A cross-country comparison of corporate governance and firm performance: Do financial structure and the legal system matter? |
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Authors: | Anne Anderson Parveen P Gupta |
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Institution: | College of Business and Economics, Lehigh University, USA |
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Abstract: | We blend the corporate governance and the financial structure/legal system literature streams to study whether firm performance is enhanced when its governance structure embodies the demands of the host country’s financial structure and legal system. Using a sample of 1736 unique firms representing 22 countries, we find that the joint effect of a country’s financial structure and legal system does matter when explaining the relationship between performance and the overall level of corporate governance in a given country. The results also suggest that firms operating in the market/common combination countries tend to command higher market valuations than firms with a comparable level of corporate governance that operate in the bank/civil combination countries. |
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