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Economic Impact of 'Regulation on Corporate Governance': Evidence from India

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Author Info

  • Asish K. Bhattacharyya

    (Indian Institute of Management Calcutta)

  • Sadhalaxmi Vivek Rao

    (Indian Institute of Management Calcutta)

Abstract

India, with its 20 million shareholders, is one of the largest emerging markets in terms of the market capitalization. In order to protect the large investor base, the Securities and Exchange Board of India (SEBI) has enforced a regulation effective from April 2001, requiring mandatory disclosure of information and a change in the corporate governance mechanisms of the listed companies. This study empirically examines the economic impact of the Regulation on the stock market variables. The experimental group exhibits significant reduction in their beta consistent to the notion that increased information and better corporate governance mechanism reduces the risk of these companies.

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File URL: http://128.118.178.162/eps/fin/papers/0504/0504002.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Finance with number 0504002.

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Length: 65 pages
Date of creation: 02 Apr 2005
Date of revision:
Handle: RePEc:wpa:wuwpfi:0504002

Note: Type of Document - pdf; pages: 65. PDF, ~500KB, 65 pages
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Web page: http://128.118.178.162

Related research

Keywords: Corporate Governance; Financial Disclosure Regulation; Voluntary Disclosure; Risk; Cost of Capital;

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Cited by:
  1. Sonja Fagernäs, 2006. "How do family ties, boards and regulation affect pay at the top? Evidence for Indian CEOs," ESRC Centre for Business Research - Working Papers wp335, ESRC Centre for Business Research.

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