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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: http://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.
    Chen, Sheng-Syan
    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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