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Corporate governance and market performance of parent firms following equity carve-out announcements

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dc.contributor.author Chahine S.
dc.contributor.author Zeidan M.J.
dc.contributor.editor
dc.date 2014
dc.date.accessioned 2017-09-07T07:51:36Z
dc.date.available 2017-09-07T07:51:36Z
dc.date.issued 2014
dc.identifier 10.1007/s10997-012-9245-2
dc.identifier.isbn
dc.identifier.issn 13853457
dc.identifier.uri http://hdl.handle.net/10938/12237
dc.description.abstract Using the Gompers, Ishii, and Metrick corporate governance index on a sample of 158 parent firms, this study demonstrates that firms with a superior governance rating have a higher short-term market reaction to carve-out announcements relative to firms with an inferior governance rating. Although the data supports previous evidence regarding negative long-term market reaction that parent firms typically experience following equity carve-outs, the results show that well-governed firms marginally outperform others. The findings also confirm that the dynamic effects related to improvements in corporate governance positively affect the long-term market outcome of parent firms; this relation is more significant in well-governed parent firms. Finally, the study shows evidence that corporate governance helps mitigate the agency problems related to the financing hypothesis, which results in better short and long-term market reactions following carve-out announcements. © 2012 Springer Science+Business Media New York.
dc.format.extent
dc.format.extent Pages: (471-503)
dc.language English
dc.publisher Springer New York LLC;
dc.relation.ispartof Publication Name: Journal of Management and Governance; Publication Year: 2014; Volume: 18; no. 2; Pages: (471-503);
dc.relation.ispartofseries
dc.relation.uri
dc.source Scopus
dc.subject.other
dc.title Corporate governance and market performance of parent firms following equity carve-out announcements
dc.type Article
dc.contributor.affiliation Chahine, S., Department of Finance, The Olayan School of Business, American University of Beirut, Bliss Street, Beirut, Lebanon
dc.contributor.affiliation Zeidan, M.J., Department of Management, The Olayan School of Business, American University of Beirut, Bliss Street, Beirut, Lebanon
dc.contributor.authorAddress Chahine, S.; Department of Finance, The Olayan School of Business, American University of Beirut, Bliss Street, Beirut, Lebanon; email: sc09@aub.edu.lb
dc.contributor.authorCorporate University: American University of Beirut; Faculty: Suliman S. Olayan School of Business; Department: School of Business;
dc.contributor.authorDepartment School of Business
dc.contributor.authorDivision
dc.contributor.authorEmail
dc.contributor.authorFaculty Suliman S. Olayan School of Business
dc.contributor.authorInitials
dc.contributor.authorOrcidID
dc.contributor.authorReprintAddress
dc.contributor.authorResearcherID
dc.contributor.authorUniversity American University of Beirut
dc.description.cited
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dc.description.citedWOSCount
dc.format.extentCount 33
dc.identifier.articleNo
dc.identifier.coden
dc.identifier.pubmedID
dc.identifier.scopusID 84897436100
dc.identifier.url
dc.publisher.address
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dc.relation.ispartofConferenceLoc
dc.relation.ispartofConferenceSponsor
dc.relation.ispartofConferenceTitle
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dc.relation.ispartOfISOAbbr
dc.relation.ispartOfIssue 2
dc.relation.ispartOfPart
dc.relation.ispartofPubTitle Journal of Management and Governance
dc.relation.ispartofPubTitleAbbr J. Manage. Gov.
dc.relation.ispartOfSpecialIssue
dc.relation.ispartOfSuppl
dc.relation.ispartOfVolume 18
dc.source.ID
dc.type.publication Journal
dc.subject.otherAuthKeyword Corporate governance
dc.subject.otherAuthKeyword Equity carve-outs
dc.subject.otherAuthKeyword Market reaction
dc.subject.otherChemCAS
dc.subject.otherIndex
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