Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/206335 
Year of Publication: 
2016
Citation: 
[Journal:] BRQ Business Research Quarterly [ISSN:] 2340-9436 [Volume:] 19 [Issue:] 1 [Publisher:] Elsevier España [Place:] Barcelona [Year:] 2016 [Pages:] 13-25
Publisher: 
Elsevier España, Barcelona
Abstract: 
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."
Subjects: 
Corporate governance
Best practice
Codes
Price reaction
Event studies
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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