alexa Does Corporate Governance Matter? Evidence from New Chinese Corporate Governance Disclosures
ISSN: 2472-114X

International Journal of Accounting Research
Open Access

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Research Article

Does Corporate Governance Matter? Evidence from New Chinese Corporate Governance Disclosures

Zabihollah Rezaee*

School of Accountancy, University of Memphis, USA

*Corresponding Author:
Zabihollah Rezaee
School of Accountancy, University
of Memphis, Memphis, TN 38152, USA
Tel: +901.678.4652
Fax: + 901.678.2685
E-mail: [email protected]

Received Date: July 04, 2016; Accepted Date: October 17, 2016; Published Date: November 17, 2016

Citation: Rezaee Z (2016) Does Corporate Governance Matter? Evidence from New Chinese Corporate Governance Disclosures. Int J Account Res 4:140. doi:10.4172/2472-114X.1000140

Copyright: © 2016 Rezaee Z. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

 

Abstract

This paper examines the association between corporate governance, financial distress risk, and firm financial and market performance by using the Corporate Governance in Finance (CGF) Index developed for Chinese firms. We find that the CGF Index is significantly negatively associated with financial distress risk measured by the Zmijewski-score, O-score, and Z-score. We also find that accounting and market performance measures are significantly positively related to the CGF Index. Finally, for the short-window cumulative abnormal returns (CAR), we find that, around the release of CGF Index, the CAR of firms with lower scores are significantly negative, while that of firms with higher CGF Index scores are not significant. Our results provide further support for the important role of corporate governance effectiveness in the financial reporting process in the emerging markets.

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