European financial integration and corporate governance

Claudia Buch and Ralph P. Heinrich

No 2, Research Notes from Deutsche Bank Research

Abstract: The paper studies the link between the integration of European financial markets and corporate governance in Europe. The focus of the paper is on how integration affects the interplay of ownership structures, capital structures, and monitoring, all of which can be used to govern agency problems at the firm level. Integration is a process which comprises the abolition of capital controls, the harmonization of institutions, and the creation of a common currency area. These elements, in turn, affect the liquidity of markets, the cost of monitoring, and the cost of debt. Based on these considerations, implications for changes in the structure of corporate governance systems are derived.

Keywords: corporate governance; complementarity; financial integration (search for similar items in EconPapers)
JEL-codes: D23 G30 (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:dbrrns:2

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