Chapter

Measuring Change in Corporate Governance

Roger M. Barker

in Corporate Governance, Competition, and Political Parties

Published in print January 2010 | ISBN: 9780199576814
Published online May 2010 | e-ISBN: 9780191722509 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199576814.003.0004
Measuring Change in Corporate Governance

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An evaluation is made of various ways in which corporate governance can be operationalized as part of a panel data econometric analysis. Corporate governance is not a concept that can be directly observed. Consequently, it is necessary to identify suitable proxy variables. Given the pros and cons of different measures of corporate governance, it is decided to undertake the empirical analysis with three plausible proxies – equity share, value traded, and international equity issuance – rather than to base conclusions on a single measure. Other potential measures of corporate governance – such as ownership concentration, corporate governance ratings, and measures of corporate governance regulation – are not utilized for various conceptual and practical reasons.

Keywords: corporate governance; proxy variables; shareholder protection; equity share; value traded; international equity issuance; corporate governance ratings; ownership concentration

Chapter.  9094 words.  Illustrated.

Subjects: International Business

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