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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Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China
TL;DR: This paper examined the wealth effects of three regulatory changes designed to improve minority-shareholder protection in Chinese stock markets and found that firms with weaker governance experienced significantly larger abnormal returns around announcements of the new regulations than did firms with stronger governance.
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Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France, Germany, and Italy
Bronwyn H. Hall,Raffaele Oriani +1 more
TL;DR: In this article, the relative shadow value of R&D in France and Germany is remarkably similar both to each other and to that in the US or the UK during the same period.
Posted Content
Regulation and Bonding: The Sarbanes-Oxley Act and the Flow of International Listings
TL;DR: In this paper, the authors examine the economic impact of the Sarbanes-Oxley Act (SOX) by analyzing foreign listing behavior onto U.S. and U.K stock exchanges before and after the enactment of the Act in 2002.
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Business Group Affiliation, Firm Governance, and Firm Performance: Evidence from China and India
Deeksha Singh,Ajai S. Gaur +1 more
TL;DR: In this paper, the authors examined two aspects of within firm governance, ownership concentration and board independence, and found that ownership concentration had a positive effect on firm performance, while board independence had a negative effect on the firm performance.
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Financing Firms in India
TL;DR: In this article, the authors examine the legal and business environments, financing channels, and growth patterns of different types of firms in India and conclude that firms with access to bank or market finance are not associated with higher growth rates.
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.