Corporate Governance and Regulation : Can There Be Too Much of a Good Thing?

• Tác giả: Valentina G Bruno
• Ngôn ngữ: eng
• Ký hiệu phân loại: 658.1 Organization and finance
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 322625
• Chủ đề: 1. ACCOUNTABILITY; 2. AGENCY COSTS; 3. ANTI-TAKEOVER PROVISIONS; 4. AUDIT COMMITTEE; 5. AUDIT COMMITTEES

Tóm tắt

For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers.