Market reaction to Audit Committee director departures: Evidence from the post-SOX period - Audencia Access content directly
Journal Articles Economics Bulletin Year : 2016

Market reaction to Audit Committee director departures: Evidence from the post-SOX period

Etienne Redor
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Abstract

Although the Audit Committee is a key component of corporate governance, very few studies have analyzed the market reaction to the departure of an Audit Committee Director. In this paper, we study the market reaction to 90 Audit Committee Director departures between 2004 and 2014. We find no significant market reaction at either the time of a non co-opted directors' departure or at the time of a financial expert directors' departure. Conversely, we show a significant positive market reaction at the announcement of a female Audit Committee member's departure, but no significant market reaction to the announcement of a male Audit Committee member's departure.
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Dates and versions

hal-01343678 , version 1 (09-07-2016)

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  • HAL Id : hal-01343678 , version 1

Cite

Etienne Redor. Market reaction to Audit Committee director departures: Evidence from the post-SOX period. Economics Bulletin, 2016, 36 (3), pp.1267-1274. ⟨hal-01343678⟩

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