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A cross-country comparison of corporate governance and firm performance: Do financial structure and the legal system matter?

Anne Anderson and Parveen P. Gupta

Journal of Contemporary Accounting and Economics, 2009, vol. 5, issue 2, 61-79

Abstract: We blend the corporate governance and the financial structure/legal system literature streams to study whether firm performance is enhanced when its governance structure embodies the demands of the host country’s financial structure and legal system. Using a sample of 1736 unique firms representing 22 countries, we find that the joint effect of a country’s financial structure and legal system does matter when explaining the relationship between performance and the overall level of corporate governance in a given country. The results also suggest that firms operating in the market/common combination countries tend to command higher market valuations than firms with a comparable level of corporate governance that operate in the bank/civil combination countries.

Keywords: Governance; Financial/legal system; Performance (search for similar items in EconPapers)
Date: 2009
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Journal of Contemporary Accounting and Economics is currently edited by Agnes C.S. Cheng, P. Clarkson, F.A. Gul, Zoltan Matolcsy, Dan Simunic and Ben Srinidhi

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