Corporate governance and the variability of stock returns: evidence from New Zealand companies

Paper

Koerniadi, Hardjo, Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza. 2010. "Corporate governance and the variability of stock returns: evidence from New Zealand companies." Balachandran, Balasingham (ed.) Inaugural Finance and Corporate Governance Conference (FCGC 2010). Melbourne, Australia 07 - 09 Apr 2010 Melbourne, Australia.
Paper/Presentation Title

Corporate governance and the variability of stock returns: evidence from New Zealand companies

Presentation TypePaper
AuthorsKoerniadi, Hardjo (Author), Krishnamurti, Chandrasekhar (Author) and Tourani-Rad, Alireza (Author)
EditorsBalachandran, Balasingham
Journal or Proceedings TitleProceedings of the Inaugural Finance and Corporate Governance Conference (FCGC 2010)
Number of Pages18
Year2010
Place of PublicationMelbourne, Australia
Web Address (URL) of Paperhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1535082
Web Address (URL) of Conference Proceedingshttp://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=journalbrowse&journal_id=1496615
http://www.latrobe.edu.au/__data/assets/file/0003/67305/2010-gsm-fcgc-program.pdf
Conference/EventInaugural Finance and Corporate Governance Conference (FCGC 2010)
Event Details
Inaugural Finance and Corporate Governance Conference (FCGC 2010)
Parent
Finance and Corporate Governance Conference
Event Date
07 to end of 09 Apr 2010
Event Location
Melbourne, Australia
Abstract

In this paper, we document the beneficial impact of firm level corporate governance practices on the riskiness of firms’ stock returns. Using a self-constructed corporate governance index, we show that well-governed New Zealand firms experience lower levels of unsystematic risk, ceteris paribus. In particular, our results show that corporate governance components such as board composition, shareholder rights, and disclosure practices are associated with lower levels of unsystematic risk.

Keywordscorporate governance; New Zealand; stock return variability
ANZSRC Field of Research 2020350202. Finance
350208. Investment and risk management
350799. Strategy, management and organisational behaviour not elsewhere classified
Public Notes

Copyright La Trobe University.

Byline AffiliationsAuckland University of Technology, New Zealand
School of Accounting, Economics and Finance
La Trobe University
Institution of OriginUniversity of Southern Queensland
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