Is corporate governance relevant during the financial crisis?

Article


Gupta, Kartick, Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza. 2013. "Is corporate governance relevant during the financial crisis?" Journal of International Financial Markets, Institutions and Money. 23 (1), pp. 85-110. https://doi.org/10.1016/j.intfin.2012.10.002
Article Title

Is corporate governance relevant during the financial crisis?

ERA Journal ID36027
Article CategoryArticle
AuthorsGupta, Kartick (Author), Krishnamurti, Chandrasekhar (Author) and Tourani-Rad, Alireza (Author)
Journal TitleJournal of International Financial Markets, Institutions and Money
Journal Citation23 (1), pp. 85-110
Number of Pages26
Year2013
Place of PublicationAmsterdam, Netherlands
ISSN1042-4431
1873-0612
Digital Object Identifier (DOI)https://doi.org/10.1016/j.intfin.2012.10.002
Abstract

We study the impact of internal corporate governance on performance during the current financial crisis for a comprehensive cross-country sample of 4046 publicly traded non-financial firms from the U.S. and 22 developed countries. Using a broad-based index of corporate governance quality, we find that well governed firms do not outperform poorly governed firms. We explore three potential explanations for the lack of significant impact of corporate governance quality on performance. First, we examine whether cross-country differences in institutional development have an impact on the effect of corporate governance on performance. Second, we investigate whether a narrowing down of the informationally efficient segment of the stock markets during the crisis can explain the results. We do not find support for either of these conjectures. Finally, we examine whether stock markets generally became less efficient in incorporating firm-specific information into stock prices during the crisis. Our empirical evidence is consistent with the latter view that during the crisis stock markets in developed countries became less efficient in incorporating firm-specific information into prices.

Keywordscorporate governance; global financial crisis; stock return performance
ANZSRC Field of Research 2020350202. Finance
350799. Strategy, management and organisational behaviour not elsewhere classified
350709. Organisation and management theory
Public Notes

© 2013 Elsevier Inc. Published version deposited in accordance with the copyright policy of the publisher.

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