دانلود مقاله ISI انگلیسی شماره 51999
عنوان فارسی مقاله

آیا حاکمیت شرکتی به بحران مالی مربوط است؟

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
51999 2013 26 صفحه PDF سفارش دهید محاسبه نشده
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عنوان انگلیسی
Is corporate governance relevant during the financial crisis? ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Financial Markets, Institutions and Money, Volume 23, February 2013, Pages 85–110

کلمات کلیدی
حاکمیت شرکتی؛ بحران مالی جهانی؛ عملکرد بازده سهام
پیش نمایش مقاله
پیش نمایش مقاله آیا حاکمیت شرکتی به بحران مالی مربوط است؟

چکیده انگلیسی

We study the impact of internal corporate governance on performance during the current financial crisis for a comprehensive cross-country sample of 4046 publicly traded non-financial firms from the U.S. and 22 developed countries. Using a broad-based index of corporate governance quality, we find that well governed firms do not outperform poorly governed firms. We explore three potential explanations for the lack of significant impact of corporate governance quality on performance. First, we examine whether cross-country differences in institutional development have an impact on the effect of corporate governance on performance. Second, we investigate whether a narrowing down of the informationally efficient segment of the stock markets during the crisis can explain the results. We do not find support for either of these conjectures. Finally, we examine whether stock markets generally became less efficient in incorporating firm-specific information into stock prices during the crisis. Our empirical evidence is consistent with the latter view that during the crisis stock markets in developed countries became less efficient in incorporating firm-specific information into prices.

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