Anti-misconduct policies, corporate governance and capital market responses: International evidence

Changhong Li, Jialong Li, Mingzhi Liu, Yuan Wang and Zhenyu Wu

Journal of International Financial Markets, Institutions and Money, 2017, vol. 48, issue C, 47-60

Abstract: Using a sample of 5486 observations from 25 countries between 2009 and 2013, we investigate the signaling effects of anti-misconduct policies on market valuation, and address the roles played by internal corporate governance mechanisms and external institutional environments. The results show that effective corporate governance mechanisms lead to higher-quality anti-misconduct policies. Furthermore, we find that although anti-misconduct policies alone do not affect market valuation in general, they do improve market valuation in countries with stronger legal and regulatory environments.

Keywords: Anti-misconduct policies; Corporate governance; Market valuation (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:48:y:2017:i:c:p:47-60

DOI: 10.1016/j.intfin.2016.12.002

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