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Identifier to cite or link to this item: https://hdl.handle.net/10086/13939

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Title
To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation
Creator
Creator Name
Durnev, Art Durnev, Art
Affiliation
Affiliation Name
University of Miami Business School
Creator Name
Kim, E. Han Kim, E. Han
Affiliation
Affiliation Name
University of Michigan Business School
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Key Word
Corporate Governance
Investment Opportunities
External Financing
Ownership
Legal Environment
Valuation
JEL
G32
K23
Abstract
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 in 27 countries, we find that all three firm attributes are related to the quality of governance and disclosure practices and that 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.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2004-03
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series ; No. 2004-7
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Number of Pages
46
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/13939