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http://dx.doi.org/10.1016/j.brq.2015.04.002
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Título: | Do investors react to corporate governance news? An empirical analysis for the Spanish market |
Fecha de publicación: | 6-jun-2015 |
Editorial: | SAGE Publications |
Cita bibliográfica: | BRQ Business Research Quarterly 19 (2016): 13-25 |
ISSN: | Electronic: 2340-9444 |
Palabras clave: | Corporate governance Best practice Codes Price reaction Event studies |
Resumen: | This work adds to the debate on corporate governance regulations and its effects on performance and firm value. The paper empirically tests whether there is a significant price reaction to corporate governance announcements following the publication of the Aldama Code of Best practice (2003) in Spain. In particular, news announcements are classified according to the code principles to distinguish among different dimensions of corporate governance and have a better understanding of investors’ reaction. Results show first, that investors react to this kind of practices, second, that the sign of their reaction depends crucially on the nature and extension of the recommendation and finally that firms that disclose more do not enjoy higher market prices or return on the medium-long term. |
Autor/es principal/es: | Callado Muñoz, Francisco José Utrero González, Natalia |
Facultad/Departamentos/Servicios: | Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas |
URI: | http://hdl.handle.net/10201/139020 |
DOI: | http://dx.doi.org/10.1016/j.brq.2015.04.002 |
Tipo de documento: | info:eu-repo/semantics/article |
Número páginas / Extensión: | 13 |
Derechos: | info:eu-repo/semantics/openAccess Attribution-NonCommercial-NoDerivatives 4.0 Internacional |
Descripción: | ©2015. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ This document is the Accepted, version of a Published Work that appeared in final form in BRQ Business Research Quarterly. To access the final edited and published work see https://doi.org/10.1016/j.brq.2015.04.002 |
Aparece en las colecciones: | Artículos: Organización de Empresas y Finanzas |
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Fichero | Descripción | Tamaño | Formato | |
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BRQ Do investors React to Corporate Governance News An Empirical Analysis for the Spanish Market.pdf | 575,38 kB | Adobe PDF | Visualizar/Abrir |
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