Do investor perceptions of corporate governance initiatives affect firm value: The case of TIAA-CREF

被引：8

作者：

Alexander, John C. ^{[1
]}

Barnhart, Scott W. ^{[2
]}

Rosenstein, Stuart ^{[3
]}

机构：

[1] Clemson Univ, Clemson, SC USA

[2] Florida Atlantic Univ, Boca Raton, FL 33431 USA

[3] East Carolina Univ, Dept Finance, 3420 Bate Bldg, Greenville, NC 27858 USA

来源：

QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2007年 / 47卷 / 02期

关键词：

Corporate governance; Pension funds; Ownership structure;

D O I：

10.1016/j.qref.2006.07.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the valuation effect of the announcement of TIAA-CREF's Corporate Governance Policy, an exogenous event fitting McConnell's [McConnell, J. J. (2003). Outside directors. Financial Review, 38, 25-31] description of a "controlled experiment". This event avoids the negative connotation associated with announcements concerning specific firms. Abnormal returns are positively related to the number of large block holders and the number of institutional owners, indicating that the values of firms with weak governance structures declined or the values of firms with desirable governance structures increased. Also, the percentage of institutional ownership and the number of institutional owners have a low correlation, indicating that they are different dimensions of institutional ownership. (C) 2006 Board of Trustees of the University of Illinois. All rights reserved.

引用

页码：198 / 214

页数：17

共 34 条

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