation period. Finally, after controlling for several common determinants of firm value, we find that firms characterized by efficient corporate governance have been valued higher during the investigation period, measured by Tobin’s Q. fi
dc.description.abstract This paper examines the association between corporate governance attributes and firm performance of Finnish firms during 1990 – 2000. The empirical results suggest that corporate governance matters for firm performance. First, univariate test results indicate that firms characterized by a high (efficient) level of corporate governance have delivered greater stock returns, are higher valued based on the measure of Tobin’s Q, and exhibit higher ratios of cash flow to assets, on average, in comparison to their counterparts characterized by a low (inefficient) level of corporate governance. Second, controlling for a number of well-known determinants of stock returns, we find evidence that firms categorized by inefficient corporate governance have delivered inferior returns to shareholders during the investigation period. Finally, after controlling for several common determinants of firm value, we find that firms characterized by efficient corporate governance have been valued higher during the investigation period, measured by Tobin’s Q. en
dc.format.extent 1837 bytes fi
dc.format.extent 368113 bytes fi
dc.format.mimetype application/pdf fi
dc.format.mimetype text/plain fi
dc.language.iso en fi
dc.publisher Swedish School of Economics and Business Administration en
dc.publisher Svenska handelshögskolan sv
dc.relation.ispartofseries Working Papers fi
dc.relation.ispartofseries 497 fi
dc.rights Publikationen är skyddad av upphovsrätten. Den får läsas och skrivas ut för personligt bruk. Användning i kommersiellt syfte är förbjuden. sv
dc.rights Julkaisu on tekijänoikeussäännösten alainen. Teosta voi lukea ja tulostaa henkilökohtaista käyttöä varten. Käyttö kaupallisiin tarkoituksiin on kielletty. fi
dc.rights This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited. en
dc.subject corporate governance mechanisms fi
dc.subject agency costs fi
dc.subject firm performance fi
dc.subject.other Finance fi
dc.title Corporate Governance Mechanisms and Firm Performance:Evidence from Finland fi
dc.type.dcmitype Text fi

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