| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10726 |
| 来源ID | Working Paper 10726 |
| Why Do Countries Matter So Much for Corporate Governance? | |
| Rene M. Stulz; Craig Doidge; Andrew Karolyi | |
| 发表日期 | 2004-09-06 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper develops and tests a model of how country characteristics, such as legal protections for minority investors, and the level of economic and financial development, influence firms' costs and benefits in implementing measures to improve their own governance and transparency. The model focuses on an entrepreneur who needs to raise funds to finance the firm's investment opportunities and who decides whether or not to invest in better firm-level governance mechanisms to reduce agency costs. We show that, for a given level of country investor protection, the incentives to adopt better governance mechanisms at the firm level increase with a country's financial and economic development. When economic and financial development is poor, the incentives to improve firm-level governance are low because outside finance is expensive and the adoption of better governance mechanisms is expensive. Using firm-level data on international corporate governance and transparency ratings for a large sample of firms from around the world, we find evidence consistent with this prediction. Specifically, we show that (1) almost all of the variation in governance ratings across firms in less developed countries is attributable to country characteristics rather than firm characteristics typically used to explain governance choices, (2) firm characteristics explain more of the variation in governance ratings in more developed countries, and (3) access to global capital markets sharpens firm incentives for better governance, but decreases the importance of home-country legal protections of minority investors. |
| 主题 | Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w10726 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568358 |
| 推荐引用方式 GB/T 7714 | Rene M. Stulz,Craig Doidge,Andrew Karolyi. Why Do Countries Matter So Much for Corporate Governance?. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10726.pdf（332KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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