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Regulation, shareholder rights and corporate governance: an empirical note

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  • Pornsit Jiraporn
  • Wallace Davidson

Abstract

We investigate the impact of regulation on shareholder rights and corporate governance. We gauge the strength of shareholder rights by measuring the number of restrictive governance provisions that suppress shareholder rights - the more restrictive the governance, the weaker the shareholder rights. We find that financial firms have less restrictive corporate governance, suggesting that financial regulations promote shareholder rights. On the other hand, regulation does not seem to impact shareholder rights in the utility industry.

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  • Pornsit Jiraporn & Wallace Davidson, 2009. "Regulation, shareholder rights and corporate governance: an empirical note," Applied Economics Letters, Taylor & Francis Journals, vol. 16(10), pages 977-982.
    • Handle: RePEc:taf:apeclt:v:16:y:2009:i:10:p:977-982
    DOI: 10.1080/17446540802345430
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    References listed on IDEAS

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    1. Paul Gompers & Joy Ishii & Andrew Metrick, 2003. "Corporate Governance and Equity Prices," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 107-156.
    2. Demsetz, Harold, 1983. "The Structure of Ownership and the Theory of the Firm," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 375-390, June.
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    1. repec:jes:wpaper:y:2012:v:4:p:648-656 is not listed on IDEAS
    2. Cristina Boþa-Avram, 2012. "Managerial Ownership, Board Structure And Firm’S Performance: A Review Of Main Findings," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4(4), pages 648-656, December.

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