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Do investors react to corporate governance news? An empirical analysis for the Spanish market,

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Do investors react to corporate governance news? An empirical analysis for the Spanish market,

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dc.contributor.author Utrero-González, Natalia es_ES
dc.contributor.author Callado-Muñoz, Francisco J. es_ES
dc.date.accessioned 2024-02-09T19:01:48Z
dc.date.available 2024-02-09T19:01:48Z
dc.date.issued 2016-03 es_ES
dc.identifier.uri http://hdl.handle.net/10251/202518
dc.description.abstract [EN] 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. es_ES
dc.description.sponsorship Natalia Utrero Gonzalez acknowledges financial support from the Spanish Ministry of Education (SEJ 2010-16353/ECON) and (SEJ 2010-21393-C04-01/ECO). Francisco J. Callado Munoz acknowledges financial support from the Spanish Ministry of Education (SEJ 2010-16353/ECON). We thank participants at 2007 SAE annual meeting, 2008 FMA European meeting, 2008 IEA World meeting and 2008 AEFIN Foro de Finanzas and especially M.A. Garcia Cestona and C. Lopez Gutierrez for helpful comments on previous versions, the usual disclaimer applies. es_ES
dc.language Inglés es_ES
dc.publisher Sage Publications Ltd. es_ES
dc.relation.ispartof Business Research Quarterly (Online) es_ES
dc.rights Reconocimiento - No comercial - Sin obra derivada (by-nc-nd) es_ES
dc.subject Corporate governance es_ES
dc.subject Best practice es_ES
dc.subject Codes es_ES
dc.subject Price reaction es_ES
dc.subject Event studies es_ES
dc.subject.classification ECONOMIA APLICADA es_ES
dc.title Do investors react to corporate governance news? An empirical analysis for the Spanish market, es_ES
dc.type Artículo es_ES
dc.identifier.doi 10.1016/j.brq.2015.04.002 es_ES
dc.relation.projectID info:eu-repo/grantAgreement/ME//SEJ 2010-21393-C04-01%2FECO/ es_ES
dc.relation.projectID info:eu-repo/grantAgreement/ME//SEJ 2010-16353/ es_ES
dc.rights.accessRights Abierto es_ES
dc.contributor.affiliation Universitat Politècnica de València. Escuela Politécnica Superior de Alcoy - Escola Politècnica Superior d'Alcoi es_ES
dc.description.bibliographicCitation Utrero-González, N.; Callado-Muñoz, FJ. (2016). Do investors react to corporate governance news? An empirical analysis for the Spanish market,. Business Research Quarterly (Online). 19(1):13-25. https://doi.org/10.1016/j.brq.2015.04.002 es_ES
dc.description.accrualMethod S es_ES
dc.relation.publisherversion https://doi.org/10.1016/j.brq.2015.04.002 es_ES
dc.description.upvformatpinicio 13 es_ES
dc.description.upvformatpfin 25 es_ES
dc.type.version info:eu-repo/semantics/publishedVersion es_ES
dc.description.volume 19 es_ES
dc.description.issue 1 es_ES
dc.identifier.eissn 2340-9444 es_ES
dc.relation.pasarela S\508645 es_ES
dc.contributor.funder Ministerio de Educación es_ES


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