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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Estrutura de governança e valor das companhias abertas brasileiras
TL;DR: In this paper, the authors investigate se a estrutura de governanca foi relevante for o valor das companhias abertas no Brasil entre 1998 and 2000.
Board Members' Education and Firm Performance: Evidence from a Developing Economy
TL;DR: In this paper, the influence of the educational qualifications of board members, including the CEO, on the financial performance of Indonesian listed firms was examined, and it was shown that the educational credentials of a board member and the CEO can influence the performance of a company.
Journal ArticleDOI
Control-ownership wedge and investment sensitivity to stock price
Li Jiang,Jeong-Bon Kim,Lei Pang +2 more
TL;DR: In this paper, Chen et al. examined whether insiders' incentives for private control benefits affect investment sensitivity to stock price and found a strong negative association between control-ownership wedge and investment-q sensitivity.
Journal ArticleDOI
Can Civil Law Countries Get Good Institutions? Lessons from the History of Creditor Rights and Bond Markets in Brazil
Aldo Musacchio,Aldo Musacchio +1 more
TL;DR: This article examined the relationship between legal origin and the development of bond markets and showed that there is too much variation over time in terms of bond market size, creditor protections, and court enforcement of bond contracts to assume that the adoption of a legal system can constrain future financial development.
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Examining the influence of corporate governance on intellectual capital efficiency: Evidence from top service firms in Australia
Ranjith Appuhami,Mohammed Bhuyan +1 more
TL;DR: In this article, the influence of corporate governance on intellectual capital in top service firms in Australia is examined using a multiple regression analysis on data collected from corporate annual reports of 300 firm-year observations, and the findings of the regression analysis indicate that CEO duality, board composition and remuneration committee composition are significantly associated with IC.
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.