57839 20230622083307.0 doi 10.1016/j.brq.2015.04.002 sideral 94112 ART-2016-94112 eng Utrero-González, N. (orcid)0000-0001-9304-3517 Do investors react to corporate governance news? An empirical analysis for the Spanish market 2016 Access copy available to the general public Unrestricted 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. info:eu-repo/grantAgreement/ES/MEC/SEJ2010-16353-ECON info:eu-repo/grantAgreement/ES/MEC/SEJ2010-21393-C04-01-ECO info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 1.325 2016 BUSINESS 85 / 121 = 0.702 2016 Q3 T3 0.387 2016 Business, Management and Accounting (miscellaneous) 2016 Q2 Economics and Econometrics 2016 Q3 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Callado-Muñoz, F.J. (orcid)0000-0003-1399-5484 19, 1 (2016), 13-25 Bus. res. q. BRQ Business Research Quarterly 2340-9436 311517 http://zaguan.unizar.es/record/57839/files/texto_completo.pdf Versión publicada 81062 http://zaguan.unizar.es/record/57839/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:57839 articulos driver 2023-06-21-14:58:19 ARTICLE