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dc.contributor.authorMin, Byung-Seong
dc.contributor.authorVerhoeven, Peter
dc.date.accessioned2017-05-03T11:39:48Z
dc.date.available2017-05-03T11:39:48Z
dc.date.issued2013
dc.date.modified2014-04-09T00:42:40Z
dc.identifier.issn1369-412X
dc.identifier.doi10.1111/irfi.12004
dc.identifier.urihttp://hdl.handle.net/10072/54362
dc.description.abstractUsing a sample of publicly listed firm in Korea from 2002 to 2006, this paper examines the impact of board monitoring on firm value and productivity. We use outsider's attendance of board meetings as a proxy for board monitoring. Consistent with the commitment hypothesis, we find that outsider's attendance rate increases firm value, suggesting that attending board meeting itself is a strong signal that reflects outsider's intention to monitor insiders. While ownership of controlling shareholders negatively affects firm value, this relationship is not moderated by increased monitoring by outsiders. Our findings provide further evidence that the outside director system is less effective in chaebol-affiliated firms. Results also indicate that the effect of outsider's board monitoring activity on investor's valuation of the firm is greater than on productivity improvement of the firm. Our conclusions are robust for possible endogeneity in the relationship between firm value and board attendance by outside directors.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.format.extent587924 bytes
dc.format.mimetypeapplication/pdf
dc.languageEnglish
dc.language.isoeng
dc.publisherWiley-Blackwell Publishing
dc.publisher.placeUnited Kingdom
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom187
dc.relation.ispartofpageto214
dc.relation.ispartofissue2
dc.relation.ispartofjournalInternational Review of Finance
dc.relation.ispartofvolume13
dc.rights.retentionY
dc.subject.fieldofresearchAccounting, auditing and accountability
dc.subject.fieldofresearchBanking, finance and investment
dc.subject.fieldofresearchInternational business
dc.subject.fieldofresearchcode3501
dc.subject.fieldofresearchcode3502
dc.subject.fieldofresearchcode350706
dc.titleOutsider board activity, ownership structure and firm value: Evidence from Korea
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of International Business and Asian Studies
gro.rights.copyright© 2013 John Wiley & Sons, Ltd. This is the pre-peer reviewed version of the following article: Outsider board activity, ownership structure and firm value: Evidence from Korea, International Review of Finance, Vol. 13(2), 2013, pp. 187-214, which has been published in final form at http://dx.doi.org/10.1111/irfi.12004.
gro.date.issued2013
gro.hasfulltextFull Text
gro.griffith.authorMin, Byung-Seong S.


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