Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 27, 2007 erstellt
Beschreibung:
We address the question of whether the quality of corporate values contribute significantly to improve the stock performance of banks listed on emerging stock markets in six Latin-American countries (Argentina, Brazil, Chile, Colombia, Peru and Mexico). The corporate values analyzed are ethics, corporate governance, social responsibility, sustainability, and transparency. Stock performance is evaluated considering stock volatility, liquidity, and abnormal stock returns. The research design involves linear cross-section multiple regressions where the dependent variable is stock performance and the explanatory variables are corporate values, together with a set of control variables. We show that corporate values as a single average index show a negative relationship with stock return volatility, as expected. Individually, ethics, social responsibility, sustainability and transparency also show negative relationships with stock volatility, whereas corporate governance does not. We also find that ethics reduces liquidity and that there is no significant relationship between the corporate values studied and stock abnormal returns