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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 June 3, 2013 Abstract: We investigate whether firms’ corporate governance systems can predict their propensity to experience firm-specific stock price crashes. In a multivariable framework that controls for variables previously shown to affect stock price crashes we find that several governance measures that capture firms’ ownership structure, accounting opacity, as well as board structure and processes relate to future crashes. Moreover, we find that these relationships are typically asymmetric for increases and increases in the governance measures, and that they are stronger for firms with greater agency problems.
Number of Pages in PDF File: 49 Keywords: Crash Risk, Corporate Governance JEL Classification: G30 working papers seriesDate posted: March 28, 2012 ; Last revised: June 3, 2013Suggested CitationContact Information
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