Do Firms Decouple Corporate Governance Policy and Practice?

被引：9

作者：

Ananchotikul, Nasha ^{[1
]}

Kouwenberg, Roy ^{[2
,3
]}

Phunnarungsi, Visit ^{[2
]}

机构：

[1] Bank Thailand, Bangkok, Thailand

[2] Mahidol Univ, Coll Management, Bangkok 10400, Thailand

[3] Erasmus Univ, Rotterdam, Netherlands

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2010年 / 16卷 / 05期

关键词：

corporate governance; violations; fraud; cheap talk; G3; G38; K42; BOARD COMPOSITION; AGENCY COSTS; OWNERSHIP; LAW;

D O I：

10.1111/j.1468-036X.2010.00545.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We test whether Thai listed firms with higher levels of good governance policy adoption are less likely to violate listing rules and laws designed to protect shareholders. Our results suggest that firms on average implement, substantively as opposed to symbolically, recommended governance policies, as violations occur less frequently among firms with higher governance policy adoption scores. However, we also find evidence of symbolic governance among a small group of 'talk-only' firms that issue statements about governance while lagging in the adoption of policies related to shareholder rights and the board of directors.

引用

页码：712 / 737

页数：26

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