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Corporate governance across institutional contexts

Jiang, Yi
http://rave.ohiolink.edu/etdc/view?acc_num=osu1150918766

Abstract Details

2006, Doctor of Philosophy, Ohio State University, Business Administration.
This dissertation consists of three essays that investigate the important issues involved with corporate governance across different institutional contexts. Chapter 2 draws on 884 publicly listed firms with concentrated ownership in seven Asian countries and examines the effect of corporate governance on firm value during the 1997 Asian financial crisis. The results of the multivariate analysis show that higher ownership concentration tends to be associated with higher firm value, and can be partially substituted by country institutional development. The effect of the largest shareholder’s excess control on firm value is conditioned on country-level institutional development. Finally, higher firm value is associated with more control by nondominant blockholders. Chapter 3 recognizes different governance modes in the private participation projects in emerging economies and conceptualizes them as modes of transactions between the state and the private entity. Using data on 2550 private participation projects in 94 emerging economies, we find that firms self-select private participation modes. The survival differences across modes of private participation arise as a function of transaction uncertainty and asset specificity. Private entities with more uncertainty and asset specificity tend to choose internal or hybrid modes as opposed to market governance form. This indicates that firms may control the environmental uncertainty through internal arrangements. Chapter 4 examines foreign firms issuing initial public offering (IPO) in the U.S. and answers the following questions: How do foreign IPOs compensate for information asymmetry and risk in the U.S.? How is valuation of foreign IPOs related to firm characteristics, industry, and home country effect? From 205 pairs of matched foreign and U.S. companies that issued IPOs in the U.S. from 1992 to 2005, U.S. companies have had more managerial ownership reduction than foreign companies during IPO. Additionally, foreign companies more culturally distant from the U.S. show more managerial ownership reduction during IPO. Managerial ownership change, home country political risk and industry risk are signals to investors to evaluate IPOs.
Mona Makhija (Advisor)

Recommended Citations

Citations

  • Jiang, Y. (2006). Corporate governance across institutional contexts [Doctoral dissertation, Ohio State University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=osu1150918766

    APA Style (7th edition)

  • Jiang, Yi. Corporate governance across institutional contexts. 2006. Ohio State University, Doctoral dissertation. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=osu1150918766.

    MLA Style (8th edition)

  • Jiang, Yi. "Corporate governance across institutional contexts." Doctoral dissertation, Ohio State University, 2006. http://rave.ohiolink.edu/etdc/view?acc_num=osu1150918766

    Chicago Manual of Style (17th edition)

osu1150918766
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© 2006, all rights reserved.
This open access ETD is published by The Ohio State University and OhioLINK.