THE VALUE OF IMPROVEMENTS IN MEASURED CORPORATE GOVERNANCE QUALITY

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Abstract

This paper analyses data for Nordic listed companies in 2002-2008 to find out whether the market has rewarded companies that have improved their corporate governance systems as measured by the CG –quotient compiled by RiskMetrics (previously Institutional Shareholder Services, ISS). The paper also investigates which improvements have been more important as value enhancers and which ones are considered value irrelevant by the market. Finally the paper looks at whether there are differences between the four biggest Nordic countries in how different types of corporate governance improvements are perceived by the market.

Keywords: Corporate Governance, Market, Firm Valuation

How to cite this paper: Berglund, T. (2011). The value of improvements in measured corporate governance quality. Corporate Ownership & Control, 8(4-2), 239-252. https://doi.org/10.22495/cocv8i4c2art1