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

被引：4

作者：

Utrero-Gonzalez, Natalia ^{[1
]}

Callado-Munoz, Francisco J. ^{[1
]}

机构：

[1] Ctr Univ Def Zaragoza, Zaragoza 50090, Spain

来源：

BRQ-BUSINESS RESEARCH QUARTERLY | 2016年 / 19卷 / 01期

关键词：

Corporate governance; Best practice; Codes; Price reaction; Event studies; RELEVANCE; IMPACT; CODES;

D O I：

10.1016/j.brq.2015.04.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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. (C) 2014 ACEDE. Published by Elsevier Espana, S.L.U. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0

引用

页码：13 / 25

页数：25

共 50 条

[1] Which Corporate ESG News Does the Market React to?
Serafeim, George
Yoon, Aaron
[J]. FINANCIAL ANALYSTS JOURNAL, 2022, 78 (01) : 59 - 78
[2] Are Investors Concerned by Annual Corporate Governance Reports? Some Evidence from the Spanish Stock Market
Martinez-Blasco, Monica
Garcia-Blandon, Josep
Castillo-Merino, David
[J]. EUROPEAN MANAGEMENT REVIEW, 2017, 14 (04) : 391 - 407
[3] EMPIRICAL ANALYSIS OF THE ASSOCIATION BETWEEN FOREIGN INVESTORS AND CORPORATE GOVERNANCE IN BRAILIAN COMPANIES
Campos, Eline de Almeida
Ribeiro, Camilla dos Santos
Bortolon, Patricia Maria
[J]. REVISTA DE GESTAO FINANCAS E CONTABILIDADE, 2019, 9 (03): : 3 - 30
[4] An empirical analysis of monitoring behaviour and private benefits of investors in the spanish market
Díaz B.D.
Olalla M.G.
[J]. Journal of Management and Governance, 2002, 6 (1) : 29 - 55
[5] Do investors benefit from good corporate governance?
Shank, Todd
Hill, Ronald Paul
Stang, John
[J]. CORPORATE GOVERNANCE-THE INTERNATIONAL JOURNAL OF BUSINESS IN SOCIETY, 2013, 13 (04): : 384 - +
[6] Corporate governance, market conditions and investors' reaction to information signals
Almaskati, Nawaf
Bird, Ron
Yeung, Danny
Lu, Yue
[J]. AUSTRALIAN JOURNAL OF MANAGEMENT, 2023, 48 (01) : 38 - 66
[7] News and noise: Do investors react to stock split announcements differently during periods of high and low market volatility?
Johnson S.
Stretcher R.
[J]. Journal of Economics and Finance, 2011, 35 (1) : 71 - 78
[8] All the News That's Fit to Reprint: Do Investors React to Stale Information?
Tetlock, Paul C.
[J]. REVIEW OF FINANCIAL STUDIES, 2011, 24 (05): : 1481 - 1512
[9] The corporate governance quality and market capitalization of Russian companies: An empirical analysis
Smotritskaya, Irina I.
Frolova, Nadezhda D.
[J]. UPRAVLENETS-THE MANAGER, 2021, 12 (04): : 2 - 15
[10] Effect of Corporate Governance on Institutional Investors' Preferences: An Empirical Investigation in Taiwan
Lu, Su-Lien
Li, Ying-Hui
[J]. JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 2019, 12 (01)

← 1 2 3 4 5 →