Earticle

초록

영어

The study of a causal interpretation of board and firm characteristics, that is, a hidden dependence relationship on the causal inference among board and firm characteristics, is an important but unaddressed issue in the corporate governance literature. Using diverse advanced statistical methods and focusing on Tobin’s Q, we find that i) not all board variables previously found to be significant are “robust” to latent variable data analysis, and ii) those variables that are consistently significant differ markedly in latent structural equation analysis. Our analyses provide researchers interested in board issues with an important caveat: focusing on the dependence structure of available board variables affected by latent factors may introduce a new horizon in corporate finance.

목차

Abstract
1. Introduction
2. Literature Review
3. Data and Variables
4. Research Methods
4.1. Gaussian Copula Marginal Regression
4.2 Structural equation modeling and factor analysis
4.3 Graphical model
5. Empirical Analysis and Results
5.1 Gaussian copula marginal regression results
5.2 Structural equation modeling results
5.3 Factor analysis results
6. Conclusion
References

키워드

저자

• Jong-Min Kim [ Statistics Discipline University of Minnesota at Morris ]
• Chulhee Jun [ Department of Finance Ziegler College of Business Bloomsburg University Bloomsburg, PA 17815, USA ]
• Hope H. Han [ School of Business Administration Ulsan National Institute of Science and Technology (UNIST) Ulsan 44919, Republic of Korea ] Corresponding Author

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간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330