Internet-based corporate disclosure and market value : evidence from Latin America
We examine the relationship between an Internet-based corporate disclosure index and firm value in the seven largest stock markets of Latin America. We find, after controlling for firms' characteristics, industry and country of origin, that an increase of 1% in the Internet-Based Corporate Disc...
- Autores:
-
Garay, Urbi
González Ferrero, Maximiliano
Guzmán Vásquez, Alexander
Trujillo Dávila , María Andrea
- Tipo de recurso:
- Article of investigation
- Fecha de publicación:
- 2013
- Institución:
- Colegio de Estudios Superiores de Administración
- Repositorio:
- Repositorio CESA
- Idioma:
- eng
- OAI Identifier:
- oai:repository.cesa.edu.co:10726/5133
- Palabra clave:
- Firm value
Corporate governance indices
Latin America
- Rights
- License
- Acceso Restringido
Summary: | We examine the relationship between an Internet-based corporate disclosure index and firm value in the seven largest stock markets of Latin America. We find, after controlling for firms' characteristics, industry and country of origin, that an increase of 1% in the Internet-Based Corporate Disclosure Index causes an increase of 0.1592% in the Tobin's Q and an increase of 0.0119% in the firm's ROA. These findings are robust after considering the potential endogeneity of our regression variables. The evidence contributes to the literature suggesting that firms can differentiate themselves by self-adopting better financial and corporate disclosure measures using the Internet. |
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