Financial development, corporate governance and cost of equity capital

Paper

Gupta, Kartick, Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza. 2011. "Financial development, corporate governance and cost of equity capital." Marshall, Ben, Triantis, Alex and Young, Martin (ed.) 3rd Annual Asian Conference of the Financial Management Association International (FMA 2011) . Queenstown, New Zealand 06 - 08 Apr 2011 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)
EditorsMarshall, Ben, Triantis, Alex and Young, Martin
Journal or Proceedings TitleProceedings of the 3rd Annual Asian Conference of the Financial Management Association International (FMA 2011)
ERA Conference ID60266
Number of Pages41
Year2011
Place of PublicationMelbourne, Australia
Web Address (URL) of Paperhttps://papers.ssrn.com/sol3/papers2.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/Event3rd Annual Asian Conference of the Financial Management Association International (FMA 2011)
Financial Management Association (FMA) annual meeting
Event Details
3rd Annual Asian Conference of the Financial Management Association International (FMA 2011)
Parent
FMA Asian Conference
Event Date
06 to end of 08 Apr 2011
Event Location
Queenstown, New Zealand
Event Details
Financial Management Association (FMA) annual meeting
FMA
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
350208. Investment and risk management
350799. Strategy, management and organisational behaviour not elsewhere classified
Byline AffiliationsAuckland University of Technology, New Zealand
School of Accounting, Economics and Finance
Institution of OriginUniversity of Southern Queensland
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