Article2010

Corporate governance rating and financial performance: a Canadian study

Sylvie Berthelot · Tania Morris · Cameron K.J. Morrill

55 citations0/0 files storedCorporate Governance

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

Purpose This paper aims to examine whether the corporate governance rankings published by a market information intermediary are reflected in the values that investors accord to firms. Design/methodology/approach Panel data from 289 Canadian firms in the four‐year period 2002‐2005 were analyzed using a price model. Findings The results suggest that the corporate governance rankings published by the market information intermediary are related to not only firm market value, but also to accounting results. Practical implications This study provides empirical observations that would be useful for various organizations involved in the regulation of corporate governance practices and the standardization of relevant data elements. Originality/value This study contributes to the literature by demonstrating that information published by an information intermediary is reflected in firm market values. Moreover, this information appears to be related to the accounting results. Thus, good governance rankings are reflected in the accounting results.

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References

1993Common risk factors in the returns on stocks and bonds 1997A Survey of Corporate Governance 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature 1933The Modern Corporation and Private Property 1996Higher market valuation of companies with a small board of directors 2003Corporate Governance and Equity Prices 2008What Matters in Corporate Governance?1996Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders

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