https://scholars.lib.ntu.edu.tw/handle/123456789/414548
標題: | Corporate valuation around the world: The effects of governance, growth, and openness | 作者: | Chua, Choong Tze Eun, Cheol S. Sandy LAI |
關鍵字: | Corporate governance | Corporate valuation | Economic openness | Growth options | Tobin's q | 公開日期: | 1-一月-2007 | 出版社: | ELSEVIER SCIENCE BV | 卷: | 31 | 期: | 1 | 起(迄)頁: | 35 | 來源出版物: | Journal of Banking and Finance | 摘要: | The purpose of this paper is to provide a comprehensive analysis of corporate valuation around the world. Specifically, we (i) document and compare corporate valuation around the world, and (ii) identify the key factors that drive cross-country differences in valuation. In doing so, we utilize the country-level Tobin's q (CTQ), computed as the ratio of the aggregate market value to book value of all assets held by all public firms domiciled in a country, which amounts to the Tobin's q for the 'market portfolio' of the country. The key findings of the paper are: First, CTQ varies greatly across countries, ranging from 0.73 for Venezuela to 2.11 for Finland, with the international mean of 1.30 during our sample period 1999-2004. Despite the steady integration of the world economy in recent years, corporate valuation remains starkly different across countries. Second, apart from the effect of corporate governance, cross-country differences in corporate valuation are significantly driven by the growth options of countries represented by the R&D intensities, capital expenditures, and GDP growth. In addition, the degree of capital market openness has a significant, independent effect on valuation. Third, our regression analyses show that CTQ varies directly with shareholder rights, enforcement of insider trading laws, GDP growth, R&D intensity, and the degree of capital market openness. The key findings remain robust to the inclusion of inflation and industry effects. © 2006 Elsevier B.V. All rights reserved. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414548 | ISSN: | 03784266 | DOI: | 10.1016/j.jbankfin.2006.02.002 |
顯示於: | 財務金融學系 |
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