The DOI matches its Crossref record; 35 of the 35 references it cites were found in a registry or an index.
Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
Abstract
We construct a firm-level governance index that increases with minority shareholder protection. Compared with U.S. matching firms, only 12.68% of foreign firms have a higher index. The value of foreign firms falls as their index decreases relative to the index of matching U.S. firms. Our results suggest that lower country-level investor protection and other country characteristics make it suboptimal for foreign firms to invest as much in governance as U.S. firms do. Overall, we find that minority shareholders benefit from governance improvements and do so partly at the expense of controlling shareholders.
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Cites
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Cited by
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
McCAHERY, J. A., SAUTNER, Z., & STARKS, L. T. (2016) · The Journal of Finance · doi:10.1111/jofi.12393 · Cited by 1,494
On the Foundations of Corporate Social Responsibility
LIANG, H., & RENNEBOOG, L. (2017) · The Journal of Finance · doi:10.1111/jofi.12487 · Cited by 1,381
Board reforms and firm value: worldwide evidence
Fauver, L., Hung, M., Li, X., & Taboada, A. G. (2017) · Journal of Financial Economics · doi:10.1016/j.jfineco.2017.04.010 · Cited by 407
Does Governance Travel around the World? Evidence from Institutional Investors
Aggarwal, R., Erel, I., Ferreira, M. A., & Matos, P. P. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1361143 · Cited by 365
Self-citationInstitutional Investors and Mutual Fund Governance: Evidence from Retail–Institutional Fund Twins
Evans, R. B., & Fahlenbrach, R. (2012) · Review of Financial Studies · doi:10.1093/rfs/hhs105 · Cited by 189
Metadata
- Authors
- Aggarwal, R., Erel, I., Stulz, R., & Williamson, R.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2008-12-23
- Volume
- 22
- Issue
- 8
- Pages
- 3131-3169
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3123456404
- Cited by
- 523
- References
- 35
- FWCI
- 80.07
- Type
- journal article
- Language
- en
- Open access
- closed
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- Aggarwal, R., Erel, I., Stulz, R., & Williamson, R. (2009). Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences. Review of Financial Studies. https://doi.org/10.1093/rfs/hhn107
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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