Product-market competitiveness and investor reaction to corporate governance failures

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• 作者：Atul Gupta^a ; Lalatendu Misra^b ; ^{lmisra@utsa.edu} ; Yilun Shi^c
• 关键词：G30
• 刊名：International Review of Economics & Finance
• 出版年：2017
• 出版时间：March 2017
• 年：2017
• 卷：48
• 期：Complete
• 页码：134-147
• 全文大小：451 K
• 卷排序：48

文摘

Product market competition is proposed as a substitute for quality of corporate governance Revelation of self-serving behavior by managers in presumably well governed firms is a leads to investor surprise and negative stock price response Option backdating announcements are an example of self-serving managerial behavior Backdating firms in highly competitive industries experienced greater wealth loss as did firms with presumably higher quality of corporate governance Product market competition is an implicit substitute for the performance discipline imposed by high quality of corporate governance