Investor Protection And Corporate Valuation  

Oleh:

Lopez-De-Silances, Florencio ; Porta, Rafael La ; Shleifer, Andrei ; Vishny, Robert

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 3 (2002), page 1147-1170.
Topik: investor; studies; minority stockholders; impact analysis; legislation; models; international
Fulltext: p 1147.pdf (112.17KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.6 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We present a model of the effects of legal protection of minority shareholders and of cash - flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 539 large firms from 27 wealthy economies. Consistent with the model, we find evidence of higher valuation of firms in countries with better protection of minority shareholders and in firms with higher cash flow ownership by the controlling shareholder.

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