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

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:11711

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

Strategic Management Journal
THE INFLUENCE OF THE FINANCIAL PRESS ON STOCKHOLDER WEALTH: THE CASE OF CORPORATE GOVERNANCE
1 Sam M. Walton http://www.51lunwen.orgCollege of Business, University of Arkansas, Fayetteville, Arkansas,
U.S.A.
2 Kelley School of Business, Indiana University, Bloomington, Indiana, U.S.A.
This study examines the impact that the publication of ratings of boards of directors by thebusiness press has on stockholder wealth. We report findings from an event study of pricereactions to the publication of Business Week’s 1996 and 1997 ratings of boards of directors of
U.S. corporations. As hypothesized, favorable ratings resulted in significant positive abnormalreturns after controlling for market effects and confounding events, with only novel information
explaining statistical variance. Contrary to expectations, unfavorable ratings also resulted inpositive abnormal returns. Copyright  2005 John Wiley & Sons, Ltd.Very few investors have immediate access to theinformation they use to make investment decisions,with information flowing to them through a varietyof intermediaries, an important class of whichis the financial press. The academic community hasproposed a variety of roles for the financial press,which we classify into two general, not necessarilyincompatible, categories (e.g., Deephouse, 2000).
The first category contains those perspectives thattreat the press primarily as an information broker,recording and disseminating information aboutbusiness activities. The second category consists ofapproaches that regard the press as an active participantin the development of society’s awareness,understanding, and evaluation of businesses andbusiness practices (Pollock and Rindova, 2003;Hayward, Rindova, and Pollock, 2004).These perspectives are applicable to留学论文reporting onmany different business issues, including the focus


Keywords: corporate governance; boards of directors;financial press
 corporate governance.

 Although articleson the boards and governance practices of specificcorporations are not uncommon, two reportspublished in recent years present a unique opportunityto examine the consequences of financialreporting in the context of corporate governance.In 1996 and 1997, Business Week published coverstories that are well suited to examination by boththe information brokering and social constructivist
approaches. The Business Week stories identifythe 25 ‘best’ and 25 ‘worst’ boards of directorsof publicly traded U.S. corporations, based on acombination of data gleaned from publicly availablesources and ratings collected through surveysof professional investors and other corporate governanceexperts. In this study, we examine theconsequences for shareholders of firms includedin those articles in the light of these theoreticalperspectives.
In the extreme of the information brokering perspective,the role played by the press is tacit orCopyright  2005 John Wiley & Sons, Ltd. Received 28 October 2002Final revision received 30 October 2004
462 J. L. Johnson et al.unacknowledged, as for example in studies that
use the publication of stories simply as indicatorsof the event itself. In such case, the press isregarded as a passive, invisible conduit of information.Another approach, one that is amenable todisciplines grounded in rational models of humanbehavior, has regarded members in the press asinformation mediaries who act as ‘expert monitor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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