Gupta, Kartick and Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza (2011) Financial development, corporate governance and cost of equity capital. In: 3rd Annual Asian Conference of the Financial Management Association International (FMA 2011) , 6-8 Apr 2011, Queenstown, New Zealand.
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This paper explicitly examines the interactive impact of country level legal and financial development, and firm level governance attributes on the cost of equity capital. Using a comprehensive sample of 7380 firm years drawn from 22 developed countries, we show that firm level governance attributes affect the cost of equity capital only in the Common Law countries with high level of financial development. Our study is the first to highlight the complementary effects of legal origin, financial development and firm level governance attributes in influencing the cost of equity capital.
|Item Type:||Conference or Workshop Item (Commonwealth Reporting Category E) (Paper)|
|Additional Information:||Program is at http://www.latrobe.edu.au/__data/assets/file/0003/67305/2010-gsm-fcgc-program.pdf|
|Uncontrolled Keywords:||corporate governance; financial development; legal origin; implied cost of equity capital|
|Fields of Research (FOR2008):||15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150201 Finance|
15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150205 Investment and Risk Management
15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150303 Corporate Governance and Stakeholder Engagement
|Socio-Economic Objective (SEO2008):||B Ecomonic Development > 90 Commercial Services and Tourism > 9001 Financial Services > 900101 Finance Services|
|Deposited On:||12 Jun 2012 15:59|
|Last Modified:||12 Jun 2012 16:04|
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