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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Countries lending infrastructure and capital structure determination: The case of European SMEs
TL;DR: In this article, the impact of countries' lending infrastructure on SMEs' capital structure is investigated in a European context, and the authors find that SME debt is higher in countries with more efficient bankruptcy environments in terms of debt recovery and in countries having less stringent regulatory environments by way of lower capital regulatory requirements for banks.
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Corporate Hedging and Speculation with Derivatives
TL;DR: In this article, the authors present evidence that nonfinancial firms around the world use derivatives for hedging purposes and that the reduction in risk is larger for firms in countries where creditor rights are weak or where derivatives are readily available.
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Corporate governance, managers' independence, exporting and performance of firms in transition economies
TL;DR: In this article, the authors employ Bayesian structural equation modeling to examine the relations among corporate governance, managers' independence from owners in terms of strategic decision-making, exporting, and performance.
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Institutions, Board Structure, and Corporate Performance: Evidence from Chinese Firms
TL;DR: Wang et al. as discussed by the authors investigated how institutional environment like property rights protection influences the size and composition of corporate boards and further, how board structure impacts firm performance in China using a World Bank survey of 2,400 public and private firms across 18 Chinese cities, finding robust evidence that weaker helping hand from the government is associated with a higher number and proportion of outsiders on the board, after controlling for the effects of firm complexity, growth opportunities, CEO characteristics, ownership, and the potential endogeneity concern.
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.