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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Journal ArticleDOI
The Role of Multiple Large Shareholders in the Choice of Debt Source
TL;DR: In this article, the effect of multiple large shareholders on debt choice was examined using a sample of 654 French-listed firms over the period 1998-2013, and the authors found that reliance on bank debt increases with the presence and voting power of MLS.
Journal ArticleDOI
Board and audit committee effectiveness, ethnic diversification and earnings management: a study of the Malaysian manufacturing sector
TL;DR: In this paper, the implications of the Revised Malaysian Code on Corporate Governance (2007) toward the effectiveness of the board and audit committees in Malaysian manufacturing companies are examined and the findings show that the corporate governance mechanism in Malaysian firms is currently inadequate in preventing earnings management and extra effort is needed to improve board governance.
Book ChapterDOI
Managing Economic Volatility and Crises: Managing Macroeconomic Crises: Policy Lessons
Jeffrey Frankel,Shang-Jin Wei +1 more
TL;DR: Wei et al. as mentioned in this paper reviewed the last decade of the last eight years of the International Monetary Fund (IMF) and found that these policies can always be reversed later, as history has shown.
Journal ArticleDOI
Latin America's New Economic Model: Micro Responses and Economic Restructuring
Nola Reinhardt,Wilson Peres +1 more
TL;DR: A special issue on the microeconomics of Latin America under the New Economic Model (NEM) is presented in this article, which reviews the rationale and policies of the NEM, and analyzes the impact of the reforms at the macroeconomic, sectoral and microeconomic levels.
Posted Content
Latin America's New Economic Model: Micro Responses and Economic Restructuring
Nola Reinhardt,Wilson Peres +1 more
TL;DR: A special issue on the microeconomics of Latin America under the New Economic Model (NEM) is presented in this paper, which reviews the rationale and policies of the NEM, and analyzes the impact of the reforms at the macroeconomic, sectoral and microeconomic levels.
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.