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External corporate governance and performance: evidence from the Nordic countries.
- Source :
- European Journal of Finance; May-Jul2011, Vol. 17 Issue 5/6, p427-450, 24p, 1 Diagram, 7 Charts
- Publication Year :
- 2011
-
Abstract
- We examine the influence of anti-takeover provisions on valuation, stock return and operating performance using data from an extensive sample of publicly listed Nordic companies during the time period of 1999-2004 (similar to Gompers, Ishii, and Metrick 2003 [Corporate governance and equity prices. The Quarterly Journal of Economics 118: 107-55] in the US). We collected data from nine of the most commonly used provisions. The results suggest that anti-takeover provisions have a negative impact on valuation, no effect on stock return, and a positive influence on operating performance. Analysing the influence of each reveals dual-class stock to be the single most important provision dummy contributing to the negative valuation, though the discount decreases over the years. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 1351847X
- Volume :
- 17
- Issue :
- 5/6
- Database :
- Complementary Index
- Journal :
- European Journal of Finance
- Publication Type :
- Academic Journal
- Accession number :
- 60651155
- Full Text :
- https://doi.org/10.1080/1351847X.2010.543832