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Financial development, corporate governance and cost of equity capital
16 references·15 citing·34 second hop
Financial development, corporate governance and cost of equity capital (2018)Financial development, corporate governan…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Investor Protection and Corporate Valuation (2002)Investor Protection and Corpo…Investor protection and corporate governance (2000)Investor protection and corpo…Law and Finance (1998)Law and FinanceInitial conditions and moment restrictions in dynamic panel data models (1998)Initial conditions and moment…Legal Determinants of External Finance (1997)Legal Determinants of Externa…Industry costs of equity (1997)Industry costs of equityFinancial Dependence and Growth (1996)Financial Dependence and Grow…Initial conditions and moment restrictions in dynamic panel data models (1995)Initial conditions and moment…Another look at the instrumental variable estimation of error-components models (1995)Another look at the instrumen…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Performance Pay and Top-Management Incentives (1990)Performance Pay and Top-Manag…Asset pricing and the bid-ask spread (1986)Asset pricing and the bid-ask…Financial Intermediation and Delegated Monitoring (1984)Financial Intermediation and …Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Financial Development and Economic Growth: Views and AgendaFinancial Development and Eco…The relationship between corporate governance and cost of equity: evidence from the ISIS era in Iraq (2023)The relationship between corp…Does digital transformation of enterprises help reduce the cost of equity capital (2023)Does digital transformation o…Corporate governance and cost of equity: the moderating role of ownership concentration levels (2023)Corporate governance and cost…Voluntary disclosure-cost of equity nexus and the moderating role of corporate governance: evidence from an extremely politically unstable context (2022)Voluntary disclosure-cost of …The impact of corporate governance quality on capital structure choices: does national governance quality matter? (2022)The impact of corporate gover…Corporate transparency and firm value: Does market competition play an external governance role? (2022)Corporate transparency and fi…Institutional investors and cost of capital: The moderating effect of ownership structure (2021)Institutional investors and c…Does international experience of managers bring financing benefits? Evidence from the cost of equity capital (2021)Does international experience…Audit committee ownership and the cost of equity capital (2021)Audit committee ownership and…The impact of ownership structure on the cost of equity in emerging markets (2020)The impact of ownership struc…Litigation risk and cost of capital: Evidence from China (2020)Litigation risk and cost of c…Impact of corporate governance mechanisms on the cost of equity capital in emerging markets (2020)Impact of corporate governanc…Corporate Governance and Cost of Equity: Evidence from Tehran Stock Exchange (2020)Corporate Governance and Cost…The role of macroeconomic and institutional factors in creating corporate financial flexibility (2019)The role of macroeconomic and…Short‐selling and cost of equity: evidence from China (2019)Short‐selling and cost of equ…What Do We Know about Capital Structure? Some Evidence from International Data (1995)A Survey of Corporate Governance (1997)Corporate Ownership Around the World (1999)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)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)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)The arbitrage theory of capital asset pricing (1976)Moral Hazard and Observability (1979)Bank Runs, Deposit Insurance, and Liquidity (1983)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)Financial Intermediation, Loanable Funds, and The Real Sector (1997)Biases in Dynamic Models with Fixed Effects (1981)A finite sample correction for the variance of linear efficient two-step GMM estimators (2004)How to do Xtabond2: An Introduction to Difference and System GMM in Stata (2009)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)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 Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Colonial Origins of Comparative Development: An Empirical Investigation (2001)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)
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References

  • 1998Initial conditions and moment restrictions in dynamic panel data models22,547 cited
  • 1995Another look at the instrumental variable estimation of error-components models19,861 cited
  • 1998Law and Finance17,902 cited
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  • 1995Initial conditions and moment restrictions in dynamic panel data models14,749 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 1997Legal Determinants of External Finance9,776 cited
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  • 2000Investor protection and corporate governance6,847 cited
  • 1997Industry costs of equity5,793 cited
  • 1986Asset pricing and the bid-ask spread5,087 cited
  • 1990Performance Pay and Top-Management Incentives5,080 cited
  • n.d.Financial Development and Economic Growth: Views and Agenda4,646 cited
  • 2002Investor Protection and Corporate Valuation

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  • 2020The impact of ownership structure on the cost of equity in emerging markets62 cited
  • 2020Impact of corporate governance mechanisms on the cost of equity capital in emerging markets60 cited
  • 2023The relationship between corporate governance and cost of equity: evidence from the ISIS era in Iraq49 cited
  • 2022Corporate transparency and firm value: Does market competition play an external governance role?43 cited
  • 2020Litigation risk and cost of capital: Evidence from China39 cited
  • 2020Corporate Governance and Cost of Equity: Evidence from Tehran Stock Exchange35 cited
  • 2022Voluntary disclosure-cost of equity nexus and the moderating role of corporate governance: evidence from an extremely politically unstable context35 cited
  • 2019Short‐selling and cost of equity: evidence from China28 cited
  • 2023Does digital transformation of enterprises help reduce the cost of equity capital27 cited
  • 2022The impact of corporate governance quality on capital structure choices: does national governance quality matter?21 cited
  • 2019The role of macroeconomic and institutional factors in creating corporate financial flexibility19 cited
  • 2021Institutional investors and cost of capital: The moderating effect of ownership structure19 cited
  • 2023Corporate governance and cost of equity: the moderating role of ownership concentration levels17 cited
  • 2021Does international experience of managers bring financing benefits? Evidence from the cost of equity capital16 cited
  • 2021Audit committee ownership and the cost of equity capital14 cited