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Corporate Governance Structure and the Valuation of Australian Firms: Is There Value in Ticking the Boxes?

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Author Info

  • Darren Henry

Abstract

This paper provides an investigation of the valuation and agency consequences of corporate governance policy. This is achieved by examining variation in voluntary adoption by Australian listed firms, during the period from 1992 to 2002, of corporate governance frameworks representative of the governance code of practice introduced by the Australian Stock Exchange in 2003. The findings indicate benefits for firms from overall corporate governance structuring, but not in isolation, in line with the requirements now in place, and a significant role played by institutional and external shareholders as alternative agency mechanisms. Corporate governance structure is found to be important, however, the likely impact of disclosure of governance practice or compliance on valuation is less clear. Copyright (c) 2008 The Author Journal compilation (c) 2008 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

Volume (Year): 35 (2008-09)
Issue (Month): 7-8 ()
Pages: 912-942

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Handle: RePEc:bla:jbfnac:v:35:y:2008-09:i:7-8:p:912-942

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X

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Cited by:
  1. Ntim, Collins G. & Lindop, Sarah & Thomas, Dennis A., 2013. "Corporate governance and risk reporting in South Africa: A study of corporate risk disclosures in the pre- and post-2007/2008 global financial crisis periods," International Review of Financial Analysis, Elsevier, vol. 30(C), pages 363-383.
  2. Pascal Nguyen & Nahid Rahman, 2014. "Which Governance Characteristics Affect the Incidence of Divestitures in Australia?," Working Paper Series 180, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
  3. Ntim, collins g & Opong, kwaku k & Danbolt, jo, 2010. "Corporate governance, affirmative action and firm value: evidence from post-apartheid South African firms," MPRA Paper 32297, University Library of Munich, Germany, revised 04 Aug 2011.
  4. Andrei Vernikov, 2013. "Does Corporate Governance Really Predict Firms’ Market Values in Emerging Markets? The Case of Russian Banks," HSE Working papers WP BRP 12/MAN/2013, National Research University Higher School of Economics.
  5. Collins G. Ntim, 2012. "Director shareownership and corporate performance in South Africa," African Journal of Accounting, Auditing and Finance, Inderscience Enterprises Ltd, vol. 1(4), pages 359-373.
  6. Ntim, Collins G., 2011. "The King Reports, Independent Non-Executive Directors and Firm Valuation on the Johannesburg Stock Exchange," MPRA Paper 45812, University Library of Munich, Germany.
  7. Ntim, Collins G., 2011. "The Impact of Corporate Board Meetings on Corporate Performance in South Africa," MPRA Paper 45814, University Library of Munich, Germany.
  8. Peter Franck & Stefan Sundgren, 2012. "Determinants of internal governance quality: evidence from Sweden," Managerial Auditing Journal, Emerald Group Publishing, vol. 27(7), pages 639-665, July.
  9. Henry, Darren, 2010. "Agency costs, ownership structure and corporate governance compliance: A private contracting perspective," Pacific-Basin Finance Journal, Elsevier, vol. 18(1), pages 24-46, January.
  10. Collins G. Ntim & Kwaku K. Opong & Jo Danbolt & Dennis A. Thomas, 2012. "Voluntary corporate governance disclosures by post-Apartheid South African corporations," Journal of Applied Accounting Research, Emerald Group Publishing, vol. 13(2), pages 122-144.

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