AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
Byline: Jose Bimbo F. Santos
Transparency bears much on how investors value listed firms, a recent study by the Philippine Stock Exchange (PSE) has showed.
In a press release, the PSE said it had commissioned a study to look into the correlation between disclosure and corporate governance practices and firm value, using a time series of corporate governance index values for locally listed firms covering 2005 to 2008.
Firm valuation was measured by "Tobin's Q" and market-to-book ratio. Tobin's Q is the sum of the market value of equity plus short-term debt divided by total assets, while market-to-book ratio is market value divided by the book value of the …