Do Corporate Governance Analysts Matter? Evidence from the Expansion of Governance Analyst Coverage

Nico Lehmann

Journal of Accounting Research, 2019, vol. 57, issue 3, 721-761

Abstract: This paper examines the economic consequences of the initiation of governance analyst coverage. Governance analysts process, enhance, and disseminate governance‐related information to capital market participants via, for example, governance reports and ratings. Using an exogenous shock in the United Kingdom, I find that an increase in governance analyst coverage results in increased governance quality, improved liquidity, increased financial analyst following, and improved investor breadth. These findings are consistent with governance analysts creating value for firms via monitoring, information dissemination/production, and investor recognition.

Date: 2019
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https://doi.org/10.1111/1475-679X.12254

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Persistent link: https://EconPapers.repec.org/RePEc:bla:joares:v:57:y:2019:i:3:p:721-761

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Journal of Accounting Research is currently edited by Philip G. Berger, Luzi Hail, Christian Leuz, Haresh Sapra, Douglas J. Skinner, Rodrigo Verdi and Regina Wittenberg Moerman

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