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The literature lacks empirical evidence to show the effectiveness of progressive revisions on the national codes of corporate governance. Using firm-level data from 35 countries, this study shows that progressive corporate governance code revisions have significantly moderated the relationship between corporate governance score and firm value. Majority of the countries selected in this study has at least more than one code revision covered as the use of a panel data covering the years from 2007 to 2014. In detail, this study assesses corporate governance code revisions from three perspectives, i.e. the cumulative number of corporate governance code revisions, the number of new governance practices released in each revision, and the years of compliance with the codes.

The unstable environment of hotel industry which is driven by the fluctuation of tourism demand has motivated this study to look into the best diversification strategy for firm performance betterment. 42 hotel firms are investigated across 4 Asian economies, from year 2001 to 2012. Our results suggest that unrelated industrial diversification is the only alternative to improve hotel firm performance. Unrelated international diversification instead has a significant negative effect towards firm performance. Our results further show that board of directors implies a significant link to the relationship between diversification and firm performance, only in a crisis period.