... relationship between corporate governance and performance, by taking into account the inter-relationships among corporate governance, corporate performance, corporate capital structure, and corporate ownership ... governance and performance is based on long-term stock returns as the measure of performance, and does not take into account the endogeneity of the relationships among corporate governance, performance, ... among corporate governance, performance, capital structure, and corporate ownership structure 17 For robustness, we also estimate the performance -governance relation for each of the seven governance...