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 Impact of Legal and Political Institutions on Equity Trading Costs: A Cross-Country Analysis
TL;DR: In this paper, the authors conjecture that macro-level institutions affect equity trading costs through their impact on information risk and investor participation, and conclude that improvements in legal and political institutions will lower the cost of liquidity in financial markets.
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Bundles of Firm Corporate Governance Practices: A Fuzzy Set Analysis
TL;DR: In this paper, the authors explore how the combinations of firm-level corporate governance (CG) practices embedded in different national governance systems lead to high firm performance, and demonstrate that there can be heterogeneity (differences in kind) in firm governance practices within each stylized model of CG.
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Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection
TL;DR: In this paper, the interaction between legal shareholders protection, managerial incentives, and ownership concentration is analyzed, and it is shown that better legal protection may exacerbate rather than alleviate the conflict of interest between large and small shareholders.
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Do Social Ties between External Auditors and Audit Committee Members Affect Audit Quality
TL;DR: In this paper, the authors examine whether social ties between engagement auditors and audit committee members shape audit outcomes and find that close interpersonal relations can undermine auditors' monitoring of the financial reporting process.
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Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand
TL;DR: In this article, the authors examine the relation between the quality of corporate governance practices and firm value for Thai firms, which often have complex ownership structures, and show that, in contrast to conventional measures of governance, their measurement, on average, is positively associated with Tobin’s q.
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.
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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.