Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5100997 | Journal of International Financial Markets, Institutions and Money | 2017 | 38 Pages |
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
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Changhong Li, Jialong Li, Mingzhi Liu, Yuan Wang, Zhenyu Wu,