Market Efficiency and Organizational Corruption: Study on the Impact on Shareholder Value

With this study, we e valuated the influence of disclosure of the involvement of organizations in corruption on creating value for shareholders. We chosen four companies that had their names linked to allegations of corruption in the past 10 years. An event study was us...

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Autores principales:	Renata Crosara Miari, José Marcos Carvalho de Mesquita, Daniel Jardim Pardini
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2015
Materias:	corruption value creation stock market Business HF5001-6182
Acceso en línea:	https://doaj.org/article/78e11bf2cde14e6c978bb9f23dbb2d72
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spelling	oai:doaj.org-article:78e11bf2cde14e6c978bb9f23dbb2d722021-11-11T15:48:06ZMarket Efficiency and Organizational Corruption: Study on the Impact on Shareholder Value1807-734Xhttps://doaj.org/article/78e11bf2cde14e6c978bb9f23dbb2d722015-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123041059001https://doaj.org/toc/1807-734XWith this study, we e valuated the influence of disclosure of the involvement of organizations in corruption on creating value for shareholders. We chosen four companies that had their names linked to allegations of corruption in the past 10 years. An event study was used to ve rify if relevant information tends to be immediately reflected in stock prices. We selected 28 events for analysis and we observed negative and positive variations of the securities in relation to the market, in the days before the disclosure, as in most o f the 20 days after publication. However, in cumulative terms, there was a rise in prices over time, returning to levels near those observed before advertising the event. The results indicate that the market did not behave efficiently in this analyzed period.Renata Crosara MiariJosé Marcos Carvalho de MesquitaDaniel Jardim PardiniFUCAPE Business Schoolarticlecorruptionvalue creationstock marketBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Pp 1-23 (2015)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	corruption value creation stock market Business HF5001-6182
spellingShingle	corruption value creation stock market Business HF5001-6182 Renata Crosara Miari José Marcos Carvalho de Mesquita Daniel Jardim Pardini Market Efficiency and Organizational Corruption: Study on the Impact on Shareholder Value
description	With this study, we e valuated the influence of disclosure of the involvement of organizations in corruption on creating value for shareholders. We chosen four companies that had their names linked to allegations of corruption in the past 10 years. An event study was used to ve rify if relevant information tends to be immediately reflected in stock prices. We selected 28 events for analysis and we observed negative and positive variations of the securities in relation to the market, in the days before the disclosure, as in most o f the 20 days after publication. However, in cumulative terms, there was a rise in prices over time, returning to levels near those observed before advertising the event. The results indicate that the market did not behave efficiently in this analyzed period.
format	article
author	Renata Crosara Miari José Marcos Carvalho de Mesquita Daniel Jardim Pardini
author_facet	Renata Crosara Miari José Marcos Carvalho de Mesquita Daniel Jardim Pardini
author_sort	Renata Crosara Miari
title	Market Efficiency and Organizational Corruption: Study on the Impact on Shareholder Value
title_short	Market Efficiency and Organizational Corruption: Study on the Impact on Shareholder Value
title_full	Market Efficiency and Organizational Corruption: Study on the Impact on Shareholder Value
title_fullStr	Market Efficiency and Organizational Corruption: Study on the Impact on Shareholder Value
title_full_unstemmed	Market Efficiency and Organizational Corruption: Study on the Impact on Shareholder Value
title_sort	market efficiency and organizational corruption: study on the impact on shareholder value
publisher	FUCAPE Business School
publishDate	2015
url	https://doaj.org/article/78e11bf2cde14e6c978bb9f23dbb2d72
work_keys_str_mv	AT renatacrosaramiari marketefficiencyandorganizationalcorruptionstudyontheimpactonshareholdervalue AT josemarcoscarvalhodemesquita marketefficiencyandorganizationalcorruptionstudyontheimpactonshareholdervalue AT danieljardimpardini marketefficiencyandorganizationalcorruptionstudyontheimpactonshareholdervalue
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Market Efficiency and Organizational Corruption: Study on the Impact on Shareholder Value

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