Author : José María Nogueira Ramírez
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (114 download)
Book Synopsis El Efecto de Los Factores Institucionales en El Gobierno Corporativo by : José María Nogueira Ramírez
Download or read book El Efecto de Los Factores Institucionales en El Gobierno Corporativo written by José María Nogueira Ramírez and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Investor protection depends on the firm ownership structure and the institutional framework of the country where the firm is based. Diffusion of ownership in public firms extends to all companies the potential conflict between managers and shareholders, but firms with a controlling shareholder face a second conflict: controlling shareholders may abuse their position in detriment to minority investors. In common law countries, dispersed ownership seldom allows investors to be represented in the board, but the legal system provides remarkable investor protection. In contrast, Civil Law countries have a relatively weak legal system of investor protection and firms usually have one or several relevant shareholders that can effectively control management (La-Porta et al., 1999).In this thesis we identify corporate governance mechanisms relevant to attract foreign investment, paying attention to the contribution of foreign directors to the overcoming of the home bias effect. We compare the effectiveness of board of director composition across countries to attract investors and increase firm value, considering the relative power of the main shareholders at each firm. Lastly we investigate the impact of ownership structure on firm value, and its relationship with the most widely used corporate governance mechanism: the presence of independent directors...