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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/128722


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    题名: The Effects of Executive Compensation and Outside Monitoring on Firms’ Pre-Repurchase Disclosure Behavior and Post-Repurchase Performance
    作者: 陳聖賢
    Chen, Sheng-Syan
    Chou, Robin K.
    Lee, Yun-Chi
    贡献者: 財管系
    日期: 2018-12
    上传时间: 2020-02-20 14:30:27 (UTC+8)
    摘要: 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.
    關聯: Review of Quantitative Finance and Accounting, 54, 111-158
    数据类型: article
    显示于类别:[財務管理學系] 期刊論文

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