haku: @indexterm FINANCE COMPANIES / yhteensä: 71
viite: 4 / 71
| Tekijä: | Daines, R.M. Gow, I.D. Larcker, D.F. |
| Otsikko: | Rating the ratings: How good are commercial governance ratings? |
| Lehti: | Journal of Financial Economics
2010 : DEC, VOL. 98:3 p. 439-461 |
| Asiasana: | corporate governance markets USA shareholders finance finance companies |
| Kieli: | eng |
| Tiivistelmä: | Corporate governance rating firms provide indices to assess the effectiveness of a firm's governance and claim to be able to predict future performance, risk, and undesirable outcomes such as accounting restatements and shareholder litigation. This paper explores these claims for the commercial corporate governance ratings produced for 2005 by Audit Integrity, RiskMetrics (previously Institutional Shareholder Services), GovernanceMetrics International, and The Corporate Library. The results suggest that the level of predictive validity for these ratings are well below the threshold necessary to support the bold claims made for them by these commercial firms. No relation between the governance ratings provided by RiskMetrics with either their voting recommendations or the actual votes by shareholders on proxy proposals is found. |
SCIMA