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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The Assessment: Finance, Law, and Growth
Colin Mayer,Oren Sussman +1 more
TL;DR: In this paper, the authors review the development of corporate finance from domestic analyses to international comparisons of financial systems, to comparative corporate governance, to law and finance, and most recently to politics and finance.
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Exploring the Impact of Legal Systems and Financial Structure on Corporate Responsibility
TL;DR: In this paper, the authors investigated how diverse European legal systems and financial structures influence corporate social and environmental responsibility and found that large companies tend to behave in a more socially and environmentally responsible manner regardless of their financial performance or available cash.
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Corporate governance, investor protection, and the home bias
TL;DR: In this paper, the authors construct an estimate of the world portfolio of shares available to investors who are not controlling shareholders (the world float portfolio) and show that most firms in countries with poor investor protection are closely held so that investors cannot hold the market portfolio.
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The Impact of Corporate Governance Structure on the Efficiency Performance of Insurance Companies in Taiwan
TL;DR: Wang et al. as discussed by the authors investigated whether corporate governance variables such as insider ownership, voting rights, cash-flow rights, and board composition influence the efficiency performance of insurance companies.
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Does capital structure mediate the link between CEO characteristics and firm performance
TL;DR: In this article, the impact of a chief executive officer's (CEO) personal and organizational characteristics on firm performance in the context of a developing country and to explore whether capital structure mediates the relationship between CEO characteristics and firm performance.
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.