Corporate governance and cost of equity: do financial development and legal origin matter?
Paper
Paper/Presentation Title | Corporate governance and cost of equity: do financial development and legal origin matter? |
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Presentation Type | Paper |
Authors | Tourani-Rad, Alireza (Author), Gupta, Kartick (Author) and Krishnamurti, Chandrasekar (Author) |
Journal or Proceedings Title | Proceedings of the 1st Emerging Markets Finance Conference (IGIDR 2010) |
Number of Pages | 41 |
Year | 2010 |
Place of Publication | Mumbai, India |
Web Address (URL) of Paper | http://www.igidr.ac.in/FSRR/PDF/EMF2010/GuptaKrishnamurtiRad2010.pdf |
Conference/Event | IGIDR 2010: 1st Emerging Markets Finance Conference |
Event Details | IGIDR 2010: 1st Emerging Markets Finance Conference Event Date 15 to end of 16 Dec 2010 Event Location Bombay, India |
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. |
Keywords | corporate governance; financial development; legal origin; implied cost of equity capital |
ANZSRC Field of Research 2020 | 350799. Strategy, management and organisational behaviour not elsewhere classified |
350203. Financial econometrics | |
480602. Equity and trusts law | |
Byline Affiliations | Auckland University of Technology, New Zealand |
School of Accounting, Economics and Finance | |
Institution of Origin | University of Southern Queensland |
https://research.usq.edu.au/item/q1516/corporate-governance-and-cost-of-equity-do-financial-development-and-legal-origin-matter
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