Investor Protection and Corporate Governance
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TLDR
In this article, the authors argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems, and discuss the possible origins of these differences, summarize their consequences, and assess potential strategies of corporate governance reform.About:
This article is published in Journal of Financial Economics.The article was published on 2000-01-01 and is currently open access. It has received 6387 citations till now. The article focuses on the topics: Corporate governance & Private benefits of control.read more
Citations
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Do countries matter for voluntary disclosure? Evidence from cross-listed firms in the US
TL;DR: In this paper, the authors explore the likelihood and consequences of voluntary disclosure for a sample of 1005 cross-listed firms in the US from 40 countries over the period 1996-2005.
Posted Content
The Role of Financial Markets and Innovation in Productivity and Growth in Europe
Philipp Hartmann,Philipp Hartmann,Florian Heider,Florian Heider,Elias Papaioannou,Marco Lo Duca +5 more
TL;DR: In this paper, the authors present a selection of indicators describing the efficiency and development of the European financial system from the perspective of a variety of dimensions, and an attempt is made to estimate the extent to which greater financial efficiency might improve the allocation of productive capital in Europe.
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Impact of board gender diversity on dividend payments: Evidence from some emerging economies
Abubakr Saeed,Muhammad Sameer +1 more
TL;DR: In this article, the authors investigated the impact of board gender diversity on dividend payments in the context of emerging economies using a dataset of listed firms from India, China and Russia over the period 2007-2014.
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Committee Independence and Financial Institution Performance during the 2007-08 Credit Crunch: Evidence from a Multi-country Study
TL;DR: Zhang et al. as discussed by the authors explored whether the performance is higher for financial institutions with more independent directors on different committees during the 2007-08 financial crisis, and they also examined the moderating effect of a country-level civil law dummy and firm level excessive risk-taking behaviors on the independence-performance relationships.
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Minority Shareholder Protections and the Private Benefits of Control for Swedish Mergers
Martin Holmen,John D. Knopf +1 more
TL;DR: In this article, the authors used data on Swedish mergers to find limited evidence of shareholder expropriation and found that Sweden's extralegal institutions are consistent with greater shareholder protection.
References
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Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal Article
The Cost of Capital, Corporation Finance and the Theory of Investment
TL;DR: In this article, the effect of financial structure on market valuations has been investigated and a theory of investment of the firm under conditions of uncertainty has been developed for the cost-of-capital problem.
Posted Content
Law and Finance
Rafael La Porta,Rafael La Porta,Florencio Lopez de Silanes,Florencio Lopez de Silanes,Andrei Shleifer,Andrei Shleifer,Robert W. Vishny,Robert W. Vishny +7 more
TL;DR: This paper examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common law countries generally have the best, and French civil law countries the worst, legal protections of investors.
Journal ArticleDOI
Law and Finance
TL;DR: In this article, the authors examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common-law countries generally have the strongest, and French civil law countries the weakest, legal protections of investors, with German- and Scandinavian-civil law countries located in the middle.
Posted Content
A Survey of Corporate Governance
TL;DR: The authors surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and presents a survey of the literature.