Abstract

http://ssrn.com/abstract=1535082
 
 

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Corporate Governance and the Variability of Stock Returns: Evidence from New Zealand Companies


Hardjo Koerniadi


Auckland University of Technology

Chandrasekhar Krishnamurti


University of Southern Queensland

Alireza Tourani-Rad


Auckland University of Technology - Faculty of Business & Law

January 15, 2010

Finance and Corporate Governance Conference 2010 Paper

Abstract:     
In this paper, we document the beneficial impact of firm level corporate governance practices on the riskiness of firms’ stock returns. Using a self-constructed corporate governance index, we show that well-governed New Zealand firms experience lower levels of unsystematic risk, ceteris paribus. In particular, our results show that corporate governance components such as board composition, shareholder rights, and disclosure are associated with lower levels of unsystematic risk.

Number of Pages in PDF File: 18

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Date posted: January 23, 2010 ; Last revised: April 8, 2010

Suggested Citation

Koerniadi, Hardjo and Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza, Corporate Governance and the Variability of Stock Returns: Evidence from New Zealand Companies (January 15, 2010). Finance and Corporate Governance Conference 2010 Paper. Available at SSRN: http://ssrn.com/abstract=1535082 or http://dx.doi.org/10.2139/ssrn.1535082

Contact Information

Hardjo Koerniadi
Auckland University of Technology ( email )
AUT City Campus
Private Bag 92006
Auckland, 1142
New Zealand
Chandrasekhar Krishnamurti (Contact Author)
University of Southern Queensland ( email )
School of Accounting, Economics and Finance
Faculty of Business
Toowoomba, QLD 4350
Australia
61 7 4631 2941 (Phone)
61 7 4631 1770 (Fax)
Alireza Tourani-Rad
Auckland University of Technology - Faculty of Business & Law ( email )
3 Wakefield Street
Private Bag 92006
Auckland Central 1020
New Zealand
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