The Anglo-Saxon approach to corporate governance and its applicability to emerging markets

Corporate Governance: An International Review

Volumn 14, Issue 4, 2006, Pages 207-219

  Mueller, Dennis C ^a  

^a UNIVERSITY OF VIENNA   (Austria)

Author keywords

Capital markets; Corporate governance; Investment returns

Indexed keywords

EID: 33745780090     PISSN: 09648410     EISSN: 14678683     Source Type: Journal    
DOI: 10.1111/j.1467-8683.2006.00503.x     Document Type: Article

References (55)

1. Allen, F. (2005) Corporate Governance in Emerging Economies, Oxford Review of Economic Policy, 21, 164-177.
2. Allen, F., Qian, J. and Qian, M. (2002) Law, Finance, and Economic Growth in China. Wharton School, mimeo.
3. Bhagat, S. and Black, B. (1999) The Uncertain Relationship Between Board Composition and Firm Performance, Business lawyer, 54, 921-963.
4. Bhagat, S. and Black, B. (2000) Board Independence and Long Term Firm Performance. Stanford Law School, mimeo.
5. Black, B. (2001) The Corporate Governance Behavior and Market Value of Russian Firms, Emerging Markets Review, 3, 89-108.
6. Black, B. S., Jang, H. and Kim, W. (2006) Does Corporate Governance Predict Firms' Market Values? Evidence from Korea, Journal of Law, Economics, and Organization (forthcoming).
7. Byrd, J. W. and Hickman, K. A. (1992) Do Outside Directors Monitor Managers?: Evidence from Tender Offer Bids, Journal of Financial Economics, 32, 195-222.
8. Charkham, J. P. (1994) Keeping Good Company. Oxford: Clarendon Press.
9. Claessens, S. and Fan, J. P. H. (2002) Corporate Governance in Asia: A Survey, International Review of Finance, 3, 71-103.
10. Dalton, D. R., Daily, C. M., Ellstrand, A. E. and Johnson, J. L. (1998) Meta-Analytic Reviews of Board Composition, Leadership Structure, and Financial Performance, Strategic Management Journal, 19, 269-290.
11. Demirgüç-Kunt, A. and Maksimovic, V. (1998) Law, Finance, and Firm Growth, Journal of Finance, 53, 2107-2137.
12. Dhrymes, P. and Kurz, M. (1967) Investment, Dividend and External Finance Behavior of Firms. In R. Farber (ed.) Determinants of Investment Behavior, National Bureau of Economic Research. New York, NY: Columbia University Press, pp. 427-467.
13. Duesenberry, J. (1958) Business Cycles and Economic Growth. New York, NY: McGraw-Hill.
14. Faccio, M., Land, L. H. and Young, L. (2001) Dividends and Expropriation, American Economic Review, 91, 54-78.
15. Fazzari, S. M., Hubbard, R. G. and Petersen, B. (1988) Financing Constraints and Corporate Investment, Brookings Papers on Economic Activity, 141-195.
16. Glen, J., Lee, K. and Singh, A. (2003) Corporate Profitability and the Dynamics of Competition in Emerging Markets: A Time Series Analysis, Economic Journal, F465-F484.
17. Goergen, M. and Renneboog, L. (2001) Investment Policy, Internal Financing and Ownership Concentration in the UK, Journal of Corporate Finance, 7, 257-284.
18. Gompers, P., Ishii, J. and Metrick, A. (2003) Corporate Governance and Equity Prices, Quarterly Journal of Economics, 118, 107-155.
19. Grabowski, H. and Mueller, D. C. (1972) Managerial and Stockholder Welfare Models of Firm Expenditures, Review of Economics and Statistics, 54, 9-24.
20. Grabowski, H. and Mueller, D. C. (1975) Life-Cycle Effects on Corporate Returns on Retentions, Review of Economics and Statistics, 57, 400-409.
21. Gugler, K., Mueller, D. C. and Yurtoglu, B. (2003) The Impact of Corporate Governance on Investment Returns in Developed and Developing Countries, The Economic Journal, 113, 511-539.
22. Gugler, K., Mueller, D. C. and Yurtoglu, B. (2004a) Corporate Governance, Capital Market Discipline and the Returns on Investment, Journal of Law and Economics, 47, 589-633.
23. Gugler, K., Mueller, D. C. and Yurtoglu, B. (2004b) Marginal q, Average q, Cash Flow and Investment, Southern Economic Journal, 70, 512-531.
24. Hermalin, B. E. and Weisbach, M. S. (2003) Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature, Economic Policy Review, 9, 7-26.
25. Huang, Haizhou and Xu, C. (1999) Financial Institutions and the Financial Crisis in East Asia, European Economic Review, 43, 903-914.
26. Jensen, C. M. and Meckling, W (1976) Theory of the Firm: Managerial Behavior, Agency Cost, and Capital Structure, Journal of Financial Economics, 3, 305-360.
27. Johnson, S., Boone, P., Breach, A. and Friedman, E. (2000) Corporate Governance and the Asian Financial Crisis, Journal of Financial Economics, 58, 141-186.
28. Klein, A. (1998) Firm Performance and Board Committee Structure, Journal of Law and Economics, 41, 275-299.
29. Kornai, J., Maskin, E. and Roland, G. (2003) Understanding the Soft Budget Constraint, Journal of Economic Literature, 41, 1095-1136.
30. Kuh, E. (1963) Capital Stock Growth: A Micro-Econometric Approach. Amsterdam: North-Holland.
31. Kuh, E. and Meyer, J. R. (1957) The Investment Decision: An Empirical Study. Cambridge, MA: Harvard University Press.
32. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1997) Legal Determinants of External Finance, Journal of Finance, 52, 1131-1150.
33. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1998) Law and Finance, Journal of Political Economy, 106, 1113-1155.
34. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2000) Agency Problems and Dividend Policies around the World, Journal of Finance, 55, 1-33.
35. Levine, R. and Zervos, S. (1998) Stock Markets, Banks and Economic Growth, American Economic Review, 88, 537-558.
36. Lombardo, D. and Pagano, M. (1999) Legal Determinants of the Return on Equity. CSEF Working Paper No. 24, October, and CEPR Discussion Paper No. 2275, November.
37. Mahoney, P. G. (2001) The Common Law and Economic Growth: Hayek Might Be Right, Journal of Legal-Studies, 30, 503-525.
38. Meyer, J. R. and Glauber, R. R. (1964) Investment Decisions, Economic Forecasting, and Public Policy. Cambridge, MA: Harvard University Press.
39. Mitton, T. (2002) A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis, Journal of Financial Economics, 64, 215-241.
40. Modigliani, F. and Perotti, E. (1997) Protection of Minority Interest and the Development of Security Markets, Managerial Decision Economics 18, 519-528.
41. Mueller, D. C. (1967) The Firm Decision Process: An Econometric Investigation, Quarterly Journal of Economics, 81, 58-87.
42. Mueller, D. C. (1972) A Life Cycle Theory of the Firm, Journal of Industrial Economics, 20, 199-219.
43. Mueller, D. C. and Reardon, E. (1993) Rates of Return on Corporate Investment, Southern Economic Journal, 60, 430-453.
44. Mueller, D. C. and Yurtoglu, B. (2000) Country Legal Environments and Corporate Investment Performance, German Economic Review, 2, 187-220.
45. 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 13, 187-221.
46. Pawlina, G. and Renneboog, L. (2005) Is Investment-Cash Flow Sensitivity Caused by Agency Costs or Asymmetric Information? Evidence from the UK, European Financial Management, 11, 483-513.
47. Rajan, R. G. and Zingales, L. (1998) Financial Dependence and Growth, American Economic Review, 88, 559-586.
48. Roe, M. J. (2000) Political Preconditions to Separating Ownership from Corporate Control, Stanford Law Review, 53, 539-606.
49. Shivdasani, A. (1993) Board Composition, Ownership Structure, and Hostile Takeovers, Journal of Accounting and Economics, 16, 167-198.
50. Singh, A. (1994) How Do Large Corporations in Developing Countries Finance Their Growth? In R. O'Brian (ed.) The AMEX Bank Prize Essays: Finance and the International Economy, no. 8. New York, NY: Oxford University Press, pp. 121-135.
51. Singh, A. (2003) Corporate Governance, Corporate Finance and Stock Markets in Emerging Countries, Journal of Corporate Law Studies, 3, 41-72.
52. Singh, A., Glen, J., Zammitt, A., De Hoyos, R., Singh, A. and Weisse, B. (2005) Shareholder Value Maximisation, Stock Market and New Technology: Should the US Corporate Model be the Universal Standard? Cambridge University, Centre for Business Research WP315.
53. Stiglitz, J. and Weiss, A. (1981) Credit Rationing in Markets with Imperfect Information, American Economic Review, 71, 393-410.
54. Weisbach, M. S. (1988) Outside Directors and CEO Turnover, Journal of Financial Economics, 20, 431-460.
55. Yermack, D. (1996) Higher Market Valuation of Companies with a Small Board of Directors, Journal of Financial Economics, 40, 185-212.