Droit et gouvernance des entreprises. Mythe ou réalité ?
AbstractThe law and finance literature states that legal tradition exerts a first-order impact on corporate financing and governance. It also states the superiority of the English Common Law over the French Civil Law. While influential, the law and finance view has weak theoretical and methodological foundations. This paper examines a number of criticisms addressed to this literature and argues for a less ambitious approach of the interaction between law and finance. Rather than focusing on country-level factors such as legal origin, future work should study how legal variables and firm-level factors simultaneously affect corporate governance practices and financial contracts. Classification JEL : G2, G32, K2
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 58 (2007)
Issue (Month): 6 ()
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Find related papers by JEL classification:
- G2 - Financial Economics - - Financial Institutions and Services
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- K2 - Law and Economics - - Regulation and Business Law
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