Financial development, corporate governance and cost of equity capital

Paper

Gupta, Kartick, Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza. 2010. "Financial development, corporate governance and cost of equity capital." Balachandran, Balasingham (ed.) Inaugural Finance and Corporate Governance Conference (FCGC 2010). Melbourne, Australia 07 - 09 Apr 2010 Melbourne, Australia.
Paper/Presentation Title

Financial development, corporate governance and cost of equity capital

Presentation TypePaper
AuthorsGupta, Kartick (Author), Krishnamurti, Chandrasekhar (Author) and Tourani-Rad, Alireza (Author)
EditorsBalachandran, Balasingham
Journal or Proceedings TitleProceedings of the Inaugural Finance and Corporate Governance Conference (FCGC 2010)
Number of Pages42
Year2010
Place of PublicationMelbourne, Australia
Web Address (URL) of Paperhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1522913##
Web Address (URL) of Conference Proceedingshttp://www.latrobe.edu.au/__data/assets/file/0003/67305/2010-gsm-fcgc-program.pdf
Conference/EventInaugural Finance and Corporate Governance Conference (FCGC 2010)
Event Details
Inaugural Finance and Corporate Governance Conference (FCGC 2010)
Parent
Finance and Corporate Governance Conference
Event Date
07 to end of 09 Apr 2010
Event Location
Melbourne, Australia
Abstract

This paper explicitly examines the interactive impact of country level legal and financial development, and firm level governance attributes on the cost of equity capital. Using a comprehensive sample of 7380 firm years drawn from 22 developed countries, we show that firm level governance attributes affect the cost of equity capital only in the Common Law countries with high level 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.

Keywordscorporate governance; financial development; legal origin; implied cost of equity capital
Related Output
Is identical toFinancial development, corporate governance and cost of equity capital
ANZSRC Field of Research 2020350202. Finance
350799. Strategy, management and organisational behaviour not elsewhere classified
480699. Private law and civil obligations not elsewhere classified
Public Notes

Same paper as 19814 (different conference).

Copyright La Trobe University.

Byline AffiliationsAuckland University of Technology, New Zealand
Monash University
La Trobe University
Institution of OriginUniversity of Southern Queensland
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