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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/129865

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/129865

Title:	The Effects of Executive Compensation and Outside Monitoring on Firms` Pre-repurchase Disclosure Behavior and Post-repurchase Performance
Authors:	周冠男 Chou, Robin K. 陳聖賢 Chen, Sheng-Syan 李芸綺 Lee, Yun-Chi
Contributors:	財管系
Keywords:	Corporate governance;Repurchase;Voluntary disclosure;Long-term performance
Date:	2020-01
Issue Date:	2020-05-26 13:41:52 (UTC+8)
Abstract:	We show that corporate governance mechanisms play an important role in controlling managers’ opportunistic behavior. Low executive equity compensation and a high intensity of outside monitoring help to discourage undesirable self-interested disclosure decisions by management before share repurchases. Corporate governance mechanisms also have a significant impact on long-run abnormal stock prices and operating performance. Firms that manipulate pre-repurchase disclosures experience positive long-term abnormal stock returns. However, we do not find that these firms experience positive long-run operating performance. Corporate governance mechanisms significantly attenuate the tendency toward negative pre-repurchase disclosures and their effects on stock prices and operating performance.
Relation:	Review of Quantitative Finance and Accounting, Vol.54, pp.111-158
Data Type:	article
DOI 連結:	https://doi.org/10.1007/s11156-018-00785-1
DOI:	10.1007/s11156-018-00785-1
Appears in Collections:	[財務管理學系] 期刊論文

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