Artikel
Do investors react to corporate governance news? An empirical analysis for the Spanish market
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."
- Language
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Englisch
- Bibliographic citation
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Journal: BRQ Business Research Quarterly ; ISSN: 2340-9436 ; Volume: 19 ; Year: 2016 ; Issue: 1 ; Pages: 13-25 ; Barcelona: Elsevier España
- Classification
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Management
- Subject
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Corporate governance
Best practice
Codes
Price reaction
Event studies
- Event
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Geistige Schöpfung
- (who)
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Utrero-González, Natalia
Callado Muñoz, Francisco J.
- Event
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Veröffentlichung
- (who)
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Elsevier España
- (where)
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Barcelona
- (when)
-
2016
- DOI
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doi:10.1016/j.brq.2015.04.002
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Utrero-González, Natalia
- Callado Muñoz, Francisco J.
- Elsevier España
Time of origin
- 2016
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