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Corporate governance, product-market competition, and stock returns: evidence from the Korean market
16 references·11 citing·30 second hop
Corporate governance, product-market competition, and stock returns: evidence from the Korean market (2017)Corporate governance, product-market comp…American Economic Review (2019)American Economic ReviewThe Theory of Economic Development (2016)The Theory of Economic Develo…Capitalism, Socialism and Democracy (2010)Capitalism, Socialism and Dem…The Theory of Economic Development (2003)The Theory of Economic Develo…Corporate Governance and Equity Prices (2003)Corporate Governance and Equi…Investor protection and corporate governance (2000)Investor protection and corpo…Law and Finance (1998)Law and FinanceMeasuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Measuring Mutual Fund Perform…Legal Determinants of External Finance (1997)Legal Determinants of Externa…Capitalism, Socialism and Democracy (1997)Capitalism, Socialism and Dem…Market underreaction to open market share repurchases (1995)Market underreaction to open …The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium? (1989)Post-Earnings-Announcement Dr…The Market Mechanism as an Incentive Scheme (1983)The Market Mechanism as an In…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Sustainability from institutionalism: determinants of Korean companies’ ESG performances (2024)Sustainability from instituti…Firm value, ownership structure, and strategic approaches to ESG activities (2024)Firm value, ownership structu…Impacts of COVID-19 pandemic on corporate cash holdings: Evidence from Korea (2023)Impacts of COVID-19 pandemic …Female CEOs’ risk management and earnings performance during the financial crisis (2023)Female CEOs’ risk management …Does investor sentiment create value for asset pricing? An empirical investigation of the KOSPI ‐listed firms (2023)Does investor sentiment creat…Corporate governance, configurational approach and financial performance: some evidence from Indian listed SMEs (2023)Corporate governance, configu…Doing more and doing better are two different entities: Different patterns of family control and environmental performance (2020)Doing more and doing better a…Investor sentiment, stock returns, and analyst recommendation changes: The KOSPI stock market (2019)Investor sentiment, stock ret…Investor Sentiment, Market Competition, and Financial Crisis: Evidence from the Korean Stock Market (2019)Investor Sentiment, Market Co…Institutional blockholders and corporate social responsibility (2019)Institutional blockholders an…Dynamic conditional relationships between developed and emerging markets (2018)Dynamic conditional relations…What Do We Know about Capital Structure? Some Evidence from International Data (1995)A Survey of Corporate Governance (1997)Corporate Ownership Around the World (1999)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)The Problem of Social Cost (1960)Earnings management and investor protection: an international comparison (2003)Law, finance, and economic growth in China (2005)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)Corporate financing and investment decisions when firms have information that investors do not have (1984)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Colonial Origins of Comparative Development: An Empirical Investigation (2001)Firm Resources and Sustained Competitive Advantage (1991)Dynamic capabilities and strategic management (1997)Firm resources and sustained competitive advantage (2004)Absorptive Capacity: A New Perspective on Learning and Innovation (1990)The Promise of Entrepreneurship as a Field of Research (2000)Against Deliberation (1997)The Implications of Framing Effects for Citizen Competence (2001)Why There is a Democratic Deficit in the EU: A Response to Majone and Moravcsik (2006)Upper Echelons: The Organization as a Reflection of Its Top Managers (1984)The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage (1998)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 2003The Theory of Economic Development22,513 cited
  • 1998Law and Finance17,902 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1997Capitalism, Socialism and Democracy15,265 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2019American Economic Review10,902 cited
  • 1997Legal Determinants of External Finance9,776 cited
  • 2010Capitalism, Socialism and Democracy7,972 cited
  • 2000Investor protection and corporate governance6,847 cited
  • 2003Corporate Governance and Equity Prices6,115 cited
  • 2016The Theory of Economic Development2,953 cited
  • 1997Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks2,844 cited
  • 1989Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?2,314 cited
  • 1995Market underreaction to open market share repurchases1,739 cited
  • 1983The Market Mechanism as an Incentive Scheme1,504 cited

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Cited by

  • 2024Firm value, ownership structure, and strategic approaches to ESG activities56 cited
  • 2019Investor sentiment, stock returns, and analyst recommendation changes: The KOSPI stock market54 cited
  • 2019Institutional blockholders and corporate social responsibility48 cited
  • 2019Investor Sentiment, Market Competition, and Financial Crisis: Evidence from the Korean Stock Market45 cited
  • 2024Sustainability from institutionalism: determinants of Korean companies’ ESG performances44 cited
  • 2023Impacts of COVID-19 pandemic on corporate cash holdings: Evidence from Korea33 cited
  • 2020Doing more and doing better are two different entities: Different patterns of family control and environmental performance31 cited
  • 2018Dynamic conditional relationships between developed and emerging markets27 cited
  • 2023Does investor sentiment create value for asset pricing? An empirical investigation of the KOSPI ‐listed firms24 cited
  • 2023Female CEOs’ risk management and earnings performance during the financial crisis23 cited
  • 2023Corporate governance, configurational approach and financial performance: some evidence from Indian listed SMEs20 cited