In this paper the authors survey financial structure theories, from the start-up point, which is considered Modigliani and Miller’s capital structure irrelevance theorem, to recent theories, such as the pecking order and the market timing theory. For each type of model, a brief overview of the...

The article attempts to investigate the role of ownership structure and corporate governance in mitigating agency cost in a sample of 50 firms selected on the basis of market capitalization from “Karachi Stock Exchange” during the period 2003 to 2006. We used the proxy asset utilisation...

Corporate governance could be defined as the institutions or mechanisms, which induce incentives in listed firms, in order to recognize benefits between all the stakeholders, and to restrict the discretion over that distribution, in presence of asymmetric information and incomplete contracts....

The purpose of this paper is to assess the state of corporate governance as a major factor affecting the growth performance of the private sector in MENA countries. For this purpose both country-specific assessments, carried out by World Bank-IMF teams (so-called ROSC’s assessments) and...

Since the Asian crises which began in Thailand in summer of 1997, issues of corporate governance and corporate organisation in emerging markets have acquired an international dimension. They constitute an important part of the reform agenda of G-7 countries in their plans to institute a new...

This paper focuses on the inter-relationship between corporate governance, financing of corporate growth and stock market development in emerging countries. It explores both theoretically and empirically the nature of the inter-relationships between these phenomena, as well their implications...

This paper investigates the significance of corporate governance in the wake of recent developments in a global perspective. It also highlights the major corporate governance issues in public sector undertakings in India and their impact on accountability and performance compared to private...

We test the ‘law matters’ and ‘legal origin’claims using a newly created panel dataset measuring legal change over time in a sample of developed and developing countries. Our dataset improves on previous ones by avoiding country-specific variables in favour of functional and generic...

This paper not only recommends means whereby principal-agent problems could be addressed, but also considers various ways in which the external auditor and audit committees contribute as corporate governance tools. The impact of bank regulations on risk taking and the need for a consideration of...