Abstract
This study examined the relationships and interactions between corporate governance and firm values of lodging companies with different characteristics. The companies were analyzed separately using a classification and regression tree (CRT) analysis. The analysis results did not show a direct relationship between value and governance, yet that does not mean there is no relationship between them. When the companies’ governance scores were similar, corporate governance showed no distinguishing variable on firm value but is a hygiene factor. The analysis also found negative relationships between value and size. This may be important in preventing companies from becoming cumbersome. Also, positive relationships were found between value and the debt ratio of the lodging companies from the most valuable brands. This relationship showed the significance of using the debt ratio as a control tool in evaluating management performance.
Keywords
CRT analysis, hygiene factor, debt ratio, firm size, lodging companies
Chinese Abstract
公司治理与企业价值：以住宿公司为例的证据
本研究考察了具有不同特征的住宿公司的公司治理与企业价值之间的关系和交互作用。研究使用分类回归树(CRT)分析法，将这些公司分别进行了分析。结果并未显示价值与治理之间的直接关系，但这并不意味着它们之间不存在关系。当公司治理得分相似时，公司治理对企业价值没有显著影响，而是仅作为保健因素。分析还发现价值与规模之间存在负相关关系，这可能可以有效防止公司变得繁冗。此外，对最具品牌价值的住宿公司来说，价值与负债比率之间存在正相关关系，显示了使用负债比率作为管理绩效评估的控制工具的重要性。
关键词：分类回归树分析、保健因素、负债比率、公司规模、住宿公司
ORCID Identifiers
Serban Bakay Ergene: https://orcid.org/0000-0003-4979-6831
Erdinc Karadeniz: https://orcid.org/0000-0003-2658-8490
DOI
10.5038/2640-6489.6.1.1165
Recommended Citation
Bakay Ergene, S., & Karadeniz, E. (2021). Corporate governance and firm value: Evidence from lodging companies. Journal of Global Business Insights, 6(1), 74-91. https://www.doi.org/10.5038/2640-6489.6.1.1165
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License
Included in
Corporate Finance Commons, Finance and Financial Management Commons, Tourism and Travel Commons
