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1、CorporateValuationaroundtheWorld:TheEffectsofGovernance,Growth,andOpennessChoongTzeChuaLeeKongChianSchoolofBusinessSingaporeManagementUniversitySingapore178899E-mail:ctchua@smu.edu.sgCheolS.EunCollegeofManagementGeorgiaInstituteofTechnologyAtlanta,GA30332-0520E-mail:cheol.eun@mgt.gat
2、ech.eduSandyLaiLeeKongChianSchoolofBusinessSingaporeManagementUniversitySingapore178899E-mail:sandylai@smu.edu.sgCorporateValuationaroundtheWorld:TheEffectsofGovernance,Growth,andOpennessAbstractThepurposeofthispaperistoprovideacomprehensiveanalysisofcorporatevaluationaroundtheworld.
3、Specifically,we(i)documentandcomparecorporatevaluationaroundtheworld,and(ii)identifythekeyfactorsthatdrivecross-countrydifferencesinvaluation.Indoingso,weutilizethecountry-levelTobin’sq(CTQ),computedastheratiooftheaggregatemarketvaluetobookvalueofallassetsheldbyallpublicfirmsdomicile
4、dinacountry,whichamountstotheTobin’sqforthe‘marketportfolio’ofthecountry.Thekeyfindingsofthepaperare:First,CTQvariesgreatlyacrosscountries,rangingfrom0.73forVenezuelato2.11forFinland,withtheinternationalmeanof1.30duringoursampleperiod1999-2004.Despitethesteadyintegrationoftheworldeco
5、nomyinrecentyears,corporatevaluationremainsstarklydifferentacrosscountries.Second,apartfromtheeffectofcorporategovernance,cross-countrydifferencesincorporatevaluationaresignificantlydrivenbythegrowthoptionsofcountriesrepresentedbytheR&Dintensities,capitalexpenditures,andGDPgrowth.Ina
6、ddition,thedegreeofcapitalmarketopennesshasasignificant,independenteffectonvaluation.Third,ourregressionanalysesshowthatCTQvariesdirectlywithshareholderrights,enforcementofinsidertradinglaws,GDPgrowth,R&D-intensity,andthedegreeofcapitalmarketopenness.Thekeyfindingsremainrobusttothein
7、clusionofinflationandindustryeffects.KeyWords:Corporatevaluation,Tobin’sq,Corporategovernance,Growthoptions,andEconomicOpennessJELCodes:G3,F31.IntroductionAstringofrecentstudiesshowthatcross-countrydifferencesinlegalandsocialinfra-structuresystematicallyaffectcorporatevaluationaround
8、theworld.LaP
