This study investigates the impact of corporate
governance indicators on firm value as substitutes for “other information” variables in the Ohlson valuation model. The study
applies the Ohlson (1995) valuation modelto
analyze 61 companies listed on Classification 1 and 2 of the Mongolian Stock
Exchange (MSE) during the period of 2007-2022. The corporate governance
indicators considered in the study are the governance level, type of control,
and shareholding structure. The empirical
findings reveal the significant impact of these governance indicators on
firm value, indicating that they can be useful substitutes for the “other information” variables in the Ohlson model. These results
provide insights for policymakers and managers to enhance corporate governance practices in their firms, which can lead to
increased firm value and better financial performance.
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