... at: c.g.ntim@soton.ac.uk 25 08 2017 02 12 2017 03 01 2018 © Emerald Publishing Limited 2018 Emerald Publishing Limited Licensed re-use rights only UK Charities Governance mechanisms Capital structure and performance Trustee board diversity Women and ethnic minority...

...)   Cremers and Nair (2005) use an index of six internal and external governance mechanisms. The same strategy earns abnormal return that varies from 10 to 15 percent. For Bebchuk et al.(2009) , the abnormal return is equal to 13.9 percent. Drobetz et al. (2003) construct a broad...