Investor Protection, Corporate Governance, Firm Value: Research on the Companies in Asia

Abstract

This study examines the effect of investor protection on the firm value, either directly or through the implementation of corporate governance as an intervening variable in 10 countries in Asia. Investor protection as independent variable was measured by the score of investor protection consisting of legal tradition, corporate law and enforcement, and securities law. Firm value as the dependent variable was measured with Tobin’s q. The research hypotheses were tested using partial least square model. This study found that investor protection had no significant impact on firm value, but it did have a significant impact on corporate governance, which further had a significant impact on firm value; hence, investor protection had significant impact on firm value with the implementation of corporate governance as mediating variable. Keywords: investor protection, corporate governance, firm value, corporate governance score

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