Market Reaction to Corporate Governance Reform: Evidence From China

IF 2.7 3区经济学 Q2 ECONOMICS

Managerial and Decision Economics Pub Date : 2025-02-14 DOI:10.1002/mde.4498

Haitian Wei, Rasidah Mohd-Rashid, Agung Masyad Fawzi, Chai-Aun Ooi, Haixuan Wei

引用次数: 0

Abstract

Considering the market's different opinions on ESG, this study examines the market reaction to corporate governance reform within the context of ESG disclosure. By employing the event study methodology, it is demonstrated that the Chinese market exhibited an adverse reaction to the announcement of corporate governance reform. Furthermore, this study uses the ordinary least squares (OLS) model to demonstrate that ESG performance has a negative impact on cumulative abnormal return. It finds that the Chinese market had negative views about ESG disclosure. The findings have significant implications for the understanding of investor behavior and ESG-related policies in emerging markets.

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市场对公司治理改革的反应：来自中国的证据

考虑到市场对ESG的不同看法，本研究考察了ESG披露背景下市场对公司治理改革的反应。运用事件研究的方法，证明中国市场对公司治理改革的公告表现出不利的反应。此外，本研究使用普通最小二乘（OLS）模型证明了ESG绩效对累积异常收益具有负向影响。研究发现，中国市场对ESG信息披露持负面看法。研究结果对理解新兴市场的投资者行为和esg相关政策具有重要意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Managerial and Decision Economics Multiple-

CiteScore

1.40

自引率

18.20%

发文量

242

期刊介绍： Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.