The impact of corporate governance on investment returns in developed and developing countries

Economic Journal

Volumn 113, Issue 491, 2003, Pages

  Gugler, Klaus ^a   Mueller, Dennis C ^a   Yurtoglu, B Burcin ^a  

^a UNIVERSITY OF VIENNA   (Austria)

Author keywords

[No Author keywords available]

Indexed keywords

CORPORATE STRATEGY; FINANCIAL MARKET; FINANCIAL SYSTEM; INVESTMENT;

EID: 0345405448     PISSN: 00130133     EISSN: None     Source Type: Journal    
DOI: 10.1046/j.0013-0133.2003.00167.x     Document Type: Article

References (39)

1. Baumol, W. J., Heim, P., Malkiel, B. G. and Quandt, R. E. (1970). 'Earnings retention, new capital and the growth of the firm', Review of Economics and Statistics, vol. 52, pp. 345-55.
2. Baumol, W. J., Heim, P., Malkiel, B.G. and Quandt, R.E. (1973). 'Efficiency of corporate investment: reply', Review of Economics and Statistics, vol. 55, pp. 128-31.
3. Bavishi, V. B. (ed.) (1993), International Accounting and Auditing Standards, Princeton, NJ: CIFAR.
4. Brealey, R. A., Hodges, S. D. and Capron, D. (1976). 'The return on alternative sources of finance', Review of Economics and Statistics, vol. 58 (November), pp. 469-77.
5. Cobham, D. and Subramaniam, R. (1998). 'Corporate finance in developing countries: new evidence for India', World Development, vol. 26 (6), pp. 1033-47.
6. Demirguc-Kunt, A. and Maksimovic, V. (1998). 'Law, finance and firm growth', Journal of Finance, vol. 53 (December), pp. 2107-37.
7. Demirguc-Kunt, A. and Maksimovic, V. (2000). 'Funding growth in bank-based and market-based financial systems: evidence from firm level data', mimeo.
8. Domowitz, I., Glen, J. and Madhavan, A. (2001). 'International evidence on aggregate corporate financing decisions', in (A. Demirgüc-Kunt and R. Levine, eds.) Financial Structure and Economic Growth, pp. 263-95. Cambridge MA: MIT Press.
9. Duesenberry, J. S. (1958). Business Cycles and Economic Growth. New York: McGraw-Hill.
10. Fazzari, S. M., Hubbard, G. R. and Petersen, B. (1988). 'Financing constraints and corporate investment', Brookings Papers on Economic Activity, vol. 1, pp. 141-95.
11. Friend, I. and Husic, F. (1973). 'Efficiency of corporate investment', Review of Economics and Statistics, vol. 55 (February), pp. 122-7.
12. Glen, J. and Pinto, B. (1994). 'Debt or equity? How firms in developing countries choose', International Finance Corporation, Discussion Paper 22.
13. Grabowski, H. and Mueller, D. C. (1972). 'Managerial and stockholder welfare models of firm expenditures', Review of Economics and Statistics, vol. 54, pp. 9-24.
14. Gugler, K. (ed.) (2001). Corporate Governance and Economic Performance, Oxford: Oxford University Press.
15. Hart, O. (2001). 'Financial contracting', Journal of Economic Literature, vol. 39 (December), pp. 1079-100.
16. Himmelberg, C. P., Hubbard, G. R. and Love, I. (2000). 'Investor protection, ownership, and investment', Working Paper, Columbia University.
17. Hubbard, R. G. (1998). 'Capital-market imperfections and investment', Journal of Economic Literature, vol. 36 (March), pp. 193-225.
18. Kaminsky, G. L., Lyons, R. K. and Schmukler, S.L. (2001). 'Mutual fund investment in emerging markets: an overview', The World Bank Economic Review, vol. 15(2), pp. 315-40.
19. Knack, S. and Keefer, P. (1995). 'Institutions and economic performance: cross country tests using alternative institutional measures', Economics and Politics, vol. 7(3), pp. 207-27.
20. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1997). 'Legal determinants of external finance', Journal of Finance, vol. 52 (July), pp. 1131-50.
21. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1998). 'Law and finance', Journal of Political Economy, vol. 106 (December), pp. 1113-55.
22. Lang, L. H. P., Ofek, E. and Stulz, R. M. (1996). 'Leverage, investment, and firm growth', Journal of Financial Economics, vol. 40, pp. 3-29.
23. Levine, R. and Zervos, S. (1998). 'Stock markets, banks, and economic growth', American Economic Review, vol. 88 (June), pp. 537-58.
24. Little, I. M. D. and Raynor, A. C. (1966). Higgledy Piggledy Growth Again, Oxford: Basic Blackwell.
25. McFetridge, D. G. (1978). 'Earnings retention, new capital and the growth of the firm', Review of Economics and Statistics, vol. 60 (May), pp. 218-24.
26. Modigliani, F. and Perotti, E. (1997). 'Protection of minority interest and the development of security markets', Managerial and Decision Economics, vol. 18 (November/December), pp. 519-28.
27. Mueller, D. C. (1987). The Corporation: Growth, Diversification and Mergers, London: Harwood Academic Publishers.
28. Mueller, D. C. and Reardon E. (1993). 'Rates of return on corporate investment', Southern Economic Journal, vol. 60, pp. 430-53.
29. Mueller, D. C. and Yurtoglu, B. B. (2000). 'Country legal environments and corporate investment performance', German Economic Review, vol. 1 (May), pp. 187-220.
30. Myers, S. C. and Majluf, N. (1984). 'Corporate financing and investment decisions when firms have information that investors do not have', Journal of Financial Economics, vol. 13(1), pp. 187-221.
31. Rajan, R. and Zingales, L. (1998). 'Financial dependence and growth', American Economic Review, vol. 58 (June), pp. 559-86.
32. Rogers, R. T. and Tokle, R.J. (1993). 'Advertising expenditures in U.S. manufacturing industries: 1967 and 1982', WP No. 34, Northeast Regional Research Project 165.
33. Shleifer, A. and Vishny, R. W. (1997). 'A survey of corporate governance', Journal of Finance, vol. 52 (June), pp. 737-83.
34. Singh, A. (1994). 'How do large corporations in developing countries finance their growth?', in (R. O'Brien, ed.) The AMEX Bank Prize Essays: Finance and the International Economy, no. 8, pp. 121-35, New York: Oxford University Press.
35. Singh, A. (1995). 'Corporate financial patterns in industrializing countries', IFC Technical Paper 2.
36. Singh, A. and Hamid, J. (1992). 'Corporate financial structures in developing countries', IFC Technical Paper 1.
37. Smith, C. W. (1977). 'Alternative methods for raising capital: rights versus underwritten offerings', Journal of Financial Economics, vol. 5 (December), pp. 273-307.
38. Whittington, G. (1972). 'The profitability of retained earnings', Review of Economics and Statistics, vol. 54 (May), pp. 152-60.
39. Whittington, G. (1978). 'The profitability of alternative sources of finance - some further evidence', Review of Economics and Statistics, vol. 60 (November), pp. 632-34.