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Cost of equity capital, control divergence, and institutions: the international evidence

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  • Teresa Chu
  • In-Mu Haw
  • Bryan Lee
  • Woody Wu

Abstract

This study investigates the governance role of a country’s legal and extra-legal institutions in explaining the variations in firms’ cost of equity capital induced by concentrated ownership structures from 21 countries. Using four implied cost of equity proxies, the results show that the large ownership-control divergence of the ultimate owner has a positive and significant impact on the firm’s cost of equity capital. The finding lends support to the entrenchment effect in that the concentrated ownership structure increases the firm’s external financing cost. Further analyses demonstrate that the higher equity cost induced by the ultimate ownership structure is significantly reduced by a country’s stronger legal and extra-legal institutions, highlighting the governance role played by a country’s institutions in reducing the firm’s external financing cost. Copyright Springer Science+Business Media New York 2014

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  • Teresa Chu & In-Mu Haw & Bryan Lee & Woody Wu, 2014. "Cost of equity capital, control divergence, and institutions: the international evidence," Review of Quantitative Finance and Accounting, Springer, vol. 43(3), pages 483-527, October.
    • Handle: RePEc:kap:rqfnac:v:43:y:2014:i:3:p:483-527
    DOI: 10.1007/s11156-013-0383-7
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    Cited by:

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    3. Kin-Wai Lee & Gillian Hian-Heng Yeo, 2016. "The association between integrated reporting and firm valuation," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1221-1250, November.
    4. Curtis Nicholls, 2016. "The impact of SEC investigations and accounting and auditing enforcement releases on firms’ cost of equity capital," Review of Quantitative Finance and Accounting, Springer, vol. 47(1), pages 57-82, July.
    5. Andy Lardon & Christof Beuselinck & Marc Deloof, 2019. "Does stable ownership create value? Evidence from the global financial crisis," Review of Quantitative Finance and Accounting, Springer, vol. 52(2), pages 573-642, February.
    6. Jun Xie & Junyi Chen, 2021. "Corporate philanthropy, public awareness, and the cost of equity capital: Evidence from China," Annals of Economics and Finance, Society for AEF, vol. 22(1), pages 153-194, May.
    7. Caixe, Daniel Ferreira & Kalatzis, Aquiles Elie Guimarães & Castro, Luiz Ricardo Kabbach de, 2019. "Controlling shareholders and investment-risk sensitivity in an emerging economy," Emerging Markets Review, Elsevier, vol. 39(C), pages 133-153.
    8. Teresa Chu & In-Mu Haw & Simon S. M. Ho & Xu Zhang, 2020. "Labor protection, ownership concentration, and cost of equity capital: international evidence," Review of Quantitative Finance and Accounting, Springer, vol. 54(4), pages 1351-1387, May.
    9. Laetitia Lepetit & Céline Meslier-Crouzille & Leo Indra Wardhana, 2015. "Do Asymmetric Information and Ownership Structure Matter for Dividend Payout Decisions? Evidence from European Banks," Working Papers hal-01186722, HAL.

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    More about this item

    Keywords

    Corporate governance; Ownership-control divergence; Cost of equity capital; Legal institutions; Extra-legal institutions; G15; G30; G38; K22;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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