Aggarwal, Reena; Erel, Isil; Williamson, Rohan; Stulz, … - 2007
suboptimal for foreign firms to invest as much in governance as
U.S. firms do. Overall, we find that minority shareholders … benefit from governance
improvements and do so partly at the expense of controlling shareholders.
(JEL G32, 34, 38 …-known definition of Shleifer and Vishny (1997), governance consists of the mechanisms
which insure that minority shareholders receive …