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Multiple corporate governance attributes and the cost of capital – Evidence from Germany
16 references·16 citing·23 second hopsampled
Multiple corporate governance attributes and the cost of capital – Evidence from Germany (2014)Multiple corporate governance attributes …The cost of capital, corporation finance and the theory of investment (2008)The cost of capital, corporat…Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 (2003)Founding‐Family Ownership and…Corporate Governance and Equity Prices (2003)Corporate Governance and Equi…A Survey of Corporate Governance (1997)A Survey of Corporate Governa…Earnings, Book Values, and Dividends in Equity Valuation* (1995)Earnings, Book Values, and Di…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Management ownership and market valuation (1988)Management ownership and mark…Asset pricing and the bid-ask spread (1986)Asset pricing and the bid-ask…The Structure of Corporate Ownership: Causes and Consequences (1985)The Structure of Corporate Ow…Moral Hazard and Observability (1979)Moral Hazard and ObservabilityTheory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)THE VALUATION OF RISK ASSETS …The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)The Valuation of Risk Assets …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…The Modern Corporation and Private Property (1933)The Modern Corporation and Pr…The relationship between corporate governance and cost of equity: evidence from the ISIS era in Iraq (2023)The relationship between corp…Board characteristics and corporate cash holding: evidence from the UK, France and Germany (2023)Board characteristics and cor…Corporate board and dynamics of capital structure: Evidence from UK , France and Germany (2022)Corporate board and dynamics …CEO tenure and cost of debt (2022)CEO tenure and cost of debtBoard monitoring and capital structure dynamics: evidence from bank-based economies (2021)Board monitoring and capital …The impact of ownership structure on the cost of equity in emerging markets (2020)The impact of ownership struc…Politically connected boards, family business groups and firm performance (2020)Politically connected boards,…Integrated reporting, financial reporting quality and cost of debt (2020)Integrated reporting, financi…Impact of corporate governance mechanisms on the cost of equity capital in emerging markets (2020)Impact of corporate governanc…Corporate governance mechanisms and R&D intensity in OECD courtiers (2020)Corporate governance mechanis…Corporate governance and cost of capital in OECD countries (2020)Corporate governance and cost…Board structure and corporate R&D intensity: evidence from Forbes global 2000 (2020)Board structure and corporate…Are bank risk disclosures informative? Evidence from debt markets (2020)Are bank risk disclosures inf…Impact of corporate governance attributes on cost of equity (2019)Impact of corporate governanc…Women on boards in India: a need or tokenism? (2018)Women on boards in India: a n…Impact of investment efficiency on cost of equity: evidence from China (2017)Impact of investment efficien…The Theory of Syndicates (1968)Essays in the Theory of Risk-Bearing. (1972)Markets and Hierarchies: Analysis and Antitrust Implications. (1976)Good News and Bad News: Representation Theorems and Applications (1981)Financial Intermediation and Delegated Monitoring (1984)Agency Costs, Net Worth, And Business Fluctuations (1988)Agency Problems and the Theory of the Firm (1980)Separation of Ownership and Control (1983)Law and Finance (1998)Corporate Ownership Around the World (1999)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)Risk, Return, and Equilibrium: Empirical Tests (1973)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Common risk factors in the returns on stocks and bonds (1993)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)The Capital Structure Puzzle (1984)Legal Determinants of External Finance (1997)Investor protection and corporate governance (2000)On Persistence in Mutual Fund Performance (1997)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1997A Survey of Corporate Governance16,237 cited
  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
  • 2008The cost of capital, corporation finance and the theory of investment8,614 cited
  • 1979Moral Hazard and Observability8,358 cited
  • 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets7,600 cited
  • 1933The Modern Corporation and Private Property7,361 cited
  • 1988Management ownership and market valuation6,910 cited
  • 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]

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6,743 cited
  • 1985The Structure of Corporate Ownership: Causes and Consequences6,243 cited
  • 2003Corporate Governance and Equity Prices6,115 cited
  • 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 5005,127 cited
  • 1986Asset pricing and the bid-ask spread5,087 cited
  • 1995Earnings, Book Values, and Dividends in Equity Valuation*5,061 cited
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    • 2022Corporate board and dynamics of capital structure: Evidence from UK , France and Germany91 cited
    • 2020The impact of ownership structure on the cost of equity in emerging markets62 cited
    • 2020Are bank risk disclosures informative? Evidence from debt markets62 cited
    • 2020Impact of corporate governance mechanisms on the cost of equity capital in emerging markets60 cited
    • 2020Board structure and corporate R&D intensity: evidence from Forbes global 200059 cited
    • 2020Corporate governance mechanisms and R&D intensity in OECD courtiers58 cited
    • 2018Women on boards in India: a need or tokenism?56 cited
    • 2023The relationship between corporate governance and cost of equity: evidence from the ISIS era in Iraq49 cited
    • 2023Board characteristics and corporate cash holding: evidence from the UK, France and Germany48 cited
    • 2022CEO tenure and cost of debt44 cited
    • 2019Impact of corporate governance attributes on cost of equity42 cited
    • 2020Corporate governance and cost of capital in OECD countries41 cited
    • 2020Politically connected boards, family business groups and firm performance41 cited
    • 2017Impact of investment efficiency on cost of equity: evidence from China40 cited