Dear Erick Outa, 

You can investigate the relationship between the Tobins'Q (and ROA) and corporate governance code, doing analysis before and after the code. Alternatively (or in a complementary way) you can examine the impact of the new rules of corporate governance on the reaction of the stock market.

I hope my answer can be helpful to you.

Best,

Fabrizio

Prof!

Hope this article will provide you some idea.There are other certain codes, revised time to time by legislators in emerging markets for effective governance .You can incorporate those revised or new code  in your study for exploring new trend.

Regards!

Rashid

Article Corporate Governance and Firm Performance: The Role of Trans...

Thanks so much for your responses and should any one come across how to deal with endogeneity, it will be appreciated too. I tend to think that the consequences we arrive at by some of these methods could also be inclusive of other factors other than Corporate governance codes.

Best

Erick

Hi Erick,

You might find this research useful http://www.canberra.edu.au/corpgov-aps/pub/IssuesPaperNo.1_GovernancePerformanceIssues.pdf

Dear Erick,

I think this paper will provide you some help

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2366076

Best

Mike

I think it is impossible to study Macroeconomic causalities without distortion. Factors at play are too many to neutralize in a market.

Perhaps if you study the effect of applying Corporate Governance at a few top-tier companies as a representative sample, you could find correlations. Yet, Macroeconomic factors will also affect performance.

Hi,

You may have a look to this paper:

The Sarbanes-Oxley Act and corporate acquisitions

Ashrafee Tanvir Hossain , Harjeet Bhabra

Managerial Finance, 2017 vol 43, issue 4 in progress

Best regards