Corporate Governance and Firm Value : The Impact of The 2002 Governance Rules  

Oleh:

Chhaochharia, Vidhi ; Grinstein, Yaniv

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 62 no. 4 (Aug. 2007), page 1789-1826.
Topik: firm value; studies; corporate governance; stock exchanges; securities regulations; compliance; abnormal returns
Fulltext: p 1789.pdf (183.49KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The 2001 to 2002 corporate scandals led to the sarbanes - oxley act and to various amendments to the U. S. stock exchanges' regulations. We find that the announcement of these rules has a significant effect on firm value. Firms that are less compliant with the provisions of the rules earn positive abnormal returns compared to firms that are more compliant. We also find variation in the response across firm size. Large firms that are less compliant earn positive abnormal returns but small firms that are less compliant earn negative abnormal returns, suggesting that some provisions are detrimental to small firms.

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