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  1. Corporate Governance, Commitment to Business Ethics, and Firm Valuation: Evidence From the Korean Stock Market. [REVIEW]Jinhan Pae & Tae Hee Choi - 2011 - Journal of Business Ethics 100 (2):323 - 348.
    A variety of stakeholders have long been interested in the factors that are related to firm valuation. This article investigates why companies with more comprehensive corporate governance (CG) have a value premium over companies with less comprehensive CG. We posit and find that the cost of equity capital (COC) decreases with the strength of CG, suggesting that the value premium stems from the lower COC for more comprehensive CG. We also find that the COC is lower for companies with strong (...)
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  • What Good Does Doing Good Do? The Effect of Bond Rating Analysts’ Corporate Bias on Investor Reactions to Changes in Social Responsibility.Oana Branzei, Jeff Frooman, Brent Mcknight & Charlene Zietsma - 2018 - Journal of Business Ethics 148 (1):183-203.
    In this study, we explore how investors reconcile information on firms’ social responsibility with analysts’ assessments of future firm risk in the pricing of long-term bonds. We ask whether investors pay attention to small strides toward and/or small slips away from socially responsible behavior, arguing that analysts’ corporate bias toward gains and against losses influences investor reactions to corporate social responsibility. We hypothesize that analysts notice and reward improvements in social responsibility, yet excuse lapses. We find support for this hypothesis, (...)
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  • Ethical Commitment, Financial Performance, and Valuation: An Empirical Investigation of Korean Companies.Tae Hee Choi & Jinchul Jung - 2008 - Journal of Business Ethics 81 (2):447-463.
    A variety of stakeholders including investors, corporate managers, customers, suppliers, employees, researchers, and government policy makers have long been interested in the relationship between the financial performance of a corporation and its commitment to business ethics. As a subject of research, the relations between business ethics and corporate valuation has yet to be thoroughly quantified and investigated. This article is an effort to amend this inadequacy by demonstrating a statistically significant association between ethical commitment and corporate valuation measures. Consistent with (...)
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