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留学生企业战略管理论文:THE CASE OF CORPORATE GOVERNANCE [7]

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:12676

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

o evaluate the variance explained
in the standard cumulative abnormal returns from
the 3-day event window. Standardized cumulative
abnormal returns were regressed on two blocks
of independent variables. The first block contained
the independence, quality, and accountability
scores reported in the articles, which were
derived from the publicly available data. The second
block contained the ratings from the expert
poll. In another hierarchical regression, we examined
if the Business Week objective scores of independence,
quality, and accountability explained
additional variance over that explained by their
constituent variables (percentage insiders, average
director stock ownership, and average board membership)
which are frequently used in governance
research. Conclusions were evaluated on the basis
of the significance of change in explained variance,
as well as the statistical significance of individual
path values.
RESULTS
Individual abnormal returns for the 3 days in
the event window for the sample of all ‘best’
firms are shown in Table 2. For comparison
purposes, abnormal returns for the days leading
up to and following the event window are
also included. Figure 1 also shows cumulative
Copyright  2005 John Wiley & Sons, Ltd. Strat. Mgmt. J., 26: 461–471 (2005)
466 J. L. Johnson et al.
Table 2. Abnormal returns for firms with ‘best’ and ‘worst’ boards of directors
Day ‘Best’ boardsa ‘Worst’ boardsb
Abnormal
returns
Standardized
abnormal returns
t-value N Abnormal
returns
Standardized
abnormal returns
t-value N
−6 0.006 0.272 1.633 36 0.002 0.168 0.991 35
−5 0.000 0.042 0.266 40 −0.001 0.040 0.251 40
−4 0.003 0.178 1.113 39 0.002 0.090 0.585 42
−3 0.004 0.204 1.288 40 0.000 0.121 0.791 43
−2 −0.001 −0.100 −0.630 40 0.003 0.093 0.598 41
−1 0.000 0.020 0.127 41 0.002 0.045 0.294 43
0 0.015∗∗∗ 0.777 5.035 42 0.005∗ 0.336 2.230 44
Event perioda

1 0.003 0.247 1.579 41 0.002 0.217 1.387 41
2 0.010∗∗∗ 0.548 3.420 39 0.003 0.103 0.635 38
3 −0.003 −0.200 −1.181 35 −0.006 −0.298 −1.789 36
4 0.002 0.129 0.774 36 0.007 0.281 1.777 40
5 −0.004 −0.234 −1.365 34 0.000 −0.072 −0.429 36
6 0.002 0.282 1.716 37 −0.002 0.040 0.245 38
7 0.004 0.226 1.338 35 −0.001 0.013 0.078 35
8 0.000 0.052 0.314 37 0.001 0.076 0.464 37
9 −0.001 −0.079 −0.497 40 0.001 0.065 0.402 38

p < 0.05; ∗∗
p < 0.01; ∗∗∗
p < 0.001
a Average standardized cumulative abnormal returns for the 3-day event period = 0.876∗∗∗ (t = 6.00). Days outside the event window
are presented only for comparison purposes. Analyses were conducted on a sample of only nonredundant firms, with no substantive
changes in findings. Full results are available from the authors upon request.
b Average standardized cumulative abnormal returns for the 3-day event period = 0.382∗ (t = 2.59). Days outside the event window
are presented only for comparison purposes. Analyses were conducted on a sample of only nonredundant firms. While the cumulative
abnormal returns for the 3-day event window remained statistically significant, no single day’论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。
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