Publication: Do investors react to corporate governance news? An empirical analysis for the Spanish market
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Date
2015-06-06
Authors
Callado Muñoz, Francisco José ; Utrero González, Natalia
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Publisher
SAGE Publications
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DOI
http://dx.doi.org/10.1016/j.brq.2015.04.002
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info:eu-repo/semantics/article
Description
©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
Abstract
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.
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Citation
BRQ Business Research Quarterly 19 (2016): 13-25
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Este ítem está sujeto a una licencia Creative Commons. http://creativecommons.org/licenses/by-nc-nd/4.0/