The Impact of Corporate Governance on Investment Returns in Developed and Developing Countries
Bibliographic Data
| ID | 9708978 |
|---|---|
| Authors | Klaus Gugler (0000-0002-6795-7216, University of Vienna), Dennis C Mueller (University of Vienna), B Burcin Yurtoglu (0000-0001-8750-3310, University of Vienna) |
| Year | 2003 |
| Volume | 113 |
| Issue | 491 |
| Pages | F511-F539 |
| Publication date | 2003-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1046/j.0013-0133.2003.00167.x |
| OpenAlex | W155642038 |
| Language | EN |
| Citations received | 3 |
| References cited | 26 |
We shed light on three conundrums in the literature on investment: why investments out of different sources of finance earn different returns, why different studies report different patterns of returns across sources of finance, and why companies in developing countries make greater use of external equity capital to finance their investment than do companies in developed countries. We show that the strength of corporate governance systems affects the preferred source of financing, which in turn helps to explain why investments financed in different ways exhibit significantly different rates of return. We find considerable differences between developed and developing countries in the effectiveness of corporate governance systems in aligning managers and shareholders' interests. Copyright 2003 Royal Economic Society
Business · Corporate Finance · Corporate governance · Developing country · Economic growth · Economics · Equity (law · Equity financing · Financial economics · Investment (military · Rate of return · Shareholder · Banking stability, regulation, efficiency · Corporate Finance and Governance · Finance · Private Equity and Venture Capital
Financing Constraints and Corporate Investment
Corporate financing and investment decisions when firms have information that investors do not have
Institutions and Economic Performance
Managerial and Stockholder Welfare Models of Firm Expenditures
Efficiency of Corporate Investment
Earnings Retention, New Capital and the Growth of the Firm
The Efficiency Implications of Earnings Retentions
Efficiency of Corporate Investment
The Profitability of Alternative Sources of Finance
The Return on Alternative Sources of Finance
Corporate finance in developing countries
Law and Finance
Higgledy Piggledy Growth again
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,14 |
| Citation span | 2005 - 2020 (16) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 3 |