Corporate Governance and Regulation : Can There Be Too Much of a Good Thing?

Bruno, Valentina G.Claessens, Stijn2012-06-052012-06-052007-03https://hdl.handle.net/10986/7117For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers.CC BY 3.0 IGOACCOUNTABILITYAGENCY COSTSANTI-TAKEOVER PROVISIONSAUDIT COMMITTEEAUDIT COMMITTEESAUTHORITYBOARD MEMBERSBOOK VALUECAPITAL EXPENDITURESCAPITAL MARKETSCASH FLOWSCHAIRMAN AND CEOCHARTERCHARTER AMENDMENTSCHARTERSCOMPANYCOMPANY LAWSCONFLICTS OF INTERESTSCONSTITUTIONCORPORATE FAILURESCORPORATE GOVERNANCECORPORATE GOVERNANCE REFORMSCORPORATE GOVERNANCE REGIMECORPORATE GOVERNANCE REGIMESCORPORATE GOVERNANCE STANDARDSCORPORATIONSCORRUPTIONCOUNTRY DATADEGREE OF INVESTOR PROTECTIONDISCLOSUREECONOMIC PERFORMANCEEMPLOYMENTENFORCEABILITYFINANCIAL DEVELOPMENTFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL MARKETSFINANCING CONSTRAINTSFIRMSFOREIGN COMPANIESGOLDEN PARACHUTESGOOD CORPORATE GOVERNANCEGOVERNANCE DATAGOVERNANCE INDICATORGOVERNANCE INDICATORSGOVERNANCE REFORMSGOVERNMENT POLICIESINCORPORATIONINSTITUTIONAL ENVIRONMENTINSTITUTIONAL INVESTORSINSTITUTIONAL SHAREHOLDERINTERNAL AUDITINVESTOR PROTECTIONLARGE COMPANIESLEGAL DISPUTESLEGAL PROTECTIONLEGAL REQUIREMENTSLEGAL SYSTEMSLIMITEDMAJORITY VOTEMANAGERSMERGERSMINORITY SHAREHOLDERSOWNERSHIP STRUCTUREPOISON PILLSPOLITICIANSPROXYPROXY CONTESTPROXY STATEMENTPUBLIC OPINIONREGULATORY BURDENSREGULATORY INTERVENTIONREGULATORY REGIMESREVERSE CAUSALITYSHARE CAPITALSHAREHOLDERSHAREHOLDER MEETINGSHAREHOLDER PROTECTIONSHAREHOLDERSSMALL COMPANIESSMALLER COMPANIESSTOCK MARKETSSUPPLIERSTAKEOVERTAKEOVERSTRANSPARENCYTRANSPARENT PROCEDUREVOTINGCorporate Governance and Regulation : Can There Be Too Much of a Good Thing?World Bank10.1596/1813-9450-4140