Abstract
The main purpose of this paper is to investigate (1) the relationship between the corporate governance and capital asset pricing model. The first topic is mainly aimed at finding whether corporate governance with the average stock returns under controlling three factors of ICAPM still exist. What is more, market beta, sizes beta and Book to market beta may absorb the most of the corporate governance effect under ICAPM. The second topic is to investigate (2) the relationship between the corporate governance and the concept of conservatism. The improvement in corporate governance of the firm would also affect the conservatism level. Do they have the substitute effects each other in accounting?
Published Version
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