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| Author: | Donnelly, R. |
| Title: | Accounting, board independence and contagion effects from adverse press comment: The case of Elan |
| Journal: | British Accounting Review
2008 : SEP, VOL. 40:3, p. 245-259 |
| Index terms: | accounting information corporate governance companies Irish Republic |
| Freeterms: | abnormal returns |
| Language: | eng |
| Abstract: | This paper explores whether Irish companies with relatively good corporate governance (here as: c-gov.), in terms of their board structure, performed better than those with weaker gov. at the time of the 2002 scandal of Elan Corporation. It is found that the average return of Irish companies except Elan was not adversely affected. However, there was a differential reaction across companies depending on the quality of their c-gov. Those with a less independent board structure lost out by about 4.2 percent over a 3-day period compared with those with more independently structured boards of directors. |
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