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- W2006260087 abstract "We analyze the impact of corporate governance institutions, ownership structures andexternal capital market constraints on company returns on investment by using a sampleof more than 19,000 companies from 61 countries across the world. We show that (1) ofthese three sets of institutions, the origin of a country’s legal system proves to be themost important. Companies in countries with English-origin legal systems earn returnson investment that are at least as large as the cost of capital. (2) Differences ininvestment performance related to a country’s legal system dominate differences relatedto ownership structure. (3) Strong external capital markets improve the investmentperformance of companies. ZUSAMMENFASSUNG - (Corporate Governance, Kapitalmarktdisziplinierung und die Renditen vonUnternehmensinvestitionen) Dieses Papier analysiert den Einfluss von Corporate Governance Institutionen, Eigentumerstrukturen und externen Kapitalmarkten auf die Renditen von Investitionen fur ein Sample von mehr als 19.000 Unternehmen aus 61 Landern weltweit. Wir zeigen, dass von diesen drei Institutionen (1) die Herkunft des Rechtssystems eines Landes der wichtigste Faktor ist. Unternehmen in Landern mit Rechtssystemen englischer Herkunft verdienen Renditen, die die Kapitalkosten im Durchschnitt abdecken. (2) Unterschiede im Rechtssystem eines Landes dominieren Unterschiede in der Eigentumerstruktur. (3) Funktionierende externe Kapitalmarkte verbessern die Performance von Investitionen." @default.
- W2006260087 created "2016-06-24" @default.
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- W2006260087 date "2001-12-01" @default.
- W2006260087 modified "2023-09-27" @default.
- W2006260087 title "Corporate governance, capital market discipline and the returns on investment" @default.
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