Do investors react to corporate governance news? An empirical analysis for the Spanish market
Utrero-González, N. ; Callado-Muñoz, F.J.
Resumen: 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.
Idioma: Inglés
DOI: 10.1016/j.brq.2015.04.002
Año: 2016
Publicado en: BRQ Business Research Quarterly 19, 1 (2016), 13-25
ISSN: 2340-9436
Factor impacto JCR: 1.325 (2016)
Categ. JCR: BUSINESS rank: 85 / 121 = 0.702 (2016) - Q3 - T3
Factor impacto SCIMAGO: 0.387 - Business, Management and Accounting (miscellaneous) (Q2) - Economics and Econometrics (Q3)
Financiación: info:eu-repo/grantAgreement/ES/MEC/SEJ2010-16353-ECON
Financiación: info:eu-repo/grantAgreement/ES/MEC/SEJ2010-21393-C04-01-ECO
Tipo y forma: Article (Published version)
You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. You may not use the material for commercial purposes. If you remix, transform, or build upon the material, you may not distribute the modified material.
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Idioma: Inglés
DOI: 10.1016/j.brq.2015.04.002
Año: 2016
Publicado en: BRQ Business Research Quarterly 19, 1 (2016), 13-25
ISSN: 2340-9436
Factor impacto JCR: 1.325 (2016)
Categ. JCR: BUSINESS rank: 85 / 121 = 0.702 (2016) - Q3 - T3
Factor impacto SCIMAGO: 0.387 - Business, Management and Accounting (miscellaneous) (Q2) - Economics and Econometrics (Q3)
Financiación: info:eu-repo/grantAgreement/ES/MEC/SEJ2010-16353-ECON
Financiación: info:eu-repo/grantAgreement/ES/MEC/SEJ2010-21393-C04-01-ECO
Tipo y forma: Article (Published version)
You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. You may not use the material for commercial purposes. If you remix, transform, or build upon the material, you may not distribute the modified material. Exportado de SIDERAL (2023-06-21-14:58:19)
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Record created 2016-12-14, last modified 2023-06-22