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Extra resources for Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences
While this may be true, we view Q to be an ambiguous measure of firm performance and inferior to traditional operating metrics and excess stock price returns. 18 Corporate Governance Matters 5. We sometimes refer to event studies. Event studies measure the stock market’s reaction to news or events. These studies have validity only to the extent that the reader believes that markets are at least partly efficient. Even if so, event studies cannot easily control for confounding events (such as other news released by the company during the measurement period).
12. 1. 13. This issue was the basis of the classic discussion in Adolph Berle and Gardiner Means, The Modern Corporation and Private Property (New York: Harcourt, Brace, and World, 1932). 14. The phrase rent extraction is another commonly used term for agency costs and refers to economic costs taken out of the system without any corresponding contribution in productivity. 15. Gary Becker, The Economic Approach to Human Behavior (Chicago: University of Chicago Press, 1976). 16. For example, a study by Boivie, Lange, McDonald, and Westphal found that CEOs who strongly identify with their company are less likely to accept expensive perquisites or make other decisions that are at odds with shareholder interests.
Our goal is to select specific papers that provide a fair reflection of general research results. 39. Emphasis added. Nobel Prize Organization, “Oliver E. Williamson— Interview” (2009). html. This page intentionally left blank 2 International Corporate Governance In Chapter 1, “Introduction to Corporate Governance,” we defined corporate governance as the collection of control mechanisms that an organization adopts to prevent or dissuade potentially self-interested managers from engaging in activities detrimental to the welfare of shareholders and stakeholders.