Leveling of the playing field and corporate financing patterns around the world

April Knill, Bong Soo Lee and James Ang

Global Finance Journal, 2021, vol. 47, issue C

Abstract: The level of parity between management of firms and their shareholders vary around the world. In many countries, the playing field is tilted in favor of management, which can withhold information or selectively choose when and how to release it. Self-interested managers may also expropriate from shareholders. The legal, judicial, and political systems are also often in favor of those with wealth and power, and interested parties with the resources to level the playing field may be absent or ineffective. These countries lack the monitors, from large institutional shareholders to financial analysts, to limit management's advantage over the shareholders.

Keywords: International financing; Issuing stocks; Capital structure (search for similar items in EconPapers)
JEL-codes: C53 G14 G15 G32 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:47:y:2021:i:c:s1044028319302832

DOI: 10.1016/j.gfj.2020.100515

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