The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation
Open accessAbstract
Data on corporate governance and disclosure practices reveal wide within‐country variation that decreases with the strength of investors' legal protection. A simple model identifies three firm attributes related to that variation: investment opportunities, external financing, and ownership structure. Using firm‐level governance and transparency data from 27 countries, we find that all three firm attributes are related to the quality of governance and disclosure practices, and firms with higher governance and transparency rankings are valued higher in stock markets. All relations are stronger in less investor‐friendly countries, demonstrating that firms adapt to poor legal environments to establish efficient governance practices.
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Cites
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A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783
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Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
The great reversals: the politics of financial development in the twentieth century
Rajan, R. G., & Zingales, L. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00125-9 · Cited by 3,327
Investor protection and equity markets
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Cited by
The colors of investors’ money: The role of institutional investors around the world
Ferreira, M. A., & Matos, P. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.003 · Cited by 1,975
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
Legal protection of investors, corporate governance, and the cost of equity capital
Chen, K. C. W., Chen, Z., & Wei, K. C. J. (2009) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2009.01.001 · Cited by 669
Dominant shareholders, corporate boards, and corporate value: A cross-country analysis
Dahya, J., Dimitrov, O., & McConnell, J. J. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2006.10.005 · Cited by 659
Aggarwal, R., Erel, I., Stulz, R., & Williamson, R. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn107 · Cited by 523
Metadata
- Authors
- DURNEV, A., & KIM, E. H.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2005-05-03
- Volume
- 60
- Issue
- 3
- Pages
- 1461-1493
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2101242833
- Cited by
- 1,583
- References
- 9
- FWCI
- 349.54
- Type
- journal article
- Language
- en
- Open access
- green
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- DURNEV, A., & KIM, E. H. (2005). To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2005.00767.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
