Financial development, corporate governance and cost of equity capital

被引：41

作者：

Gupta, Kartick ^{[1
]}

Krishnamurti, Chandrasekhar ^{[1
]}

Tourani-Rad, Alireza ^{[2
]}

机构：

[1] Univ South Australia, Ctr Appl Financial & Econ, Adelaide, SA 5000, Australia

[2] Auckland Univ Technol, Dept Finance, Private Bag 92006, Auckland, New Zealand

来源：

JOURNAL OF CONTEMPORARY ACCOUNTING & ECONOMICS | 2018年 / 14卷 / 01期

关键词：

Corporate governance; Financial development; Legal origin; Implied cost of equity capital; INVESTOR PROTECTION; IMPLIED COST; INTERNATIONAL EVIDENCE; LEGAL ENVIRONMENT; EMERGING MARKETS; STOCK MARKETS; GROWTH; PERFORMANCE; MATTER; RISK;

D O I：

10.1016/j.jcae.2018.02.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Existing research suggests that external governance is more relevant than internal governance in affecting a firm's value. We contribute to the literature by explicitly examining the interactive role played by country-level financial development and legal institutions in influencing the impact of firm-level governance on the cost of equity capital. Using a comprehensive sample of 7380 firm years drawn from 22 developed countries, we show that firm-level corporate governance attributes affect the cost of equity capital primarily in the Common Law countries with high levels of financial development. Our study is the first to highlight the complementary effects of legal origin, financial development and firm-level governance attributes in influencing the cost of equity capital.

引用

页码：65 / 82

页数：18

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