حاکمیت شرکتی خوب: آیا در پرو پرداخت می شود؟
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|51920||2013||12 صفحه PDF||سفارش دهید||10233 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Business Research, Volume 66, Issue 10, October 2013, Pages 1759–1770
This paper aims to discover whether or not good corporate governance practices generate positive returns on the Lima Stock Exchange (LSE). The study examines two questions. First, does the announcement that a firm is in the good corporate governance index (GCGI) increase its stock price and offer a positive abnormal return? Second, from the point of view of socially responsible investing does an investment portfolio of Peruvian firms with good corporate governance practices offer better performance than a portfolio of firms with bad corporate governance? The findings from an event study show that the announcement of a firm's inclusion in the GCGI yields a positive abnormal return in a range of 0.95% to1.11% on the day of the announcement. Furthermore, firms with good corporate governance practices that are in a democratic portfolio outperform firms with bad corporate governance practices in an autocratic portfolio with an average monthly return of 3 % during the period of January 2004 to December 2008.