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Do investors react to corporate governance news? An empirical analysis for the Spanish market

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dc.contributor.authorCallado Muñoz, Francisco José
dc.contributor.authorUtrero González, Natalia
dc.contributor.departmentOrganización de Empresas y Finanzas
dc.date.accessioned2024-02-08T13:12:49Z
dc.date.available2024-02-08T13:12:49Z
dc.date.issued2015-06-06
dc.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
dc.description.abstractThis 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.
dc.formatapplication/pdfes
dc.format.extent13
dc.identifier.citationBRQ Business Research Quarterly 19 (2016): 13-25
dc.identifier.doihttp://dx.doi.org/10.1016/j.brq.2015.04.002
dc.identifier.issnElectronic: 2340-9444
dc.identifier.urihttp://hdl.handle.net/10201/139020
dc.languageenges
dc.publisherSAGE Publications
dc.relationNombre del proyecto: Bienestar social, mecanismos de asignación y políticas públicas Ámbito geográfico: Nacional Entidad de realización: Universitat de Girona Nombres investigadores principales (IP, Co-IP,...): Dolors Berga Entidad/es financiadora/s:Ministerio de Educación y Ciencia Código: ECO2016-76255-Pes
dc.rightsinfo:eu-repo/semantics/openAccesses
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internacional
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectCorporate governance
dc.subjectBest practice
dc.subjectCodes
dc.subjectPrice reaction
dc.subjectEvent studies
dc.titleDo investors react to corporate governance news? An empirical analysis for the Spanish marketes
dc.typeinfo:eu-repo/semantics/articlees
dspace.entity.typePublicationes
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