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Corporate Governance and Firm-Specific Stock Price CrashesPanayiotis C. AndreouCyprus University of Technology; Durham University - Durham Business School Constantinos AntoniouUniversity of Exeter - Xfi Centre for Finance and Investment Joanne HortonLondon School of Economics & Political Science (LSE) - Department of Accounting and Finance Christodoulos LoucaCyprus University of Technology; University of Durham March 2013 Abstract: We investigate whether firms’ corporate governance systems affect their propensity to experience future stock price crashes. Results show that ownership structure, accounting opacity, as well as board structure and processes influence future crashes. These findings are stronger for firms that operate in less competitive industries and firms with greater return uncertainty, where the demand for managerial oversight is higher.
Number of Pages in PDF File: 50 Keywords: Crash Risk, Corporate Governance JEL Classification: G30 working papers seriesDate posted: March 28, 2012 ; Last revised: March 26, 2013Suggested CitationContact Information
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