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Corporate Governance Policy and Company Performance: the Portuguese case

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Author Info

  • Carlos Alves

    (Faculdade de Economia do Porto (Portugal))

  • Victor Mendes

    (Portuguese Securities Commission (CMVM))

Abstract

Several supervisory authorities and governmental working groups issued corporate governance best practice codes for listed companies during the nineties. In this paper, we used a unique database that allowed us to analyse the relationship between the level of compliance of the code of best practice issued by the Portuguese Securities Market Commission and the returns of the concerned companies. By using a multifactor model, one can conclude that there is a positive relationship between the compliance of some of these recommendations and the returns that were determined. The recommendations on the structure and functioning of the executive board deserve a special attention. However, globally, CMVM's code of best practice doesn't have a systematic effect on firm returns. Copyright Blackwell Publishing Ltd. 2004.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Corporate Governance.

Volume (Year): 12 (2004)
Issue (Month): 3 (07)
Pages: 290-301

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Handle: RePEc:bla:corgov:v:12:y:2004:i:3:p:290-301

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1

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Cited by:
  1. Jyoti Mahadeo & Teerooven Soobaroyen & Vanisha Hanuman, 2012. "Board Composition and Financial Performance: Uncovering the Effects of Diversity in an Emerging Economy," Journal of Business Ethics, Springer, vol. 105(3), pages 375-388, February.
  2. David Seidl & Paul Sanderson & John Roberts, 2013. "Applying the ‘comply-or-explain’ principle: discursive legitimacy tactics with regard to codes of corporate governance," Journal of Management and Governance, Springer, vol. 17(3), pages 791-826, August.
  3. Tariq, Yasir Bin & Abbas, Zaheer, 2013. "Compliance and multidimensional firm performance: Evaluating the efficacy of rule-based code of corporate governance," Economic Modelling, Elsevier, vol. 35(C), pages 565-575.
  4. Mohd Hassan Che Haat & Rashidah Abdul Rahman & Sakthi Mahenthiran, 2008. "Corporate governance, transparency and performance of Malaysian companies," Managerial Auditing Journal, Emerald Group Publishing, vol. 23(8), pages 744-778, September.

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