메뉴 건너뛰기




Volumn 154, Issue 1, 1998, Pages 144-165

Financial systems and corporate governance: A review of the international evidence

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0032221062     PISSN: 09324569     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Review
Times cited : (45)

References (72)
  • 1
    • 0002905031 scopus 로고
    • Stock markets and resource allocation
    • C. Mayer and X. Vives (eds.), Cambridge University Press: Cambridge
    • ALLEN, F. [1993], "Stock Markets and Resource Allocation," pp. 81-108 in: C. Mayer and X. Vives (eds.), Capital Markets and Financial Intermediation, Cambridge University Press: Cambridge.
    • (1993) Capital Markets and Financial Intermediation , pp. 81-108
    • Allen, F.1
  • 3
    • 0003818785 scopus 로고
    • Hail Britannia?: Institutional investor behaviour under limited regulation
    • organized by the Columbia University School of Law, New York
    • BLACK, B. and J. COFFEE [1993], "Hail Britannia?: Institutional Investor Behaviour Under Limited Regulation," Paper presented at the Conference on Relational Investing, organized by the Columbia University School of Law, New York.
    • (1993) Conference on Relational Investing
    • Black, B.1    Coffee, J.2
  • 8
    • 84990576539 scopus 로고
    • Corporate governance changes in UK companies between 1988 and 1993
    • CONYON, M. [1994], "Corporate Governance Changes in UK Companies Between 1988 and 1993," Corporate Governance, 2, 87-99.
    • (1994) Corporate Governance , vol.2 , pp. 87-99
    • Conyon, M.1
  • 9
    • 0001151011 scopus 로고
    • Taking care of business: Executive compensation in the UK
    • -, P. GREGG and S. MACHIN [1995], "Taking Care of Business: Executive Compensation in the UK," Economic Journal, 105, 704-714.
    • (1995) Economic Journal , vol.105 , pp. 704-714
    • Gregg, P.1    Machin, S.2
  • 10
    • 0003102277 scopus 로고
    • International perspectives on financing: Evidence from Japan
    • CORBETT, J. [1987], "International Perspectives on Financing: Evidence From Japan," Oxford Review of Economic Policy, 3, 30-55.
    • (1987) Oxford Review of Economic Policy , vol.3 , pp. 30-55
    • Corbett, J.1
  • 11
    • 46549097378 scopus 로고
    • Executive compensation, managerial turnover and firm performance
    • COUGHLAN, A. and R. SCHMIDT [1985], "Executive Compensation, Managerial Turnover and Firm Performance," Journal of Accounting and Economics, 7, 43-66.
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 43-66
    • Coughlan, A.1    Schmidt, R.2
  • 13
    • 47749120440 scopus 로고
    • Financial intermediation and delegated monitoring
    • DIAMOND, D. [1984], "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, 51, 393-414.
    • (1984) Review of Economic Studies , vol.51 , pp. 393-414
    • Diamond, D.1
  • 15
    • 0000806744 scopus 로고
    • Agency problems and the theory of firm
    • FAMA, E. [1980], "Agency Problems and the Theory of Firm," Journal of Political Economy, 88, 288-307.
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.1
  • 18
    • 0029693574 scopus 로고    scopus 로고
    • Hostile takeovers and the correction of managerial failure
    • -and - [1996], "Hostile Takeovers and the Correction of Managerial Failure," Journal of Financial Economics, 40, 163-181.
    • (1996) Journal of Financial Economics , vol.40 , pp. 163-181
  • 20
    • 84937312959 scopus 로고
    • Executive compensation and principal-agent theory
    • GAREN J. [1994], "Executive Compensation and Principal-Agent Theory," Journal of Political Economy, 102, 1175-1199.
    • (1994) Journal of Political Economy , vol.102 , pp. 1175-1199
    • Garen, J.1
  • 21
    • 84977716040 scopus 로고
    • A theory of workouts and the effects of reorganization law
    • GERTNER, R. and D. SCHARFSTEIN [1991], "A Theory of Workouts and the Effects of Reorganization Law," Journal of Finance, 46, 1189-1222.
    • (1991) Journal of Finance , vol.46 , pp. 1189-1222
    • Gertner, R.1    Scharfstein, D.2
  • 23
  • 24
    • 84960599817 scopus 로고
    • A theory of debt based on the inalienability of human capital
    • HART, O. and J. MOORE [1994], "A Theory of Debt Based on the Inalienability of Human Capital," Quarterly Journal of Economics, 109, 840-879.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 840-879
    • Hart, O.1    Moore, J.2
  • 25
    • 84937304812 scopus 로고
    • Risk aversion, performance pay and the principal-agent problem
    • HAUBRICH, J. [1994], "Risk Aversion, Performance pay and the Principal-Agent Problem," Journal of Political Economy, 102, 258-276.
    • (1994) Journal of Political Economy , vol.102 , pp. 258-276
    • Haubrich, J.1
  • 26
    • 0002682372 scopus 로고
    • Banking, financial intermediation and corporate finance
    • A. Giovannini and C. Mayer (eds.), Cambridge University Press: Cambridge
    • HELLWIG, M. [1991], "Banking, Financial Intermediation and Corporate Finance," pp. 35-63 in: A. Giovannini and C. Mayer (eds.), European Financial Integration, Cambridge University Press: Cambridge.
    • (1991) European Financial Integration , pp. 35-63
    • Hellwig, M.1
  • 27
    • 0001387430 scopus 로고
    • The effects of board composition and direct incentives on firm performance
    • Winter
    • HERMALIN, B. and M. WEISBACH [1991], "The Effects of Board Composition and Direct Incentives on Firm Performance," Financial Management, Winter, 101-112.
    • (1991) Financial Management , pp. 101-112
    • Hermalin, B.1    Weisbach, M.2
  • 29
    • 0000210848 scopus 로고
    • Market liquidity and performance monitoring
    • HOLMSTROM, B. and J. TIROLE [1993], "Market Liquidity and Performance Monitoring," Journal of Political Economy, 101, 678-709.
    • (1993) Journal of Political Economy , vol.101 , pp. 678-709
    • Holmstrom, B.1    Tirole, J.2
  • 30
    • 0002432433 scopus 로고
    • The role of banks in reducing the costs of financial distress in Japan
    • HOSHI, T., A. KASHYAP and D. SCHARFSTEIN [1990], "The Role of Banks in Reducing the Costs of Financial Distress in Japan," Journal of Financial Economics, 27, 67-88.
    • (1990) Journal of Financial Economics , vol.27 , pp. 67-88
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 31
    • 0002308919 scopus 로고
    • Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups
    • -, - and - [1991], "Corporate Structure, Liquidity, and Investment: Evidence From Japanese Industrial Groups," Quarterly Journal of Economics, 106, 33-60.
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 33-60
  • 32
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • JENSEN, M. and K. MURPHY [1990], "Performance pay and Top-Management Incentives," Journal of Political Economy, 98, 225-264.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.1    Murphy, K.2
  • 33
    • 84937314069 scopus 로고
    • Top executive rewards and firm performance: A comparison of Japan and the United States
    • KAPLAN, S. [1994], "Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States," Journal of Political Economy, 102, 510-546.
    • (1994) Journal of Political Economy , vol.102 , pp. 510-546
    • Kaplan, S.1
  • 34
    • 0010198285 scopus 로고    scopus 로고
    • Corporate governance and corporate performance: A comparison of Germany, Japan and the U.S.
    • D. Chew (ed.), Oxford University Press: New York
    • -[1997], "Corporate Governance and Corporate Performance: A Comparison of Germany, Japan and the U.S.," pp. 251 -258 in: D. Chew (ed.), Studies in International Corporate Finance and Governance Systems, Oxford University Press: New York.
    • (1997) Studies in International Corporate Finance and Governance Systems , pp. 251-258
  • 35
    • 0002858241 scopus 로고
    • Industrial groups as systems of contractual governance
    • KESTER, C. [1992], "Industrial Groups as Systems of Contractual Governance," Oxford Review of Economic Policy, 8, 24-44.
    • (1992) Oxford Review of Economic Policy , vol.8 , pp. 24-44
    • Kester, C.1
  • 36
    • 34247482883 scopus 로고
    • Finance and growth: Schumpeter might be right
    • KING, R. and R. LEVINE [1993a], "Finance and Growth: Schumpeter Might be Right," Quarterly Journal of Economics, 108, 717-738.
    • (1993) Quarterly Journal of Economics , vol.108 , pp. 717-738
    • King, R.1    Levine, R.2
  • 37
    • 0002815370 scopus 로고
    • Financial intermediation and economic development
    • C. Mayer and X. Vives (eds.) Cambridge University Press: Cambridge
    • -and - [1993b], "Financial Intermediation and Economic Development," pp. 156-189 in: C. Mayer and X. Vives (eds.) Capital Markets and Financial Intermediation, Cambridge University Press: Cambridge.
    • (1993) Capital Markets and Financial Intermediation , pp. 156-189
  • 39
    • 0000329790 scopus 로고    scopus 로고
    • Financial development and economic growth
    • Levine, R. [1997], "Financial Development and Economic Growth," Journal of Economic Literature, 35, 688-726.
    • (1997) Journal of Economic Literature , vol.35 , pp. 688-726
    • Levine, R.1
  • 41
    • 84921904176 scopus 로고
    • Remuneration committees and corporate governance
    • -and J. JOHNSTON [1993], "Remuneration Committees and Corporate Governance," Accounting and Buisness Research, 23, 351-362.
    • (1993) Accounting and Buisness Research , vol.23 , pp. 351-362
    • Johnston, J.1
  • 42
    • 0000297803 scopus 로고
    • Mergers and the market for corporate control
    • MANNE, H. [1965], "Mergers and the Market for Corporate Control," Journal of Political Economy, 73, 110-120.
    • (1965) Journal of Political Economy , vol.73 , pp. 110-120
    • Manne, H.1
  • 43
    • 0001191203 scopus 로고
    • New issues in corporate finance
    • MAYER, C. [1988], "New Issues in Corporate Finance," European Economic Review, 32, 1167-1189.
    • (1988) European Economic Review , vol.32 , pp. 1167-1189
    • Mayer, C.1
  • 44
    • 0002635935 scopus 로고
    • Financial systems, corporate finance, and economic development
    • R.G. Hubbard (ed.), University of Chicago Press: Chicago
    • -[1990], "Financial Systems, Corporate Finance, and Economic Development," pp. 307-332 in: R.G. Hubbard (ed.), Asymmetric Information, Corporate Finance, and Investment, University of Chicago Press: Chicago.
    • (1990) Asymmetric Information, Corporate Finance, and Investment , pp. 307-332
  • 45
    • 0002811636 scopus 로고
    • Money and banking: Theory and evidence
    • -[1994], "Money and Banking: Theory and Evidence," Oxford Review of Economic Policy, 10, 1-13.
    • (1994) Oxford Review of Economic Policy , vol.10 , pp. 1-13
  • 47
    • 0010880529 scopus 로고
    • Exchange rates and international differences in the cost of capital
    • Y. Ahimred and R. Levich (eds.), Irwin: Burr Ridge, IL
    • -and - [1994], "Exchange Rates and International Differences in the Cost of Capital," pp. 119-148 in: Y. Ahimred and R. Levich (eds.), Exchange Rates and Corporate Performance, Irwin: Burr Ridge, IL.
    • (1994) Exchange Rates and Corporate Performance , pp. 119-148
  • 48
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • MCCONNELL, J. and H. SERVAES [1990], "Additional Evidence on Equity Ownership and Corporate Value," Journal of Financial Economics, 27, 595-612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.1    Servaes, H.2
  • 53
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • MORCK, R., A. SHLEIFER and R. VISHNY [1988], "Management Ownership and Market Valuation: An Empirical Analysis," Journal of Financial Economics, 20, 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 54
    • 0041412312 scopus 로고
    • Corporate performance and managerial remuneration: An empirical analysis
    • MURPHY, K. [1985], "Corporate Performance and Managerial Remuneration: An Empirical Analysis," Journal of Accounting and Economics, 7, 11-42.
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 11-42
    • Murphy, K.1
  • 55
    • 84862244566 scopus 로고
    • The effect of credit market competition on lending relationships
    • PETERSEN, M. and R. RAJAN [1995], "The Effect of Credit Market Competition on Lending Relationships," Quarterly Journal of Economics, 110, 407-443.
    • (1995) Quarterly Journal of Economics , vol.110 , pp. 407-443
    • Petersen, M.1    Rajan, R.2
  • 56
    • 0003288138 scopus 로고    scopus 로고
    • Time horizons and hurdle rates of American firms
    • POTERBA, J. and L. SUMMERS [1996], "Time Horizons and Hurdle Rates of American Firms," Sloan Management Review, 37, 43-53.
    • (1996) Sloan Management Review , vol.37 , pp. 43-53
    • Poterba, J.1    Summers, L.2
  • 57
    • 0002413769 scopus 로고
    • Institutional investment patterns and corporate financial behaviour in the United States and Japan
    • PROWSE, S. [1990], "Institutional Investment Patterns and Corporate Financial Behaviour in the United States and Japan," Journal of Financial Economics, 27, 43-66.
    • (1990) Journal of Financial Economics , vol.27 , pp. 43-66
    • Prowse, S.1
  • 60
    • 0001816476 scopus 로고
    • Contracts and the market for executives
    • L. Werin and H. Wijkander (eds.), Blackwell: Oxford
    • ROSEN, S. [1992], "Contracts and the Market for Executives," pp. 181-211 in: L. Werin and H. Wijkander (eds.), Contract Economics, Blackwell: Oxford.
    • (1992) Contract Economics , pp. 181-211
    • Rosen, S.1
  • 61
    • 0002072124 scopus 로고
    • The role of the German capital markets and the universal banks, supervisory boards, and interlocking directorships
    • N. Dimsdale and M. Prevezer (eds.), Clarendon Press: Oxford
    • SCHNEIDER-LENNE, E. [1994], "The Role of the German Capital Markets and the Universal Banks, Supervisory Boards, and Interlocking Directorships," pp. 284-305 in: N. Dimsdale and M. Prevezer (eds.), Capital Markets and Corporate Governance, Clarendon Press: Oxford.
    • (1994) Capital Markets and Corporate Governance , pp. 284-305
    • Schneider-Lenne, E.1
  • 62
    • 84977733424 scopus 로고
    • Asymmetric information, bank lending and implicit contracts: A stylized model of customer relationships
    • SHARPE, S. [1990], "Asymmetric Information, Bank Lending and Implicit Contracts: A Stylized Model of Customer Relationships," Journal of Finance, 45, 1069-1087.
    • (1990) Journal of Finance , vol.45 , pp. 1069-1087
    • Sharpe, S.1
  • 63
    • 84936823587 scopus 로고
    • Large shareholders and corporate control
    • SHLEIFER, A. and R. VISHNY [1986], "Large Shareholders and Corporate Control," Journal of Political Economy, 94, 461-488.
    • (1986) Journal of Political Economy , vol.94 , pp. 461-488
    • Shleifer, A.1    Vishny, R.2
  • 64
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • -and - [1997], "A Survey of Corporate Governance," Journal of Finance, 52, 737-784.
    • (1997) Journal of Finance , vol.52 , pp. 737-784
  • 66
    • 84924953133 scopus 로고
    • Long-term contracts, short-term investment and monitoring
    • VON THADDEN, E. [1995], "Long-Term Contracts, Short-Term Investment and Monitoring," Review of Economic Studies, 62, 557-575.
    • (1995) Review of Economic Studies , vol.62 , pp. 557-575
    • Von Thadden, E.1
  • 67
    • 33748797531 scopus 로고
    • Stock prices, event prediction and event studies: An examination of top management restructurings
    • WARNER, J., R. WATTS and K. WRUCK [1988], "Stock Prices, Event Prediction and Event Studies: An Examination of Top Management Restructurings," Journal of Financial Economics, 20, 461-492.
    • (1988) Journal of Financial Economics , vol.20 , pp. 461-492
    • Warner, J.1    Watts, R.2    Wruck, K.3
  • 68
    • 33845790377 scopus 로고
    • Outside directors and CEO turnover
    • WEISBACH, M. [1988], "Outside Directors and CEO Turnover," Journal of Financial Economics, 20, 431-460.
    • (1988) Journal of Financial Economics , vol.20 , pp. 431-460
    • Weisbach, M.1
  • 69
    • 0000183346 scopus 로고
    • Public policy towards bankruptcy: Me-first and other priority rules
    • WHITE, M. [1980], "Public Policy Towards Bankruptcy: Me-First and Other Priority Rules," Bell Journal of Economics, 11, 550-564.
    • (1980) Bell Journal of Economics , vol.11 , pp. 550-564
    • White, M.1
  • 71
    • 0003011466 scopus 로고
    • Equity ownership concentration and firm value
    • WRUCK, K. [1989], "Equity Ownership Concentration and Firm Value," Journal of Financial Economics, 23, 3-28.
    • (1989) Journal of Financial Economics , vol.23 , pp. 3-28
    • Wruck, K.1
  • 72
    • 0040238831 scopus 로고    scopus 로고
    • Good timing: CEO stock option awards and company news announcements
    • YERMACK, D. [1997], "Good Timing: CEO Stock Option Awards and Company News Announcements," Journal of Finance, 52, 449-476.
    • (1997) Journal of Finance , vol.52 , pp. 449-476
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.