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dc.contributor.authorAhmad, S.
dc.contributor.authorAkbar, Saeed
dc.contributor.authorKodwani, D.
dc.contributor.authorHalari, A.
dc.contributor.authorShah, Syed Z.
dc.date.accessioned2021-02-16T11:02:31Z
dc.date.accessioned2021-02-23T13:57:24Z
dc.date.available2021-02-16T11:02:31Z
dc.date.available2021-02-23T13:57:24Z
dc.date.issued2021
dc.identifier.citationAhmad S, Akbar S, Kodwani D et al (2021) Compliance or non‐compliance during financial crisis: Does it matter? International Journal of Finance and Economics. Accepted for publication.en_US
dc.identifier.urihttp://hdl.handle.net/10454/18362
dc.descriptionYesen_US
dc.description.abstractThis paper investigates whether shareholder value is affected by non-compliance with the prescriptions of a principle-based ‘comply or explain’ sys-tem of corporate governance in the context of the global financial crisis of2007–2009. Using System Generalized Method of Moments estimates to controlfor different types of endogeneity, the main findings of this paper suggest thatnon-compliance with the UK Corporate Governance Code adversely affectsshareholder value. Furthermore, ex-post estimates reveal that compliance withcertain corporate governance mechanisms is more beneficial than others. Withregard to this, compliance with provisions related to board independence ismore important than complying with performance-related pay requirements ofthe code. These findings have implications for policy makers and financialinstitutions regarding the usefulness of compliance with a prescribed code ofcorporate governance, specifically during periods of financial distress.en_US
dc.language.isoenen_US
dc.relation.isreferencedbyhttps://doi.org/10.1002/ijfe.2538en_US
dc.rights(c) 2021 The Authors. This is an Open Access article distributed under the Creative Commons CC-BY license (http://creativecommons.org/licenses/by/4.0/)en_US
dc.subjectFinancial crisisen_US
dc.subjectFinancial firmsen_US
dc.subjectGovernance mechanismen_US
dc.subjectInternal controlsen_US
dc.subjectNon-complianceen_US
dc.titleCompliance or non‐compliance during financial crisis: Does it matter?en_US
dc.status.refereedYesen_US
dc.date.Accepted2021-01-17
dc.date.application2021-02-09
dc.typeArticleen_US
dc.type.versionPublished versionen_US
dc.date.updated2021-02-16T11:02:34Z
refterms.dateFOA2021-02-23T14:00:01Z
dc.openaccess.statusGolden_US


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