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Corporate Governance and Development

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  • Stijn Claessens

Abstract

The literature shows that good corporate governance generally pays--for firms, for markets, and for countries. It is associated with a lower cost of capital, higher returns on equity, greater efficiency, and more favorable treatment of all stakeholders, although the direction of causality is not always clear. The law and finance literature has documented the important role of institutions aimed at contractual and legal enforcement, including corporate governance, across countries. Using firm-level data, researchers have documented relationships between countries' corporate governance frameworks on the one hand and performance, valuation, the cost of capital, and access to external financing on the other. Given the benefits of good corporate governance, firms and countries should voluntarily reform more. Resistance by entrenched owners and managers at the firm level and political economy factors at the level of markets and countries partly explain why they do not. Copyright 2006, Oxford University Press.

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Bibliographic Info

Article provided by World Bank Group in its journal The World Bank Research Observer.

Volume (Year): 21 (2006)
Issue (Month): 1 ()
Pages: 91-122

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Handle: RePEc:oup:wbrobs:v:21:y:2006:i:1:p:91-122

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Cited by:
  1. Harabi, Najib, 2007. "State of Corporate Governance in Arab Countries: An Overview," MPRA Paper 4566, University Library of Munich, Germany.
  2. Munisi, Gibson & Randøy, Trond, 2013. "Corporate governance and company performance across Sub-Saharan African countries," Journal of Economics and Business, Elsevier, vol. 70(C), pages 92-110.
  3. Dixit, Avinash, 2006. "Evaluating recipes for development success," Policy Research Working Paper Series 3859, The World Bank.
  4. Salim Chahine & Assem Safieddine, 2011. "Is corporate governance different for the Lebanese banking system?," Journal of Management and Governance, Springer, vol. 15(2), pages 207-226, May.
  5. Bruno, Valentina & Claessens, Stijn, 2007. "Corporate Governance and Regulation: Can There Be Too Much of a Good Thing?," CEPR Discussion Papers 6108, C.E.P.R. Discussion Papers.
  6. Mirela MATEI, 2008. "Aspects Regarding The Development Of Bucharest Stock Exchange," Romanian Journal of Economics, Institute of National Economy, vol. 27(2(36)), pages 145-159, December.
  7. Quôc Thai Huynh, 2010. "Les déterminants de l’activisme des actionnaires minoritaires:insuffisance de gouvernance affichée ou de résultats financiers?," Revue Finance Contrôle Stratégie, revues.org, vol. 13(3), pages 95-114., September.
  8. Ruiz-Porras, Antonio & Lopez-Mateo, Celina, 2010. "The separation of ownership and control and investment decisions in Mexican manufacturing firms," MPRA Paper 25237, University Library of Munich, Germany.
  9. Claessens, Stijn & Perotti, Enrico, 2007. "Finance and inequality: Channels and evidence," Journal of Comparative Economics, Elsevier, vol. 35(4), pages 748-773, December.
  10. repec:onb:oenbwp:y:2010:i:1:b:1 is not listed on IDEAS
  11. Gardó, Sándor, 2010. "Bank Governance and Financial Stability in CESEE: A Review of the Literature," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1.
  12. Friedman, Felice B. & Grose, Claire, 2006. "Promoting access to primary equity markets : a legal and regulatory approach," Policy Research Working Paper Series 3892, The World Bank.
  13. Miklós Gubán & Ákos Gubán, 2012. "Production Scheduling With Genetic Algorithm," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 6(1), pages 33-44, December.
  14. Olga Lazareva & Andrei Rachinsky & Sergey Stepanov, 2008. "Corporate Governance, Ownership Structures and Investment in Transition Economies: the Case of Russia, Ukraine and Kyrgyzstan," Working Papers w0119, Center for Economic and Financial Research (CEFIR).

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