The influence of the financial press on stockholder wealth: The case of corporate governance

• 成果类型: Article
• 署名作者: Johnson, JL; Ellstrand, AE; Dalton, DR; Dalton, CM
• 署名单位: University of Arkansas System; University of Arkansas Fayetteville; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.457
• 发表日期: 2005
• 页码: 461-471
• 关键词: corporate goventance; Boards of directors; financial press

摘要

This study examines the impact that the publication of ratings of boards of directors by the business press has on stockholder wealth. We report findings from an event study of price reactions 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 abnormal returns after controlling for market effects and confounding events, with only novel information explaining statistical variance. Contrary to expectations, unfavorable ratings also resulted in positive abnormal returns. Copyright (c) 2005 John Wiley & Sons, Ltd.