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留学生企业战略管理论文:THE CASE OF CORPORATE GOVERNANCE [3]

论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2010-12-17编辑:anterran点击率:12691

论文字数:14536论文编号:org201012171322081070语种:英语论文 English地区:美国价格:免费论文

关键词:corporate governanceboards of directorsfinancial presscorporate governance

.g., Rao,
Greve, and Davis, 2001; Pollock and Rindova,
2003). Thus, the financial press’s effects are not
limited to just providing information relevant to
investment decisions, but also by influencing theframeworks and criteria used to make those investmentdecisions.
The Business Week stories are agenda setting (oragenda reinforcing) in that they rely on specificindicators of board effectiveness, defined as ‘aset of guidelines,’ or ‘best practices,’ commonlyarticulated by governance experts’ (Byrne, Grover,and Melcher, 1997: 98)—in spite of a lack ofcompelling evidence for many of the includedindicators in empirical research (e.g., Dalton et al.,1998, 1999; Westphal, 1999). By evaluating boardsagainst these criteria and publishing the results,
the articles serve to reinforce the salience andimportance of those board attributes and practices.Furthermore, in a direct appeal to social proof, thearticles defined governance experts—managers ofthe largest money-management firms and pensionCopyright  2005 John Wiley & Sons, Ltd. Strat. Mgmt. J., 26: 461–471 (2005)
Financial Press and Stockholder Wealth 463funds, and other unspecified academics, attorneys,and activists—and then surveyed the populationfor their opinions on the best and worst boardsof directors. Finally, in addition to listing theresults of the board analysis and expert surveys,the authors selectively include specific companiesand practices in the text of the article, interspersedwith quotes from a variety of governance experts,
in building their case.
On both perspectives, we expected that the
firms’ whose boards were identified as best wouldenjoy abnormal positive stock returns, and viceversa. In the information brokering role, the articlespresent a great deal of information which,
according to the predominant theories of corporategovernance, should be of interest to rationalinvestors. The listed firms represent the zenithand nadir of boards’shareholder accountability,
director quality, and independence of managementinfluence according to the criteria employed byBusiness Week and its panel of experts, and to theextent that those are important in ensuring returnsto investors, they should be reflected in shareholderwealth. As for the social constructivist view,the authors propagate the legitimacy (Pollock and
Rindova, 2003) of both the criteria used to evaluateboards as well as the firms to which the criteriaare applied. The Business Week articles makeno bones about the conclusions drawn from theiranalyses—‘best’ and ‘worst’ are extreme labels interms of legitimacy. If the articles are successfulin influencing investors of the legitimacy or illegitimacyof the listed boards, that should also bereflected in stock prices. Thus:Hypothesis 1a: The publication of favorable
board of director ratings in Business Week willresult in positive abnormal returns to stockholdersof the associated corporations.
Hypothesis 1b: The publication of unfavorable
board of director ratings will result in negative
abnormal returns to stockholders of the associated
corporations.
On both the information brokering and legitimacy
views, we would expect the more influential elements
of the Business Week analysis to be the
results of the expert surveys. The efficient markethypothesis holds that information is incorporatedin stock prices as soon as it is presented, with relativelybrief moves to new equilibrium states. The
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