Investor Protection and Corporate Governance
Reads0
Chats0
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
More filters
Journal ArticleDOI
Economic Consequences of Financial Reporting and Disclosure Regulation: A Review and Suggestions for Future Research
Christian Leuz,Peter D. Wysocki +1 more
TL;DR: In this paper, a survey of the theoretical and empirical literature on the economic consequences of financial reporting and disclosure regulation is presented, highlighting important unanswered questions and concluding with numerous suggestions for future research.
The journal of political economy
TL;DR: In this paper, the authors explore a hypothesis, based on acIcumulating evidence, regarding the character of inventions likely to issue from the research laboratories of the large industrial corporations.
Journal ArticleDOI
Earnings Management and Cross Listing: Are Reconciled Earnings Comparable to US Earnings?
TL;DR: The authors compare the characteristics of US GAAP earnings for US firms with reconciled earnings for non-US firms cross listing on US markets, and find that the reconciled results for nonUS firms differ systematically from USGAAP earnings, and are characterized by more evidence of smoothing, a greater tendency to manage earnings towards a target, a lower association with share price and less timely recognition of losses.
Journal ArticleDOI
Corporate Governance in Asia: A Survey
Stijn Claessens,Joseph P. H. Fan +1 more
TL;DR: In this article, the authors review the literature on corporate governance issues in Asia to develop region-specific and general lessons, and show that conventional and alternative corporate governance mechanisms can have limited effectiveness in systems with weak institutions and poor property rights.
Journal ArticleDOI
Accounting standards and value relevance of financial statements: an international analysis
TL;DR: The authors found that the use of accrual accounting (versus cash accounting) negatively affects the value relevance of financial statements in countries with weak or no shareholder protection, while this negative effect does not exist in countries that have strong or no shareholders protection.
References
More filters
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.