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| Author: | Aggarwal, R. (et al.) |
| Title: | Does governance travel around the world? Evidence from institutional investors |
| Journal: | Journal of Financial Economics
2011 : APR, VOL. 100:1, p. 154-181 |
| Index terms: | corporate governance institutional investors shareholders companies international |
| Language: | eng |
| Abstract: | This paper explores whether institutional (herein as: inst-al.) investors affect corporate governance (herein as: c-gov.). By analyzing portfolio holdings of institutions (as: insts.) in companies from 23 countries from 2003 to 2008, it is found that firm-level gov. is positively associated with international inst-al. investment. Inst-al. ownership's changes over time affect positively subsequent changes in firm-level gov. Yet, the opposite is not true. Foreign insts. and insts. from countries with strong shareholder protection play a role in promoting gov. improvements outside of the U.S. Inst-al. investors affect both on which c-gov. mechanisms are in place and also on outcomes. The results suggest that international portfolio investment by inst-al. investors promotes good c-gov. practices around the globe. |
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