Analysis of the organizational corruption effects for shareholders value

Analysis of the organizational corruption effects for shareholders value
Document type
Paper
Author(s)
Mesquita, Jose Marcos; Miari, Renata; Daniel, Pardini
Publisher
British Academy of Management
Date of publication
10 September 2013
Series
British Academy of Management Conference Proceedings 2013
Subject(s)
Management & leadership: including strategy, public sector management, operations and production
Collection
Business and management
Material type
Reports

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This full paper from the Performance Management track of BAM 2013 studied the influence of corruption allegations in the press about creating value for shareholders. It selected four companies that had their names linked to allegations of corruption in the past 10 years. An event study was used to verify if relevant information tends to be immediately reflected in stock prices. The results indicate that the market did not behave efficiently in this analysed period. It was concluded at the end of this paper, that the accusations of corruption not significantly influenced the stock prices of companies analysed in the coming days to events. However, one can observe a negative performance of assets in relation to the market, closer to the dates preceding the date of disclosure, as well as most of the 20 days following the disclosure of the complaints. However, the results can be considered statistically non-significant.

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