Corporate governance and equity prices

被引：3479
|
作者：
Gompers, P [1 ]
Ishii, J
Metrick, A
机构：
[1] Harvard Univ, NBER, Cambridge, MA 02138 USA
[2] Univ Penn, Philadelphia, PA 19104 USA
[3] NBER, Cambridge, MA 02138 USA
来源：
QUARTERLY JOURNAL OF ECONOMICS | 2003年 / 118卷 / 01期
关键词：
D O I：
10.1162/00335530360535162
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Shareholder rights vary across firms. Using the incidence of 24 governance rules, we construct a "Governance Index" to proxy for the level of shareholder rights at about 1500 large firms during the 1990s. An investment strategy that bought firms in the lowest decile of the index (strongest rights) and sold firms in the highest decile of the index (weakest rights) would have earned abnormal returns of 8.5 percent per year during the sample period. We find that firms with stronger shareholder rights had higher firm value, higher profits, higher sales growth, lower capital expenditures, and made fewer corporate acquisitions.
引用
收藏
页码：107 / 155
页数：49
相关论文
共 50 条
  • [31] Foreign equity ownership, corporate governance and financial performance
    Prodan Palade, Doina
    Tanasa, Florentin-Emil
    [J]. STRATEGICA: MANAGEMENT, FINANCE, AND ETHICS, 2014, : 281 - 293
  • [32] Corporate Governance, Pay Equity, and the Limitations of Agency Theory
    Moore, Marc T.
    [J]. CURRENT LEGAL PROBLEMS, 2015, 68 (01) : 431 - 464
  • [33] The relation between corporate governance and CEOs' equity grants
    Brown, Lawrence D.
    Lee, Yen-Jung
    [J]. JOURNAL OF ACCOUNTING AND PUBLIC POLICY, 2010, 29 (06) : 533 - 558
  • [34] Should Equity Investors Care about Corporate Bond Prices? Using Bond Prices to Construct Equity Momentum Strategies
    Ben Dor, Arik
    Xu, Zhe
    [J]. JOURNAL OF PORTFOLIO MANAGEMENT, 2015, 41 (04): : 35 - 49
  • [35] Corporate governance and corporate social responsibility interface: a case study of private equity
    Susi, Virgo
    Jaakson, Krista
    [J]. CORPORATE GOVERNANCE-THE INTERNATIONAL JOURNAL OF BUSINESS IN SOCIETY, 2020, 20 (04): : 703 - 717
  • [36] Equity pattern, corporate governance and performance: A study of India's corporate sector
    Patibandla, M
    [J]. JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 2006, 59 (01) : 29 - 44
  • [37] Does Private Equity Create Wealth? The Effects of Private Equity and Derivatives on Corporate Governance
    Masulis, Ronald W.
    Thomas, Randall S.
    [J]. UNIVERSITY OF CHICAGO LAW REVIEW, 2009, 76 (01): : 219 - 259
  • [38] Equity or Debt Financing: Does Good Corporate Governance Matter?
    Mande, Vivek
    Park, Young K.
    Son, Myungsoo
    [J]. CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2012, 20 (02) : 195 - 211
  • [39] Corporate Governance and Value Creation: Evidence from Private Equity
    Acharya, Viral V.
    Gottschalg, Oliver F.
    Hahn, Moritz
    Kehoe, Conor
    [J]. REVIEW OF FINANCIAL STUDIES, 2013, 26 (02): : 368 - 402
  • [40] From Governess to Governance: Advancing Gender Equity in Corporate Leadership
    Testy, Kellye Y.
    [J]. GEORGE WASHINGTON LAW REVIEW, 2019, 87 (05) : 1095 - 1104
12345