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One Size Does Not Fit All, After All: Evidence from Corporate Governance
16 references·16 citing·42 second hopsampled
One Size Does Not Fit All, After All: Evidence from Corporate Governance (2006)One Size Does Not Fit All, After All: Evi…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2006)Estimating Standard Errors in…To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation (2005)To Steal or Not to Steal: Fir…Testing Trade-Off and Pecking Order Predictions About Dividends and Debt (2002)Testing Trade-Off and Pecking…Econometric Analysis of Cross Section and Panel Data (2001)Econometric Analysis of Cross…Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature (2001)Boards of Directors as an End…Understanding the determinants of managerial ownership and the link between ownership and performance (1999)Understanding the determinant…Firm Performance and Board Committee Structure (1998)Firm Performance and Board Co…On Persistence in Mutual Fund Performance (1997)On Persistence in Mutual Fund…Leadership structure: Separating the CEO and Chairman of the Board (1997)Leadership structure: Separat…Higher market valuation of companies with a small board of directors (1996)Higher market valuation of co…Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (1996)Firm Performance and Mechanis…Financial Dependence and Growth (1996)Financial Dependence and Grow…Size and Book-to-Market Factors in Earnings and Returns (1995)Size and Book-to-Market Facto…The Determinants of Capital Structure Choice (1988)The Determinants of Capital S…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Corporate governance and cost of capital in OECD countries (2020)Corporate governance and cost…BOARD GOVERNANCE: DOES OWNERSHIP MATTER? (2019)BOARD GOVERNANCE: DOES OWNERS…The financial crisis as a wake-up call: corporate governance and bank performance in an emerging economy (2018)The financial crisis as a wak…Dividend policy of Indonesian listed firms: The role of families and the state (2018)Dividend policy of Indonesian…Board governance and corporate performance (2017)Board governance and corporat…The governance-performance relationship: evidence from Ghana (2016)The governance-performance re…Board effectiveness and firm performance of Canadian listed firms (2014)Board effectiveness and firm …Creating better boards through codification: Possibilities and limitations in UK corporate governance, 1992–2010 (2012)Creating better boards throug…Controlling the Corporate Controller's Misbehaviour (2011)Controlling the Corporate Con…The ownership of ratings (2009)The ownership of ratingsInternal Corporate Governance Structures and Firm Financial Performance: Evidence from South African Listed Firms (2009)Internal Corporate Governance…Firm-Level Corporate Governance in Emerging Markets: A Case Study of India (2008)Firm-Level Corporate Governan…Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth (2007)Do U.S. Firms Have the Best C…Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences (2007)Differences in Governance Pra…Corporate Governance And Regulation : Can There Be Too Much Of A Good Thing ? (2007)Corporate Governance And Regu…In Letter But Not in Spirit: An Analysis of Corporate Governance in the UK (2005)In Letter But Not in Spirit: …Determinants of corporate borrowing (1977)Management ownership and market valuation (1988)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Audit committee, board of director characteristics, and earnings management (2002)Corporate Governance and Equity Prices (2003)Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 (2003)Credit Rationing in Markets with Imperfect Information (1981)A Contribution to the Empirics of Economic Growth (1992)Financial intermediation and growth: Causality and causes (2000)Finance and Growth: Theory and Evidence (2004)Law, finance, and economic growth in China (2005)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)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)Significance tests and goodness of fit in the analysis of covariance structures. (1980)Corporate financing and investment decisions when firms have information that investors do not have (1984)Firms, Contracts, and Financial Structure (1995)A Survey of Corporate Governance (1997)The theory and practice of corporate finance: evidence from the field (2001)Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation (1982)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Another look at the instrumental variable estimation of error-components models (1995)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Corporate social responsibility and access to finance (2013)The China Syndrome: Local Labor Market Effects of Import Competition in the United States (2013)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)An Intertemporal Capital Asset Pricing Model (1973)The Cross-Section of Expected Stock Returns (1992)Industry costs of equity (1997)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)Law and Finance (1998)The Structure of Corporate Ownership: Causes and Consequences (1985)Corporate Governance, Board Diversity, and Firm Value (2003)Boards: Does one size fit all☆ (2007)Endogeneity and the dynamics of internal corporate governance (2012)Market Timing and Capital Structure (2002)CEO Overconfidence and Corporate Investment (2005)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 2001Econometric Analysis of Cross Section and Panel Data27,575 cited
  • 1997On Persistence in Mutual Fund Performance17,267 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1996Financial Dependence and Growth8,055 cited
  • 1996Higher market valuation of companies with a small board of directors6,614 cited
  • 1988The Determinants of Capital Structure Choice6,108 cited
  • 1995Size and Book-to-Market Factors in Earnings and Returns3,456 cited
  • 2002Testing Trade-Off and Pecking Order Predictions About Dividends and Debt3,396 cited
  • 1996Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders2,809 cited
  • 2006Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches2,559 cited
  • 1999Understanding the determinants of managerial ownership and the link between ownership and performance2,502 cited
  • 2001Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature2,499 cited
  • 1998Firm Performance and Board Committee Structure1,774 cited
  • 2005To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation

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1,583 cited
  • 1997Leadership structure: Separating the CEO and Chairman of the Board1,529 cited
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    • 2009The ownership of ratings119 cited
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    • 2014Board effectiveness and firm performance of Canadian listed firms84 cited
    • 2007Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth77 cited
    • 2005In Letter But Not in Spirit: An Analysis of Corporate Governance in the UK71 cited
    • 2007Corporate Governance And Regulation : Can There Be Too Much Of A Good Thing ?68 cited
    • 2018Dividend policy of Indonesian listed firms: The role of families and the state62 cited
    • 2008Firm-Level Corporate Governance in Emerging Markets: A Case Study of India51 cited
    • 2012Creating better boards through codification: Possibilities and limitations in UK corporate governance, 1992–201050 cited
    • 2018The financial crisis as a wake-up call: corporate governance and bank performance in an emerging economy46 cited
    • 2020Corporate governance and cost of capital in OECD countries41 cited
    • 2017Board governance and corporate performance39 cited
    • 2011Controlling the Corporate Controller's Misbehaviour37 cited
    • 2016The governance-performance relationship: evidence from Ghana35 cited
    • 2019BOARD GOVERNANCE: DOES OWNERSHIP MATTER?34 cited
    • 2007Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences28 cited