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Corporate Governance, Financial Slack and Firm Performance: A Comparative Study between US and UK

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Authors
LEE, SANGHOON
Issue Date
2012-06
Publisher
College of Business Administration (경영대학)
Citation
Seoul Journal of Business, Vol.18(1), pp. 4-23
Keywords
Corporate GovernanceFinancial SlackOrganizational SlackGMM Regression
Abstract
This paper presents an empirical analysis of the relationship between financial slack and firm performance using a large panel data set of the U.S. and the U.K. firms. Conducting dynamic GMM regressions, the empirical
analysis finds that there are the negative relationship between slack and performance in the U.S. and the positive relationship in the U.K. These empirical findings support the hypothesis that the relationship between
slack and performance differs across corporate governance systems. The novelty of the paper lies in its demonstration of the conclusion on the role of corporate governance in the relationship between slack and performance as well as the fact that we could obtain the result by comparing the two
countries—the U.S. and the U.K—that have been regarded as belonging to a single corporate governance system.
ISSN
1226-9816
Language
English
URI
http://hdl.handle.net/10371/79401
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Seoul Journal of BusinessSeoul Journal of Business Volume 18, Number 1/2 (2012)
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