http://www.cnr.it/ontology/cnr/individuo/prodotto/ID183780
Corporate Governance And Capital Accumulation: Firm-Level Evidence From Italy (Articolo in rivista)
- Type
- Label
- Corporate Governance And Capital Accumulation: Firm-Level Evidence From Italy (Articolo in rivista) (literal)
- Anno
- 2009-01-01T00:00:00+01:00 (literal)
- Alternative label
- Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#autori
- Rondi Laura; Elston Julie A. (literal)
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- Pagina fine
- Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#numeroVolume
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- Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#numeroFascicolo
- Note
- Google Scholar (literal)
- JCR Social Sciences Edition (literal)
- ISI Web of Science (WOS) (literal)
- Scopus (literal)
- RePEc: Research Papers in Economic (literal)
- Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#affiliazioni
- Rondi, Politecnico di Torino; Elston, Oregon State University (literal)
- Titolo
- Corporate Governance And Capital Accumulation: Firm-Level Evidence From Italy (literal)
- Abstract
- This study investigates the impact of investor protection on firm ownership and
capital growth in a model where investor protection is allowed to vary between
firms. Using panel data for Italy, we construct firm-level variables to capture the
degree of investor protection, which is observable to all shareholders. Empirical
evidence indicates that the stronger the investor protection the lower the fraction of
equity that is owned by insiders. Results show that higher insider equity ownership
is linked to larger risk premiums and higher costs of capital. Implications suggest
that the magnitude of capital stock distortions is particularly important when
shareholder protection is weak and ownership concentration is high. (literal)
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