Investor protection and corporate valuation

• 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; Yale University; University of Chicago
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00457
• 发表日期: 2002
• 页码: 1147-1170
• 关键词: VOTING-RIGHTS; OWNERSHIP; governance; finance; GROWTH; MARKET; STOCK; firm; WORLD; LAW

摘要

We present a model of the effects of legal protection of minority shareholders and of cash-flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 539 large firms from 27 wealthy economies. Consistent with the model, we find evidence of higher valuation of firms in countries with better protection of minority shareholders and in firms with higher cash-flow ownership by the controlling shareholder.