Can Corporate Governance Reforms Increase Firm Market Values? Event Study Evidence from India

By Bernard S. Black, Vikramaditya S. Khanna. 2007

174 citations recorded by the source corpus.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/697f3c4ab1b20774499a5d3d57486d878c48d68d

Citations in the corpus

• The Effect of Board Structure on Firm Value: A Multiple Identification Strategies Approach Using Korean Data (2012, unknown): “Black and Khanna (2007) use an event study of a broad Indian corporate governance reform, which emphasizes but is not limited to board independence and audit committees.”
• Shock-Based Causal Inference in Corporate Finance and Accounting Research (2015, unknown): “Papers that use both approaches include Litvak (2007) (discussed below as a good practice paper) and Black and Khanna (2007). Event-studies, as a form of DiD, face many of the same concerns as other DiD studies, and should often adopt the DiD design strategies discussed in Section 4.”
• Does Corporate Social Responsibility Influence Firm Performance of Indian Companies? (2010, unknown): “However, in the Indian context, studies suggest that properly designed mandatory corporate governance reforms increase share prices (Black and Khanna, 2007).”
• The Relation between Firm-Level Corporate Governance and Market Value: A Study of India (2010, unknown): “Minimum mandatory rules can be valuable in some instances (Black and Khanna, 2007 (India); Black and Kim, 2008 (Korea)).”
• Board Reforms and Firm Value: Worldwide Evidence (2017, unknown): “(Black and Khanna 2007, Black and Kim, 2012, and Dahya and McConnell 2007, respectively), other studies find the reform has negative effect on firm value in the U.S. (Zhang 2007; Li 2014). 2 Having a corporate board is one of the legal requirements for incorporation and the role of boards to mitigat”
• Does Corporate Social Responsibility (CSR) Create Shareholder Value? Evidence from the Indian Companies Act 2013 (2017, unknown): “Black and Khanna (2007) find that the governance reforms (Clause 49) introduced in India are associated with positive stock market reaction. Similarly Black and Kim (2012) find that the 1999 Korean governance reforms also led to increase in firm value for the affected firms.”
• The Relative Value Relevance of Shareholder Versus Stakeholder Corporate Governance Disclosure Policy Reforms in South Africa (2012, unknown): “Black and Khanna (2007), Garay and González (2008) and Leung & Hortwitz (2010) have investigated the association between shareholder CG disclosure indices and firm value, using samples of Indian, Venezuelan and Hong Kong listed firms, respectively.”