Nasir Dagaji

Ahmadu Bello University, Nigeria, Accounting, Graduate Student

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Keun Lee

Seoul National University

University Of Dhaka

New York University

University of Arkansas

Luvnica Verma

dante aldrighi

Universidade de São Paulo

Toru YOSHIKAWA

Singapore Management University

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Papers by Nasir Dagaji

Empirical evidence on corporate governance in Europe: The effect on stock returns, firm value and performance

Journal of Asset Management, Jan 1, 2004

His present research focus is on asset liability management, risk budgeting, corporate governance... more

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The corporate governance of banks

Economic Policy Review, Vol. 9, No. 1, April …, Jan 1, 2003

... has been paid to the role that the banks themselves play in the governance of other sorts of ... more

Corporate governance and equity prices*

Quarterly Journal of Economics, Jan 1, 2003

Corporate-governance provisions related to takeover defenses and shareholder rights vary substant... more Corporate-governance provisions related to takeover defenses and shareholder rights vary substantially across firms. In this paper, w e use the incidence of 24 different provisions to build a "Governance Index" for about 1,500 firms per year, and then we study the relationship between this index and several forward-looking performance measures during the 1990s. We find a striking relationship between corporate governance and stock returns. An investment strategy that bought the firms in the lowest decile of the index (strongest shareholder rights) and sold the firms in the highest decile of the index (weakest shareholder rights) would have earned abnormal returns of 8.5 percent per year during the sample period. Furthermore, the Governance Index is highly correlated with firm value. In 1990, a one-point increase in the index is associated with a 2.4 percentage-point lower value for Tobin's Q. By 1999, this difference had increased significantly, with a one-point increase in the index associated with an 8.9 percentagepoint lower value for Tobin's Q. Finally, we find that weaker shareholder rights are associated with lower profits, lower sales growth, higher capital expenditures, and a higher amount of corporate acquisitions. We conclude with a discussion of several causal interpretations.

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The impact of corporate governance on performance differences in privately-owned versus state-owned banks: An international comparison

Boston College Çalışma …, Jan 1, 2003

This paper employs cash flow and accounting based measures of performance to examine performance ... more This paper employs cash flow and accounting based measures of performance to examine performance differences between privately-owned and state-owned banks in sixteen Far East countries from 1989 through 1998. We find that state-owned banks generally operate less profitably and less efficiently than privately-owned banks over this period, and bank performance worsens as the extent of state ownership increases. We also find that in 1997 and 1998, during the Asian economic crisis, the performance of both privately-owned and state-owned banks deteriorated significantly. However, the deterioration in the performance of state-owned banks was significantly greater than that of privately-owned banks.

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Corporate governance of Japanese banks

Journal of Corporate Finance, Jan 1, 2004

We investigate external and internal corporate governance activity observed at Japanese banks ove... more We investigate external and internal corporate governance activity observed at Japanese banks over 1985 -1996. External governance appears to be inactive, and even after the onset of the banking crisis of the 1990s there are few mergers, failures, and other changes in ownership and control. Prior to the banking crisis we do not find a relation between bank performance and executive turnover. In contrast, non-routine turnover of bank presidents is inversely related to both stock returns and profitability in the 1990s. Consequently, internal governance activity is observable following the onset of the Japanese banking crisis, a period otherwise characterized by inactive external governance and regulatory forbearance. D

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Corporate governance and firm value: evidence from the Korean financial crisis* 1

Journal of Financial economics, Jan 1, 2004

We show that during the 1997 Korean financial crisis, chaebol firms with higher ownership concent... more We show that during the 1997 Korean financial crisis, chaebol firms with higher ownership concentration by unaffiliated investors experience a smaller reduction in their share value. Firms with higher disclosure quality and alternative sources of external financing also suffer less. In contrast, chaebol firms with concentrated ownership by controlling family shareholders experience a larger drop in the value of their equity. Firms in which the controlling shareholders' voting rights exceed their cash flow rights, borrow more from the main banks, and are highly diversified also have lower returns. Finally, we find that downsizing (diversifying expansionary) actions during the crisis have a positive (negative) effect on the value of chaebol firms. Our results suggest that change in firm value during such a crisis is a function of firm-level differences in corporate governance measures and owner-manager incentives. / 1

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Empirical evidence on corporate governance in Europe: The effect on stock returns, firm value and performance

Journal of Asset Management, Jan 1, 2004

His present research focus is on asset liability management, risk budgeting, corporate governance... more

Download

The corporate governance of banks

Economic Policy Review, Vol. 9, No. 1, April …, Jan 1, 2003

... has been paid to the role that the banks themselves play in the governance of other sorts of ... more

Corporate governance and equity prices*

Quarterly Journal of Economics, Jan 1, 2003

Download

The impact of corporate governance on performance differences in privately-owned versus state-owned banks: An international comparison