메뉴 건너뛰기




Volumn 95, Issue SUPPL. 2, 2010, Pages 173-193

Legal Protection, Corruption and Private Equity Returns in Asia

Author keywords

buyouts; corruption; law and finance; returns

Indexed keywords


EID: 79958038780     PISSN: 01674544     EISSN: 15730697     Source Type: Journal    
DOI: 10.1007/s10551-011-0853-6     Document Type: Article
Times cited : (43)

References (58)
  • 3
    • 0001671710 scopus 로고
    • The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going Public Process
    • Barry, Christopher, Chris Muscarella, John Peavey and Michael Vetsuypens. 1990. "The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going Public Process." Journal of Financial Economics 27, 447-471.
    • (1990) Journal of Financial Economics , vol.27 , pp. 447-471
    • Barry, C.1    Muscarella, C.2    Peavey, J.3    Vetsuypens, M.4
  • 4
    • 0037306950 scopus 로고    scopus 로고
    • Economic Development, Legality, and the Transplant Effect
    • Berkowitz, D., K. Pistor and J. F. Richard: 2003, 'Economic Development, Legality, and the Transplant Effect', European Economic Review47, 165-195.
    • (2003) European Economic Review , vol.47 , pp. 165-195
    • Berkowitz, D.1    Pistor, K.2    Richard, J.F.3
  • 6
    • 0012891490 scopus 로고    scopus 로고
    • Private Equity in China: Differences and Similarities with the Western Model
    • Bruton, Garry, Maneksh Dattani, Michael Fung, Clement Chow and David Ahlstrom. 1999. "Private Equity in China: Differences and Similarities with the Western Model." Journal of Private Equity 2(2), 7-13.
    • (1999) Journal of Private Equity , vol.2 , Issue.2 , pp. 7-13
    • Bruton, G.1    Dattani, M.2    Fung, M.3    Chow, C.4    Ahlstrom, D.5
  • 8
    • 59149096455 scopus 로고    scopus 로고
    • The Performance of Reverse Leveraged Buyouts
    • Cao, Jerry and Josh Lerner. 2009. "The Performance of Reverse Leveraged Buyouts." Journal of Financial Economics 91(2), 139-157.
    • (2009) Journal of Financial Economics , vol.91 , Issue.2 , pp. 139-157
    • Cao, J.1    Lerner, J.2
  • 9
    • 0042829594 scopus 로고    scopus 로고
    • The Separation of Ownership and Control in East Asian Corporations
    • Claessens, Stijn, Simeon Djankov and Larry Lang. 2000. "The Separation of Ownership and Control in East Asian Corporations." Journal of Financial Economics 58, 81-112.
    • (2000) Journal of Financial Economics , vol.58 , pp. 81-112
    • Claessens, S.1    Djankov, S.2    Lang, L.3
  • 10
    • 11044231189 scopus 로고    scopus 로고
    • The Risk and Return to Venture Capital
    • Cochrane, J.: 2005, 'The Risk and Return to Venture Capital', Journal of Financial Economics75, 3-52.
    • (2005) Journal of Financial Economics , vol.75 , pp. 3-52
    • Cochrane, J.1
  • 11
    • 34548055648 scopus 로고    scopus 로고
    • Playing to their Strengths? Evidence that Specialization in the Private Equity Industry Confers Competitive Advantage
    • Cressy, Robert, Federico Munari, and Alessandro Malipiero, 2007. "Playing to their Strengths? Evidence that Specialization in the Private Equity Industry Confers Competitive Advantage." Journal of Corporate Finance 13, 647-669.
    • (2007) Journal of Corporate Finance , vol.13 , pp. 647-669
    • Cressy, R.1    Munari, F.2    Malipiero, A.3
  • 12
    • 33749612106 scopus 로고    scopus 로고
    • Government Policy Towards Entrepreneurial Finance: Innovation Investment Funds
    • Cumming, Douglas. 2007. "Government Policy Towards Entrepreneurial Finance: Innovation Investment Funds." Journal of Business Venturing 22(2), 193-235.
    • (2007) Journal of Business Venturing , vol.22 , Issue.2 , pp. 193-235
    • Cumming, D.1
  • 13
    • 52449132640 scopus 로고    scopus 로고
    • Contracts and Exits in Venture Capital Finance
    • Cumming, D.: 2008, 'Contracts and Exits in Venture Capital Finance', Review of Financial Studies21(50), 1947-1982.
    • (2008) Review of Financial Studies , vol.21 , Issue.50 , pp. 1947-1982
    • Cumming, D.1
  • 15
    • 34848925422 scopus 로고    scopus 로고
    • Socially Responsible Institutional Investment in Private Equity
    • Cumming, Douglas, Sofia Johan (2007) Socially Responsible Institutional Investment in Private Equity. Journal of Business Ethics 75: 395-416.
    • (2007) Journal of Business Ethics , vol.75 , pp. 395-416
    • Cumming, D.1    Johan, S.2
  • 17
    • 1842629009 scopus 로고    scopus 로고
    • Venture Capital Exits in Canada and the United States
    • Cumming, Douglas and Jeffrey MacIntosh. 2003. "Venture Capital Exits in Canada and the United States." University of Toronto Law Journal 51, 101-200.
    • (2003) University of Toronto Law Journal , vol.51 , pp. 101-200
    • Cumming, D.1    Macintosh, J.2
  • 18
    • 34548088936 scopus 로고    scopus 로고
    • Private Equity, Leveraged Buyouts and Governance
    • Cumming, Douglas, Donald Siegel and Mike Wright. 2007. "Private Equity, Leveraged Buyouts and Governance." Journal of Corporate Finance 13(4), 439-460.
    • (2007) Journal of Corporate Finance , vol.13 , Issue.4 , pp. 439-460
    • Cumming, D.1    Siegel, D.2    Wright, M.3
  • 19
    • 77951854660 scopus 로고    scopus 로고
    • Private Equity Returns and Disclosure Around the World
    • Cumming, Douglas and Uwe Walz. 2010. "Private Equity Returns and Disclosure Around the World." Journal of International Business Studies 41(4), 727-754.
    • (2010) Journal of International Business Studies , vol.41 , Issue.4 , pp. 727-754
    • Cumming, D.1    Walz, U.2
  • 22
    • 77957791445 scopus 로고    scopus 로고
    • Australia Chooses: Venture Capital and a Future Australia
    • Ferris, William. 2001. "Australia Chooses: Venture Capital and a Future Australia." Australian Journal of Management 26, 45-64.
    • (2001) Australian Journal of Management , vol.26 , pp. 45-64
    • Ferris, W.1
  • 23
    • 0000128378 scopus 로고
    • The Ethical Challenge of Management Buyouts as a Form of Privatization in Central and Eastern Europe
    • Filatotchev, I., K. Starkey and M. Wright, 1994, "The Ethical Challenge of Management Buyouts as a Form of Privatization in Central and Eastern Europe," Journal of Business Ethics 13, 523-532.
    • (1994) Journal of Business Ethics , vol.13 , pp. 523-532
    • Filatotchev, I.1    Starkey, K.2    Wright, M.3
  • 24
    • 1842710005 scopus 로고    scopus 로고
    • Venture Capital Returns in Australia
    • Fleming, Grant. 2004. "Venture Capital Returns in Australia." Venture Capital 6(1), 23-45.
    • (2004) Venture Capital , vol.6 , Issue.1 , pp. 23-45
    • Fleming, G.1
  • 26
    • 0001766028 scopus 로고
    • The common structure of statistical models of truncation, sample selection, and limited dependent variables and a simple estimator for such models
    • Heckman, J., 1976. The common structure of statistical models of truncation, sample selection, and limited dependent variables and a simple estimator for such models. Annals of Economic and Social Measurement 5, 475-492.
    • (1976) Annals of Economic and Social Measurement , vol.5 , pp. 475-492
    • Heckman, J.1
  • 27
    • 0000125534 scopus 로고
    • Sample selection bias as a specification error
    • Heckman, J., 1979. Sample selection bias as a specification error. Econometrica 47, 153-161.
    • (1979) Econometrica , vol.47 , pp. 153-161
    • Heckman, J.1
  • 28
    • 78650338545 scopus 로고    scopus 로고
    • Private Equity in China and India
    • Ippolito, Roberto. 2007. "Private Equity in China and India." Journal of Private Equity 10(4), 36-41.
    • (2007) Journal of Private Equity , vol.10 , Issue.4 , pp. 36-41
    • Ippolito, R.1
  • 29
    • 0001244650 scopus 로고    scopus 로고
    • The Determinants of Venture Capital Fundraising: Evidence Across Countries
    • Jeng, Leslie and Philippe Wells. 2000. "The Determinants of Venture Capital Fundraising: Evidence Across Countries." Journal of Corporate Finance 6, 241-289.
    • (2000) Journal of Corporate Finance , vol.6 , pp. 241-289
    • Jeng, L.1    Wells, P.2
  • 30
    • 79957971657 scopus 로고    scopus 로고
    • The Role of Corruption, Culture, and Law in Investment Fund Manager Fees
    • doi: 10. 1007/s10551-011-0852-7
    • Johan, S. A. and D. Najar: 2011, 'The Role of Corruption, Culture, and Law in Investment Fund Manager Fees', Journal of Business Ethics. doi: 10. 1007/s10551-011-0852-7.
    • (2011) Journal of Business Ethics
    • Johan, S.A.1    Najar, D.2
  • 31
    • 0001205836 scopus 로고
    • The Ethics of Management Buyouts Revisited
    • Jones, T. and R. Hunt: 1991, "The Ethics of Management Buyouts Revisited," Journal of Business Ethics 10, 833-840.
    • (1991) Journal of Business Ethics , vol.10 , pp. 833-840
    • Jones, T.1    Hunt, R.2
  • 32
    • 0002286373 scopus 로고    scopus 로고
    • The Evolution of U.S. Corporate Governance: We Are All Henry Kravis Now
    • Kaplan, Steven. 1997. "The Evolution of U. S. Corporate Governance: We Are All Henry Kravis Now." Journal of Private Equity 1(1), 7-14.
    • (1997) Journal of Private Equity , vol.1 , Issue.1 , pp. 7-14
    • Kaplan, S.1
  • 34
    • 79958041106 scopus 로고    scopus 로고
    • Corporate Restructuring and Management Buyouts in the Asia-Pacific and Europe
    • Koh, Winston. 2005. "Corporate Restructuring and Management Buyouts in the Asia-Pacific and Europe." Journal of Restructuring Finance 2(1), 1-8.
    • (2005) Journal of Restructuring Finance , vol.2 , Issue.1 , pp. 1-8
    • Koh, W.1
  • 35
    • 31144457806 scopus 로고    scopus 로고
    • Emerging Trends in the Japanese Venture Capital Industry
    • Kuroki, Masaki, Mark Rice and Pier Abetti. 2000. "Emerging Trends in the Japanese Venture Capital Industry." Journal of Private Equity 4, 39-39.
    • (2000) Journal of Private Equity , vol.4 , pp. 39-39
    • Kuroki, M.1    Rice, M.2    Abetti, P.3
  • 40
    • 15544376362 scopus 로고    scopus 로고
    • Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity
    • Lerner, J. and A. Schoar: 2005, 'Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity', The Quarterly Journal Economics120(1), 223-246.
    • (2005) The Quarterly Journal Economics1 , vol.20 , Issue.1 , pp. 223-246
    • Lerner, J.1    Schoar, A.2
  • 41
    • 0141902065 scopus 로고    scopus 로고
    • Privatizing Rural China: Insider Privatization, Innovative Contracts, and the Performance of Township Enterprises
    • Li, Hongbin and Scott Rozelle. 2003. "Privatizing Rural China: Insider Privatization, Innovative Contracts, and the Performance of Township Enterprises." China Quarterly 174, 981-1005.
    • (2003) China Quarterly , vol.174 , pp. 981-1005
    • Li, H.1    Rozelle, S.2
  • 42
    • 4444282705 scopus 로고    scopus 로고
    • Insider Privatization with a Tail: The Screening Contract and Performance of Privatized Firms in Rural China
    • Li, Hongbin and Scott Rozelle. 2004. "Insider Privatization with a Tail: The Screening Contract and Performance of Privatized Firms in Rural China." Journal of Development Economics 75, 1-26.
    • (2004) Journal of Development Economics , vol.75 , pp. 1-26
    • Li, H.1    Rozelle, S.2
  • 43
    • 79958031054 scopus 로고    scopus 로고
    • Management Buyout, Information, and Firm Performance: How Has Privatization Worked in China?
    • Li, H. and Q. Wang: 2005. 'Management Buyout, Information, and Firm Performance: How Has Privatization Worked in China?', Journal of Restructuring Finance2(1), 55-67.
    • (2005) Journal of Restructuring Finance , vol.2 , Issue.1 , pp. 55-67
    • Li, H.1    Wang, Q.2
  • 44
    • 0013114164 scopus 로고    scopus 로고
    • Insider Reputation and Selling Decisions: The Unwinding of Venture Capital Investments During Equity IPOs
    • Lin, Timothy and Richard Smith. 1998. "Insider Reputation and Selling Decisions: The Unwinding of Venture Capital Investments During Equity IPOs." Journal of Corporate Finance 4, 241-263.
    • (1998) Journal of Corporate Finance , vol.4 , pp. 241-263
    • Lin, T.1    Smith, R.2
  • 45
    • 1842629006 scopus 로고    scopus 로고
    • Australian Buyout Market - History and Potential
    • Martin, Tim. 1999. "Australian Buyout Market - History and Potential." Journal of Private Equity 2(2), 15-30.
    • (1999) Journal of Private Equity , vol.2 , Issue.2 , pp. 15-30
    • Martin, T.1
  • 46
    • 20444487324 scopus 로고    scopus 로고
    • Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan, and the United Kingdom
    • Mayer, Colin, Koen Schoors and Yishay Yafeh. 2005. "Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan, and the United Kingdom." Journal of Corporate Finance 11, 586-608.
    • (2005) Journal of Corporate Finance , vol.11 , pp. 586-608
    • Mayer, C.1    Schoors, K.2    Yafeh, Y.3
  • 47
    • 84977723575 scopus 로고
    • Venture Capital Certification in Initial Public Offerings
    • Megginson, William and Kathleen Weiss. 1991. "Venture Capital Certification in Initial Public Offerings." Journal of Finance 46, 879-893.
    • (1991) Journal of Finance , vol.46 , pp. 879-893
    • Megginson, W.1    Weiss, K.2
  • 48
    • 34249092460 scopus 로고    scopus 로고
    • Venture Capital or Private Equity? The Asian Experience
    • Naqi, Sayed Ahmed and Samanthala Hettihewa. 2007. "Venture Capital or Private Equity? The Asian Experience." Business Horizons 50(4), 335-344.
    • (2007) Business Horizons , vol.50 , Issue.4 , pp. 335-344
    • Naqi, S.A.1    Samanthala, H.2
  • 49
    • 34548093310 scopus 로고    scopus 로고
    • The Impact of Corporate Governance Mechanisms on Value Increase in Leveraged Buyouts
    • Nikoskelainen, Erkki and Mike Wright. 2007. "The Impact of Corporate Governance Mechanisms on Value Increase in Leveraged Buyouts." Journal of Corporate Finance 13(4), 511-537.
    • (2007) Journal of Corporate Finance , vol.13 , Issue.4 , pp. 511-537
    • Nikoskelainen, E.1    Wright, M.2
  • 50
    • 13444289767 scopus 로고    scopus 로고
    • Do Foreign and Domestic Venture Capital Firms Differ in Their Monitoring of Investees?
    • Pruthi, Sarika, Mike Wright and Andy Lockett. 2003. "Do Foreign and Domestic Venture Capital Firms Differ in Their Monitoring of Investees?" Asia Pacific Journal of Management 20, 175-204.
    • (2003) Asia Pacific Journal of Management , vol.20 , pp. 175-204
    • Pruthi, S.1    Wright, M.2    Lockett, A.3
  • 51
    • 79958041648 scopus 로고    scopus 로고
    • UBS Private Funds Group
    • UBS Investment Bank, manuscript
    • UBS Private Funds Group. 2009. Asia Private Equity Market Overview. UBS Investment Bank, manuscript.
    • (2009) Asia Private Equity Market Overview
  • 52
    • 70449574525 scopus 로고    scopus 로고
    • Private Equity in Australia
    • Westcott, Mark. 2009. "Private Equity in Australia." Journal of Industrial Relations 51(4), 529-542.
    • (2009) Journal of Industrial Relations , vol.51 , Issue.4 , pp. 529-542
    • Westcott, M.1
  • 53
    • 84890746642 scopus 로고    scopus 로고
    • Private Equity and Management Buy-outs
    • H. Landstrom (Ed.), Cheltenham: Edward Elgar
    • Wright, Mike. 2007a. "Private Equity and Management Buy-outs." In Hans Landstrom edited Handbook of Research on Venture Capital. Edward Elgar, Cheltenham, UK, 281-312.
    • (2007) Handbook of Research on Venture Capital , pp. 281-312
    • Wright, M.1
  • 54
    • 34547375018 scopus 로고    scopus 로고
    • Venture Capital in China: A View from Europe
    • Wright, Mike. 2007b. "Venture Capital in China: A View from Europe." Asia Pacific Journal of Management 24, 269-281.
    • (2007) Asia Pacific Journal of Management , vol.24 , pp. 269-281
    • Wright, M.1
  • 55
    • 77956333401 scopus 로고    scopus 로고
    • Private Equity and Management Buyouts: International Trends, Evidence and Policy Implications
    • M. Wright and H. Bruining (Eds.), Cheltenham: Edward Elgar
    • Wright, Mike and Hans Bruining. 2008. "Private Equity and Management Buyouts: International Trends, Evidence and Policy Implications." In Wright, Mike and Hans Bruining edited Private Equity and Management Buyouts. Edward Elgar, Cheltenham, UK, 3-80.
    • (2008) Private Equity and Management Buyouts , pp. 3-80
    • Wright, M.1    Bruining, H.2
  • 58
    • 0038603017 scopus 로고    scopus 로고
    • Management Buyouts and Restructuring Japanese Corporations
    • Wright, Mike, Motoya Kitamura and Robert Hoskisson. 2003. "Management Buyouts and Restructuring Japanese Corporations." Long Range Planning 36(4), 355-373.
    • (2003) Long Range Planning , vol.36 , Issue.4 , pp. 355-373
    • Wright, M.1    Kitamura, M.2    Hoskisson, R.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.