文章基本信息

标题：On the relationship between corporate governance and value creation in an economic crisis: Empirical evidence for the Spanish case
本地全文：下载
作者：Mónica Villanueva-Villar ; Mónica Villanueva-Villar ; Elena Rivo-López 等
期刊名称：BRQ Business Research Quarterly
印刷版ISSN：2340-9436
出版年度：2016
卷号：19
期号：4
页码：233-245
DOI：10.1016/j.brq.2016.06.002
语种：English
出版社：Elsevier
摘要：Abstract This paper analyses the effect of corporate governance on value creation. It relies upon a dataset that includes the companies listed on the Spanish Stock Exchange for the period from 2005 to 2012. Attention is focused on the structure and composition of boards. In particular, four variables are analyzed: BOARD_SIZE, BOARD_INDEPENDENCE, BOARD_DILIGENCE (measured by the number of meetings), and DUALITY (chairman and chief executive officer being the same person). Over the period of the deepest economic crisis (2009–2012) the most significant variables that had a positive effect on value creation were BOARD_INDEPENDENCE and BOARD_SIZE. Hence, the global financial crisis has highlighted the need for effective corporate governance. Policy makers should think about translating the recommendations of the Good Governance Codes into legislation (mandatory), to improve corporate governance.
关键词：Corporate governance;Value creation;Board;Economic crisis;Independence