The Relevance of XBRL Voluntary Disclosure for Stock Market Valuation: The Role of Corporate Governance

2018 ◽  
Vol 36 (1) ◽  
pp. 113-127 ◽  
Author(s):  
Denis Cormier ◽  
Dominique Dufour ◽  
Philippe Luu ◽  
Pierre Teller ◽  
Robert Teller
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Voluntary Disclosure ◽  
Market Valuation ◽  
Stock Market Valuation

Stock market valuation of R&D expenditures—The role of corporate governance

2015 ◽  
Vol 31 ◽  
pp. 78-93 ◽  
Author(s):  
Konan Chan ◽  
Hung-Kun Chen ◽  
Li-Hong Hong ◽  
Yanzhi Wang
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Market Valuation ◽  
Stock Market Valuation

Stock Market Valuation with Real Options:

2002 ◽  
Vol 20 (5) ◽  
pp. 512-526 ◽  
Author(s):  
Adrian Buckley ◽  
Kalun Tse ◽  
Herbert Rijken ◽  
Hans Eijgenhuijsen
Keyword(s):  
Stock Market ◽  
Real Options ◽  
Market Valuation ◽  
Stock Market Valuation

scholarly journals Media Coverage and the Stock Market Valuation of TARP Participating Banks‡

2015 ◽  
Vol 25 (2) ◽  
pp. 347-371 ◽  
Author(s):  
Jeffrey Ng ◽  
Florin P. Vasvari ◽  
Regina Wittenberg-Moerman
Keyword(s):  
Stock Market ◽  
Media Coverage ◽  
Market Valuation ◽  
Stock Market Valuation

scholarly journals What does corporate social advocacy signal? Evidence from boycott participation decisions

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pyemo N. Afego ◽  
Imhotep P. Alagidede
Keyword(s):  
Content Analysis ◽  
Stock Market ◽  
Event Study ◽  
Market Valuation ◽  
Social Advocacy ◽  
Content Type ◽  
Political Issues ◽  
Stock Market Valuation ◽  
Corporate Social ◽  
The Impact

PurposeThis paper explores how a firm's public stand on a social-political issue can be a salient signal of the firm's values, identity and reputation. In particular, it investigates how boycott participation–conceptualized as a cue of a corporation's stand on important social-political issues–may affect the stock market valuation of that corporation, as well as how corporations legitimise their stand on the issues.Design/methodology/approachThe authors employ a mixed-methods design that uses both qualitative techniques (content analysis) and quantitative methods (event study methodology) to examine a sample of US firms who participated in a boycott campaign that sought to call attention to issues of hate speech, misinformation and discriminatory content on social media platform Facebook.FindingsFindings from the qualitative content analysis of company statements show that firms legitimise their stand on, and participation in, the boycott by expressing altruistic values and suggesting to stakeholders that their stand aligns not only with organizational values/convictions but also with the greater social good. Importantly, the event study results show that firms who publicly announced their intention to participate in the boycott, on average, earn a statistically significant positive abnormal stock return of 2.68% in the four days immediately after their announcements.Research limitations/implicationsFindings relate to a specific case of a boycott campaign. Also, the sample size is limited and restricted to US stocks. The signalling value of corporate social advocacy actions may vary across countries due to institutional and cultural differences. Market reaction may also be different for issues that are more charged than the ones examined in this study. Therefore, future research might investigate other markets, use larger sample sizes and consider a broader range of social-political issues.Practical implicationsThe presence of significant stock price changes for firms that publicly announced their decision to side with activists on the issue of hate propaganda and misinformation offers potentially valuable insights on the timing of trades for investors and arbitrageurs. Insights from the study also provide a practical resource that can be used to inform organizations' decision-making about such issues.Social implicationsTaking the lead to push on social-political issues, such as hate propaganda, discrimination, among others, and communicating their stands in a way that speaks to their values and identity, could be rewarding for companies.Originality/valueThis study provides novel evidence on the impact that corporate stances on important social-political issues can have on stock market valuation of firms and therefore extends the existing related research which until now has focused on the impact on consumer purchasing intent and brand loyalty.

scholarly journals Stock Market Valuation Indicators: Is This Time Different?

1996 ◽  
Vol 52 (3) ◽  
pp. 56-64 ◽  
Author(s):  
Kevin Cole ◽  
Jean Helwege ◽  
David Laster
Keyword(s):  
Stock Market ◽  
Market Valuation ◽  
Stock Market Valuation
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