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Contractual Corporate Governance

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  • Goergen, M.
  • Renneboog, L.D.R.

    (Tilburg University, School of Economics and Management)

Abstract

Companies have the choice to deviate from their national corporate governance standards by opting into another system. They can do so via contractual devices - such as cross-border mergers and acquisitions, (re)incorporations, and cross-listings - which enable them to choose their preferred level of investor protection and regulation. This paper reviews these three main contractual governance devices, their effect on value, and whether their adoption by firms induces a race to the bottom or a race to the top. Indeed, firms may opt for less shareholder-orientation or investor protection (shareholder-expropriation hypothesis) rather than for more stringent rules that require firms to focus on shareholder value (bonding hypothesis).
(This abstract was borrowed from another version of this item.)

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  • Goergen, M. & Renneboog, L.D.R., 2008. "Contractual Corporate Governance," Other publications TiSEM 8de28859-055c-4db1-afd9-7, Tilburg University, School of Economics and Management.
    • Handle: RePEc:tiu:tiutis:8de28859-055c-4db1-afd9-797048564ba0
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    5. Moskalev, Sviatoslav A., 2010. "Foreign ownership restrictions and cross-border markets for corporate control," Journal of Multinational Financial Management, Elsevier, vol. 20(1), pages 48-70, February.
    6. Hongmin Zhang & Jinghua Zhang, 2023. "Pollution Transfer under Intergovernmental Competition: Suppression or Opportunity," Sustainability, MDPI, vol. 15(21), pages 1-18, October.
    7. Dang, Man & Henry, Darren & Yin, Xiangkang & Vo, Thuy Anh, 2018. "Target corporate governance, acquirers' location choices, and partial acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 50(C), pages 82-104.
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    13. Antonio Pedro Soares Pinto & Mario Gomes Augusto, 2014. "Are There Non-linear Effects of Banking Relationships and Ownership Concentration on Operational Performance? Empirical Evidence from Portuguese SMEs Using Cross-section Analysis and Panel Data," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(4), pages 67-84, October.
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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K2 - Law and Economics - - Regulation and Business Law
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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