The Limits of Financial Globalization  

Oleh:

Stulz, Rene M.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 4 (Aug. 2005), page 1595-1638.
Topik: FINANCIAL; foreign investment; globalization; trade barriers; agency theory; studies; regression analysis; economic models
Fulltext: p 1595.pdf (221.31KB)

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

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Despite the dramatic reduction in explicit barriers to international investment activities over the last 60 years, the impact of financial globalization has been surprisingly limited. I argue that the country attributes are still critical to financial decision - making because of the "twin agency problems" that arise because rulers of sovereign states and corporate insiders pursue their own interests at the expense of outside investors. When these twin agency problems are significant, diffuse ownership is inefficient and corporate insiders must co - invest with other investors, retaining substantial equity. The resulting ownership concentration limits economic growth, financial development, and the ability of a country to take advantage of financial globalization.

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