Corporate governance, capital market discipline and the returns on investment

Abstract: The authors analyze the impact of corporate governance institutions, ownership structures and external capital market constraints on company returns on investment by using a sample of more than 19,000 companies from 61 countries across the world. They show that (1) of these three sets of institutions, the origin of a country's legal system proves to be the most important. Companies in countries with English-origin legal systems earn returns on investment that are at least as large as the cost of capital. (2) Differences in investment performance related to a country's legal system dominate differences related to ownership structure. (3) Strong external capital markets improve the investment performance of companies." (author's abstract)

Show object

• Alternative title: Corporate Governance, Kapitalmarktdisziplinierung und die Renditen von Unternehmensinvestitionen
• Location: Deutsche Nationalbibliothek Frankfurt am Main
• Extent: Online-Ressource, 49 S.
• Language: Englisch
• Notes: Veröffentlichungsversion

References and Relationships

• Bibliographic citation: Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Markt und politische Ökonomie ; Bd. 01-25

Classification and Topics

• Keyword: Corporate Governance ; Eigentümerstruktur ; Finanzmarkt ; Investition ; Rendite ; Vergleich ; Welt ; Rechtsordnung ; Corporate Governance ; Aktionärsstruktur ; Kapitalmarkt ; Investition ; Rendite ; Rechtsordnung

Contributors, Places and Time

• Event: Veröffentlichung
• (where): Berlin
• (when): 2001
• Creator: Gugler, Klaus ; Mueller, Dennis C. ; Yurtoglu, B. Burcin
• Contributor: Wissenschaftszentrum Berlin für Sozialforschung gGmbH

Further information

• URN: urn:nbn:de:0168-ssoar-115447
• Rights: Open Access unbekannt; Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.