Corporate governance effects on market volatility:empirical evidence from portuguese listed firms
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.15/4053 |
Resumo: | Purpose This study examines the relationship between internal corporate governance mechanisms and firm risk-taking. Design/methodology/approach This research comprises a sample of 38 non-financial Portuguese firms listed on Euronext Lisbon, over the period from 2007 to 2017. To test the formulated hypotheses we use panel-corrected standard errors (PCSE) models. Findings Our results provide evidence that, in the Portuguese context, bigger and younger firms, with larger boards of directors and a greater number of independent directors, present higher levels of systematic risk. Our results are consistent across the robustness checks. Originality/value To the best of our knowledge, this is the first time that a robust incremental effect of board size on firm systematic risk is reported. This result contradicts the prevailing literature and opens up a new debate, from a financial markets viewpoint, on the benefits of larger boards of directors in terms of mitigating market volatility. |
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Corporate governance effects on market volatility:empirical evidence from portuguese listed firmsDirectorsBoardVolatilityStock returnsIndependencePurpose This study examines the relationship between internal corporate governance mechanisms and firm risk-taking. Design/methodology/approach This research comprises a sample of 38 non-financial Portuguese firms listed on Euronext Lisbon, over the period from 2007 to 2017. To test the formulated hypotheses we use panel-corrected standard errors (PCSE) models. Findings Our results provide evidence that, in the Portuguese context, bigger and younger firms, with larger boards of directors and a greater number of independent directors, present higher levels of systematic risk. Our results are consistent across the robustness checks. Originality/value To the best of our knowledge, this is the first time that a robust incremental effect of board size on firm systematic risk is reported. This result contradicts the prevailing literature and opens up a new debate, from a financial markets viewpoint, on the benefits of larger boards of directors in terms of mitigating market volatility.Fundação Escola de Comércio Álvares PenteadoRepositório Científico do Instituto Politécnico de SantarémTeodósio, JoãoMadaleno, MaraVieira, Elisabete2022-08-10T21:00:22Z20222022-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.15/4053engTeodósio, J., Madaleno, M. & Vieira, E. (2022). Corporate governance effects on market volatility:empirical evidence from portuguese listed firms. Revista Brasileira de Gestão de Negócios, 24 (1), 159-174. doi:10.7819/rbgn.v24i1.41561806-489210.7819/rbgn.v24i1.4156info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-21T07:36:45Zoai:repositorio.ipsantarem.pt:10400.15/4053Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:55:42.643818Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Corporate governance effects on market volatility:empirical evidence from portuguese listed firms |
title |
Corporate governance effects on market volatility:empirical evidence from portuguese listed firms |
spellingShingle |
Corporate governance effects on market volatility:empirical evidence from portuguese listed firms Teodósio, João Directors Board Volatility Stock returns Independence |
title_short |
Corporate governance effects on market volatility:empirical evidence from portuguese listed firms |
title_full |
Corporate governance effects on market volatility:empirical evidence from portuguese listed firms |
title_fullStr |
Corporate governance effects on market volatility:empirical evidence from portuguese listed firms |
title_full_unstemmed |
Corporate governance effects on market volatility:empirical evidence from portuguese listed firms |
title_sort |
Corporate governance effects on market volatility:empirical evidence from portuguese listed firms |
author |
Teodósio, João |
author_facet |
Teodósio, João Madaleno, Mara Vieira, Elisabete |
author_role |
author |
author2 |
Madaleno, Mara Vieira, Elisabete |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Repositório Científico do Instituto Politécnico de Santarém |
dc.contributor.author.fl_str_mv |
Teodósio, João Madaleno, Mara Vieira, Elisabete |
dc.subject.por.fl_str_mv |
Directors Board Volatility Stock returns Independence |
topic |
Directors Board Volatility Stock returns Independence |
description |
Purpose This study examines the relationship between internal corporate governance mechanisms and firm risk-taking. Design/methodology/approach This research comprises a sample of 38 non-financial Portuguese firms listed on Euronext Lisbon, over the period from 2007 to 2017. To test the formulated hypotheses we use panel-corrected standard errors (PCSE) models. Findings Our results provide evidence that, in the Portuguese context, bigger and younger firms, with larger boards of directors and a greater number of independent directors, present higher levels of systematic risk. Our results are consistent across the robustness checks. Originality/value To the best of our knowledge, this is the first time that a robust incremental effect of board size on firm systematic risk is reported. This result contradicts the prevailing literature and opens up a new debate, from a financial markets viewpoint, on the benefits of larger boards of directors in terms of mitigating market volatility. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-08-10T21:00:22Z 2022 2022-01-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.15/4053 |
url |
http://hdl.handle.net/10400.15/4053 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Teodósio, J., Madaleno, M. & Vieira, E. (2022). Corporate governance effects on market volatility:empirical evidence from portuguese listed firms. Revista Brasileira de Gestão de Negócios, 24 (1), 159-174. doi:10.7819/rbgn.v24i1.4156 1806-4892 10.7819/rbgn.v24i1.4156 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Fundação Escola de Comércio Álvares Penteado |
publisher.none.fl_str_mv |
Fundação Escola de Comércio Álvares Penteado |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799137046408724480 |