Publication
Corporate governance effects on market volatility:empirical evidence from portuguese listed firms
| dc.contributor.author | Teodósio, João | |
| dc.contributor.author | Madaleno, Mara | |
| dc.contributor.author | Vieira, Elisabete | |
| dc.date.accessioned | 2022-08-10T21:00:22Z | |
| dc.date.available | 2022-08-10T21:00:22Z | |
| dc.date.issued | 2022 | |
| dc.description.abstract | 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. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | 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 | pt_PT |
| dc.identifier.doi | 10.7819/rbgn.v24i1.4156 | pt_PT |
| dc.identifier.issn | 1806-4892 | |
| dc.identifier.issn | 1983-0807 | |
| dc.identifier.uri | http://hdl.handle.net/10400.15/4053 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.publisher | Fundação Escola de Comércio Álvares Penteado | pt_PT |
| dc.relation.publisherversion | https://www.scielo.br/j/rbgn/a/G9GS5DFwnNq4CdwD4Bv4hcH/abstract/?lang=en | pt_PT |
| dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | pt_PT |
| dc.subject | Directors | pt_PT |
| dc.subject | Board | pt_PT |
| dc.subject | Volatility | pt_PT |
| dc.subject | Stock returns | pt_PT |
| dc.subject | Independence | pt_PT |
| dc.title | Corporate governance effects on market volatility:empirical evidence from portuguese listed firms | pt_PT |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| oaire.citation.conferencePlace | São Paulo, Brasil | pt_PT |
| oaire.citation.endPage | 174 | pt_PT |
| oaire.citation.issue | 1 | pt_PT |
| oaire.citation.startPage | 159 | pt_PT |
| oaire.citation.title | Revista Brasileira de Gestão de Negócios | pt_PT |
| oaire.citation.volume | 24 | pt_PT |
| person.familyName | Teodósio | |
| person.givenName | João | |
| person.identifier.orcid | 0000-0003-3657-325X | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | article | pt_PT |
| relation.isAuthorOfPublication | 2a477dc2-0454-46b2-92eb-179276ac710b | |
| relation.isAuthorOfPublication.latestForDiscovery | 2a477dc2-0454-46b2-92eb-179276ac710b |