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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Board Characteristics and Corporate Social Responsibility: A Meta-Analytic Investigation:
Jan Endrikat,Jan Endrikat,Charl de Villiers,Charl de Villiers,Thomas W. Guenther,Edeltraud Guenther,Edeltraud Guenther +6 more
TL;DR: In this paper, an increasing number of studies have examined the relationships between boards of directors and management and resource provision in corporate strategy and decision-making through monitoring of management and resources provision.
Journal ArticleDOI
The Impact of Institutions on Entrepreneurial Activity
TL;DR: In this paper, the authors present an empirical analysis of the factors which promote entrepreneurial activity across a number of transition, developing and developed countries, and highlight the importance of institutions in promoting entrepreneurial activity.
Posted Content
Private Contracting and Corporate Governance: Evidence from the Provision of Tag-Along Rights in an Emerging Market
TL;DR: In this article, the authors analyse controlling owners incentive to provide non-controlling owners with better protection against self-dealing through offering new shares with tag-along rights, which is the private contracting alternative to equal price provision in takeover legislation.
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Creditors’ and Shareholders’ Reporting Demands in Public Versus Private Firms: Evidence from Europe†
TL;DR: In this paper, the authors investigate whether the importance of accounting information in contracting and communication with shareholders and creditors affects earnings timeliness in publicly disclosed general-purpose financial statements, and they find that shareholders demand symmetric rather than asymmetric reporting demands.
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Dual-class premium, corporate governance, and the mandatory bid rule: Evidence from the Brazilian stock market
TL;DR: In this paper, the authors conduct a systematic analysis of the determinants of the relative price difference between voting and non-voting shares, i.e., the "dual-class premium" within the context of a mandatory bid rule.
References
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Journal ArticleDOI
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.