Value-Relevance of the Outside Corporate Governance Information: a Canadian Study - HAL-SHS - Sciences de l'Homme et de la Société Accéder directement au contenu
Communication Dans Un Congrès Année : 2008

Value-Relevance of the Outside Corporate Governance Information: a Canadian Study

Résumé

This study examines whether the corporate governance rankings published by The Globe and Mail, a reputed national Canadian newspaper, are reflected in the values that investors accord to firms. A sample of 796 observations on 289 Canadian companies from 2002-2005 inclusively was analyzed using a price model (Cazavan-Jeny and JeanJean, 2006). Results suggest that the corporate governance rankings published by this market information intermediary are related not only to firm value, but also to accounting results. Thus, the relationship between corporate governance scores and market capitalization can take two forms. First, there may be a direct relationship due to investor interest in good governance practices. Second, there may be an indirect relationship due to the impact of good governance practices on the firms' accounting results. The results of this study should be useful for accounting practitioners and the various organizations involved in the regulation of corporate governance practices and the standardization of relevant data elements.
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Dates et versions

halshs-00522378 , version 1 (30-09-2010)

Identifiants

  • HAL Id : halshs-00522378 , version 1

Citer

Sylvie Berthelot, Tania Morris. Value-Relevance of the Outside Corporate Governance Information: a Canadian Study. LA COMPTABILITE, LE CONTRÔLE ET L'AUDIT ENTRE CHANGEMENT ET STABILITE, May 2008, France. pp.CD Rom. ⟨halshs-00522378⟩
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