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Corporate governance and corporate performance

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  • William R. Emmons
  • Frank A. Schmid

Abstract

National corporate-governance traditions are distinctive, deeply rooted, and difficult to change. Recent research points to a country's legal traditions and its stage of economic development as important determinants of corporate-governance institutions. Common-law countries tend to provide more explicit investor protections than civil-law countries. Richer countries tend to enforce corporate law more strictly. Broader and deeper financial markets emerge in the presence of strong investor protections, fostering more outside financing and better corporate financial performance. Corporate-governance systems also influence resident firms' capital structures and ownership structures. A broader perspective on corporate performance suggests that no country's system of corporate governance is without shortcomings, however.

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Bibliographic Info

Paper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 1999-018.

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Date of creation: 1999
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Handle: RePEc:fip:fedlwp:1999-018

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Keywords: Corporations - Finance ; Corporations;

References

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  1. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
  2. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, vol. 48(3), pages 831-80, July.
  3. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
  4. Rajan, Raghuram G, 1992. " Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt," Journal of Finance, American Finance Association, vol. 47(4), pages 1367-400, September.
  5. Levine, Ross, 1999. "Law, Finance, and Economic Growth," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 8-35, January.
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Cited by:
  1. Samad, Fazilah Abdul, 2002. "Ownership Structure in the Malaysian Corporation Sector: Its Impact on Corporate Governance, Performance, Financing and Investment Patterns," Centre on Regulation and Competition (CRC) Working papers 30592, University of Manchester, Institute for Development Policy and Management (IDPM).
  2. Yener Altunbaş & Alper Kara & Adrian van Rixtel, 2007. "Corporate governance and corporate ownership: The investment behaviour of Japanese institutional investors," Banco de Espa�a Occasional Papers 0703, Banco de Espa�a.

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