Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.14279/9260
Title: Corporate Governance and Firm-specific Stock Price Crashes
Authors: Andreou, Panayiotis 
Antoniou, Constantinos 
Horton, Joanne G. 
Louca, Christodoulos 
metadata.dc.contributor.other: Aνδρέου, Παναγιώτης
Λουκά, Χριστόδουλος
Major Field of Science: Social Sciences
Field Category: Economics and Business
Keywords: Agency risk;Corporate governance;Crash risk;Information environment
Issue Date: 1-Nov-2016
Source: European Financial Management, 2016, vol. 22, no. 5, pp. 916-956
Volume: 22
Issue: 5
Start page: 916
End page: 956
DOI: 10.1111/eufm.12084
Journal: European Financial Management 
Abstract: We investigate whether ownership structure, accounting opacity, board structure & processes and managerial incentives attributes relate to future stock price crash risk. Principal component analysis on the 21 attributes that comprise these four corporate governance dimensions reveals that they can explain between 13.1% and 23.0% of a one standard deviation in crash risk. Transient institutional ownership, CEO stock option incentives and the proportion of directors that hold equity increase crash risk, whilst insiders' ownership, accounting conservatism, board size and the presence of a corporate governance policy mitigate crash risk. Overall these relationships are more pronounced in environments that accentuate agency risk.
URI: https://hdl.handle.net/20.500.14279/9260
ISSN: 13547798
DOI: 10.1111/eufm.12084
Rights: © Wiley
Type: Article
Affiliation : Cyprus University of Technology 
Durham University Business School 
Warwick University 
University of Exeter 
Publication Type: Peer Reviewed
Appears in Collections:Άρθρα/Articles

CORE Recommender
Show full item record

SCOPUSTM   
Citations

150
checked on Nov 9, 2023

WEB OF SCIENCETM
Citations 10

128
Last Week
0
Last month
3
checked on Oct 29, 2023

Page view(s) 20

503
Last Week
0
Last month
1
checked on Nov 7, 2024

Google ScholarTM

Check

Altmetric


Items in KTISIS are protected by copyright, with all rights reserved, unless otherwise indicated.