Koerniadi, Hardjo and Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza (2010) Corporate governance and the variability of stock returns: evidence from New Zealand companies. In: Inaugural Finance and Corporate Governance Conference (FCGC 2010), 7-9 Apr 2010, Melbourne, Australia.
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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.
|Item Type:||Conference or Workshop Item (Commonwealth Reporting Category E) (Paper)|
|Additional Information:||Papers from this conference were published on the SSRN website at http://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=journalbrowse&journal_id=1496615. Copyright La Trobe University. See Program at http://www.latrobe.edu.au/__data/assets/file/0003/67305/2010-gsm-fcgc-program.pdf|
|Uncontrolled Keywords:||corporate governance; New Zealand; stock return variability|
|Fields of Research (FOR2008):||15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150201 Finance|
15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150205 Investment and Risk Management
15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150303 Corporate Governance and Stakeholder Engagement
|Socio-Economic Objective (SEO2008):||B Ecomonic Development > 90 Commercial Services and Tourism > 9001 Financial Services > 900101 Finance Services|
|Deposited On:||19 Oct 2011 17:18|
|Last Modified:||02 Dec 2011 14:40|
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