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Corporate Governance and Firm Value - The Impact of the 2002 Governance Rules

Опубликовано на портале: 16-04-2007
Johnson School Research Paper Series. 2005.  No. 23-06 .
The 2001-2002 corporate scandals led to rules that affect the governance structure of public U.S. firms. We study the announcement effect of the rules on firm value. On average, the rules have a positive effect on firm value. Firms that need to make more changes to comply with the rules outperform firms that need to make fewer changes. We also find some evidence that the result is concentrated in large firms. Small firms that need to make more changes underperform small firms that need to make fewer changes, suggesting that the costs of the rules outweigh their benefits in small firms.

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