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Investor Protection and Corporate Valuation
Open accessAbstract
We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of higher valuation of firms in countries with better protection of minority shareholders, and weaker evidence of the benefits of higher cash flow ownership by controlling shareholders for corporate valuation.
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Cited by
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
Self-citationInstitutional Determinants of Foreign Direct Investment
Bénassy‐Quéré, A., Coupet, M., & Mayer, T. (2007) · The World Economy · doi:10.1111/j.1467-9701.2007.01022.x · Cited by 1,116
Global Diversification, Industrial Diversification, and Firm Value
Denis, D. J., Denis, D. K., & Yost, K. (2002) · The Journal of Finance · doi:10.1111/0022-1082.00485 · Cited by 1,049
Reese, W. A., & Weisbach, M. S. (2002) · Journal of Financial Economics · doi:10.1016/s0304-405x(02)00151-4 · Cited by 854
The “Antidirector Rights Index” Revisited
Spamann, H. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhp067 · Cited by 720
Metadata
- Authors
- Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1999-10
- OpenAlex
- W2902126333
- Cited by
- 187
- References
- 0
- Type
- report
- Language
- en
- Open access
- green
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- CoChat. (2026). Citation check: Investor Protection and Corporate Valuation. https://app.cochat.ai/papers/10.3386/w7403
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- Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1999). Investor Protection and Corporate Valuation. National Bureau of Economic Research. https://doi.org/10.3386/w7403
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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.
