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Article Information:
Corporate Governance, Accounting Measures and Market Value
Tuanye Yu and Chucan Chen
Corresponding Author: Tuanye Yu
Submitted: April 01, 2013
Accepted: May 31, 2013
Published: September 15, 2013 |
Abstract:
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Aiming at finding out the interaction effects between corporate governance, accounting measures (BVE and NI) and market value, we suggest three pathways of market value transmission pathway: performance pathway, direct pathway and capital maintenance pathway, with Partial Least Square (PLS) regression model we analyze the relationship between corporate governance mechanisms, Book Value of Equity (BVE), Net Income (NI) and Market Value of Equity (MVE) basing on a sample of manufacture companies in China A share market from 2007 to 2011. Result shows that most corporate mechanisms which have significant relationships with BVE and NI are significantly related with MVE simultaneously, validating the transmission pathway hypothesis. As for the corporate mechanisms whose significance directions are different among NI, BVE and MVE, we explain them from the perspective of basic features of the variances themselves, the efficiency of transmission pathway and influence direction.
Key words: Corporate governance mechanism, equity market value, equity book value, net income, transmission pathway, ,
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Cite this Reference:
Tuanye Yu and Chucan Chen, . Corporate Governance, Accounting Measures and Market Value. Asian Journal of Business Management, (4): 362-370.
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ISSN (Online): 2041-8752
ISSN (Print): 2041-8744 |
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