Publication: Do Firms Decouple Corporate Governance Policy and Practice?
Issued Date
2010-11-01
Resource Type
ISSN
1468036X
13547798
13547798
Other identifier(s)
2-s2.0-77958579079
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Mahidol University
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SCOPUS
Bibliographic Citation
European Financial Management. Vol.16, No.5 (2010), 712-737
Suggested Citation
Nasha Ananchotikul, Roy Kouwenberg, Visit Phunnarungsi Do Firms Decouple Corporate Governance Policy and Practice?. European Financial Management. Vol.16, No.5 (2010), 712-737. doi:10.1111/j.1468-036X.2010.00545.x Retrieved from: https://repository.li.mahidol.ac.th/handle/20.500.14594/28860
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Title
Do Firms Decouple Corporate Governance Policy and Practice?
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Abstract
We test whether Thai listed firms with higher levels of good governance policy adoption are less likely to violate listing rules and laws designed to protect shareholders. Our results suggest that firms on average implement, substantively as opposed to symbolically, recommended governance policies, as violations occur less frequently among firms with higher governance policy adoption scores. However, we also find evidence of symbolic governance among a small group of 'talk-only' firms that issue statements about governance while lagging in the adoption of policies related to shareholder rights and the board of directors. © 2010 Blackwell Publishing Ltd.