Investor protection and corporate governance

• 成果类型: Article
• 署名作者: La Porta, R; Lopez-De-Silanes, F; Shleifer, A; Vishny, R
• 署名单位: Harvard University; Harvard University; University of Chicago
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(00)00065-9
• 发表日期: 2000
• 页码: 3-27
• 关键词: investor; PROTECTION; corporate governance; LAW

摘要

Recent research has documented large differences among countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. A common element to the explanations of these differences is how well investors, both shareholders and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe the differences in laws and the effectiveness of their enforcement across countries, discuss the possible origins of these differences, summarize their consequences, and assess potential strategies of corporate governance reform. We argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification: G21; G28; G32.