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Corporate Governance Ratings and Firm Performance

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  • Mine Ertugrul
  • Shantaram Hegde
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    Abstract

    "We examine the corporate governance ratings provided by three premier US rating agencies and find that summary scores are generally poor predictors of primary and secondary measures of future firm performance. However, some component sub-ratings that focus on the eight key dimensions of dynamic governance structures provide more positive and reliable evidence of their information content in predicting the multiple dimensions of firm performance. These results reflect the recent observations by academic researchers and money managers that it is extremely difficult to distill all of the complex governance mechanisms into a single integrated, yet informative overall score." Copyright (c) 2009 Financial Management Association International..

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1755-053X.2009.01031.x
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    Bibliographic Info

    Article provided by Financial Management Association International in its journal "Financial Management".

    Volume (Year): 38 (2009)
    Issue (Month): 1 (03)
    Pages: 139-160

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    Handle: RePEc:bla:finmgt:v:38:y:2009:i:1:p:139-160

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    Cited by:
    1. Jelisavka Bulatovic, 2011. "Application of Method of Financial Risk in Serbian Companies - Survey Sample Company," International Journal of Economics and Financial Issues, Econjournals, vol. 1(2), pages 54-73, June.
    2. Jackie Krafft & Yiping Qu & Jacques-Laurent Ravix, 2011. "Gouvernance d'entreprise et performances sectorielles: une réévaluation de la fiabilité des scores et des mesures de bonne gouvernance," Post-Print hal-00493371, HAL.
    3. Ammann, Manuel & Oesch, David & Schmid, Markus M., 2011. "Corporate governance and firm value: International evidence," Journal of Empirical Finance, Elsevier, vol. 18(1), pages 36-55, January.

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