The problem of causality in corporate governance research: The case of governance indexes and firm valuation
In recent years the problem of the determination of causality has become an increasingly important question in the field of corporate governance. This paper reviews contemporary literature on the topic and finds that the current approach is to attempt to determine causality empirically and that the...
- Autores:
-
Saravia, Jimmy A.
Saravia, Silvia
- Tipo de recurso:
- Fecha de publicación:
- 2015
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- eng
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/4648
- Acceso en línea:
- http://hdl.handle.net/10784/4648
- Palabra clave:
- Corporate Governance
Agency Costs
Firm Valuation
Governance indexes
Boards of Directors
Entrenchment
Shareholder Rights
- Rights
- License
- Acceso abierto
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The problem of causality in corporate governance research: The case of governance indexes and firm valuation |
| title |
The problem of causality in corporate governance research: The case of governance indexes and firm valuation |
| spellingShingle |
The problem of causality in corporate governance research: The case of governance indexes and firm valuation Corporate Governance Agency Costs Firm Valuation Governance indexes Boards of Directors Entrenchment Shareholder Rights |
| title_short |
The problem of causality in corporate governance research: The case of governance indexes and firm valuation |
| title_full |
The problem of causality in corporate governance research: The case of governance indexes and firm valuation |
| title_fullStr |
The problem of causality in corporate governance research: The case of governance indexes and firm valuation |
| title_full_unstemmed |
The problem of causality in corporate governance research: The case of governance indexes and firm valuation |
| title_sort |
The problem of causality in corporate governance research: The case of governance indexes and firm valuation |
| dc.creator.fl_str_mv |
Saravia, Jimmy A. Saravia, Silvia |
| dc.contributor.eafitauthor.none.fl_str_mv |
jsaravia@eafit.edu.co Silvia.SARAVIA@cepal.org |
| dc.contributor.author.none.fl_str_mv |
Saravia, Jimmy A. Saravia, Silvia |
| dc.subject.keyword.eng.fl_str_mv |
Corporate Governance Agency Costs Firm Valuation Governance indexes Boards of Directors Entrenchment Shareholder Rights |
| topic |
Corporate Governance Agency Costs Firm Valuation Governance indexes Boards of Directors Entrenchment Shareholder Rights |
| description |
In recent years the problem of the determination of causality has become an increasingly important question in the field of corporate governance. This paper reviews contemporary literature on the topic and finds that the current approach is to attempt to determine causality empirically and that the problem remains unresolved. After explaining the reasons why it is not possible to attempt to determine causality using real world data without falling prey to a logical fallacy, this paper discusses an approach to deal with the problem. In particular, the paper argues that the appropriate approach for the problem is to build theories, with causality featuring as a part of those theories, and then to test those theories both for logical and empirical consistency. |
| publishDate |
2015 |
| dc.date.available.none.fl_str_mv |
2015-01-22T21:48:31Z |
| dc.date.issued.none.fl_str_mv |
2015-03-23 |
| dc.date.accessioned.none.fl_str_mv |
2015-01-22T21:48:31Z |
| dc.type.eng.fl_str_mv |
workingPaper info:eu-repo/semantics/workingPaper |
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Documento de trabajo de investigación |
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draft |
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http://hdl.handle.net/10784/4648 |
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B41 G34 G38 K22 |
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eng |
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eng |
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http://purl.org/coar/access_right/c_abf2 |
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Acceso abierto |
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Acceso abierto http://purl.org/coar/access_right/c_abf2 |
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees |
| dc.publisher.spa.fl_str_mv |
Universidad EAFIT |
| dc.publisher.department.spa.fl_str_mv |
Escuela de Economía y Finanzas |
| institution |
Universidad EAFIT |
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees2015-01-22T21:48:31Z2015-03-232015-01-22T21:48:31Zhttp://hdl.handle.net/10784/4648B41G34G38K22In recent years the problem of the determination of causality has become an increasingly important question in the field of corporate governance. This paper reviews contemporary literature on the topic and finds that the current approach is to attempt to determine causality empirically and that the problem remains unresolved. After explaining the reasons why it is not possible to attempt to determine causality using real world data without falling prey to a logical fallacy, this paper discusses an approach to deal with the problem. In particular, the paper argues that the appropriate approach for the problem is to build theories, with causality featuring as a part of those theories, and then to test those theories both for logical and empirical consistency.engUniversidad EAFITEscuela de Economía y FinanzasThe problem of causality in corporate governance research: The case of governance indexes and firm valuationworkingPaperinfo:eu-repo/semantics/workingPaperDocumento de trabajo de investigacióndrafthttp://purl.org/coar/version/c_b1a7d7d4d402bccehttp://purl.org/coar/resource_type/c_8042Acceso abiertohttp://purl.org/coar/access_right/c_abf2Corporate GovernanceAgency CostsFirm ValuationGovernance indexesBoards of DirectorsEntrenchmentShareholder Rightsjsaravia@eafit.edu.coSilvia.SARAVIA@cepal.orgSaravia, Jimmy A.Saravia, SilviaLICENSElicense.txtlicense.txttext/plain; charset=utf-82556https://repository.eafit.edu.co/bitstreams/41393c8b-1271-4167-a455-4edf939c3acb/download76025f86b095439b7ac65b367055d40cMD51ORIGINAL2015_01_Jimmy_Saravia.pdf2015_01_Jimmy_Saravia.pdfDocumento de trabajo de investigaciónapplication/pdf1164197https://repository.eafit.edu.co/bitstreams/db393d47-b7ce-446e-8023-6c95bfbc41fb/download1a4cae3d752457f8b1453e18b940b138MD5210784/4648oai:repository.eafit.edu.co:10784/46482024-03-05 14:06:17.684open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.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 |