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• W132023771 abstract "Recent empirical evidence shows that corporate governance (CG for short) at the …rm level diers across as well as within countries. Moreover the of governance is positively correlated with …rm performance. However, although CG practices appear to bene…t the …rm, not all …rms adopt good codes. This paper tries to tackle this corporate governance puzzle by endogenizing the choice of governance practices at the …rm level as well as the portfolio decisions of investors. In our model managers raise money on …nancial markets that are subject to imperfections arising from the non-observability of output for …nanciers. Eective CG at the …rm level can be adopted to amend these frictions. Shareholders only observe a signal correlated with the returns. Managers optimally decide about the of the signal (i.e. the quality of governance) trading o¤ the possibility of expropriating a bigger share of the pro…ts against the opportunity of raising more capital on the market. The model delivers important and novel predictions. First, when CG is low shareholders pay an additional premium due to agency problems. Therefore, CG practices at the …rm level turn out to be an important determinant of the portfo- lio choice of shareholders. And second, in equilibrium the of CG at the …rm level depends on three key variables: the market structure (measured by the level of competition in the capital market), …rms'idio- syncratic characteristics (measured by the level of cash ‡ow of the …rm), and the country level dimension of CG. We test these predictions with data provided by CLSA and OSIRIS and found that, consistently with our model, …rms operating in competitive capital markets tend to display a higher level of CG." @default.
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• W132023771 date "2007-01-01" @default.
• W132023771 modified "2023-09-27" @default.
• W132023771 title "The Determinants of Governance" @default.
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