Law, finance, and the international mobility of corporate governance

• 成果类型: Editorial Material
• 署名作者: Cumming, Douglas; Filatotchev, Igor; Knill, April; Reeb, David Mitchell; Senbet, Lemma
• 署名单位: York University - Canada; City St Georges, University of London; Vienna University of Economics & Business; State University System of Florida; Florida State University; National University of Singapore; University System of Maryland; University of Maryland College Park; African Economic Research Consortium (AERC)
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-016-0063-7
• 发表日期: 2017
• 页码: 123-147
• 关键词: law and finance; corporate governance; mobility; Foreign investors; DIRECTORS; political connections

摘要

We introduce the topic of this Special Issue on the Role of Financial and Legal Institutions in International Governance, with a particular emphasis on a notion of international mobility of corporate governance. Our discussion places the Special Issue at the intersection of law, finance, and international business, with a focus on the contexts of foreign investors and directors. Country-level legal and regulatory institutions facilitate foreign ownership, foreign directors, raising external financial capital, and international M&A activity. The interplay between the impact of foreign ownership and foreign directors on firm governance and performance depends on international differences in formal/regulatory institutions. In addition to legal conditions, informal institutions such as political connections also shape the economic value of foreign ownership and foreign directors. We highlight key papers in the literature, provide an overview of the new papers in this Special Issue, and offer suggestions for future research.