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| Author: | Picou, A. Rubach, M.J. |
| Title: | Does good governance matter to institutional investors? Evidence from the encatment of corporate governance guidelines |
| Journal: | Journal of Business Ethics
2006 : APR II, VOL. 65:1, p. 55-67 |
| Index terms: | corporate governance institutional investors stakeholders |
| Language: | eng |
| Abstract: | This paper investigates stock price reactions primarily attributable to institutional investors occurring when corporations announce the enactment of corporate governance guidelines. The results of this study indicate that good governance does matter. Firms that announced the enactment of corporate governance guidelines experienced increased stock prices following the announcements. It was also shown that firms with either a potentially greater following or that had a previous history of acrimonious relations with stakeholders were rewarded by the announcement of the enactment of guidelines. |
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