Abstract

http://ssrn.com/abstract=1522913
 
 

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Financial Development, Corporate Governance and Cost of Equity Capital


Kartick Gupta


University of South Australia

Chandrasekhar Krishnamurti


Auckland University of Technology

Alireza Tourani-Rad


Auckland University of Technology - Faculty of Business & Law

March 1, 2011

Finance and Corporate Governance Conference 2010 Paper

Abstract:     
This paper explicitly examines the interactive impact of country level legal and financial development, and firm level governance attributes on the cost of equity capital. Using a comprehensive sample of 7380 firm years drawn from 22 developed countries, we show that firm level governance attributes affect the cost of equity capital only in the Common Law countries with high level of financial development. Our study is the first to highlight the complementary effects of legal origin, financial development and firm level governance attributes in influencing the cost of equity capital.

Number of Pages in PDF File: 42

Keywords: Corporate Governance, Financial Development, Legal Origin, Implied Cost of Equity Capital

JEL Classification: G15, G34, F30

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Date posted: December 14, 2009 ; Last revised: March 24, 2011

Suggested Citation

Gupta, Kartick and Krishnamurti, Chandrasekhar and Tourani-Rad, Alireza, Financial Development, Corporate Governance and Cost of Equity Capital (March 1, 2011). Finance and Corporate Governance Conference 2010 Paper. Available at SSRN: http://ssrn.com/abstract=1522913 or http://dx.doi.org/10.2139/ssrn.1522913

Contact Information

Kartick Gupta (Contact Author)
University of South Australia ( email )
37-44 North Terrace, City West Campus
Adelaide, South Australia 5001
Australia
+61 8 830 27179 (Phone)
HOME PAGE: http://people.unisa.edu.au/Kartick.Gupta
Chandrasekhar Krishnamurti
Auckland University of Technology ( email )
AUT City Campus
Private Bag 92006
Auckland, 1142
New Zealand
Alireza Tourani-Rad
Auckland University of Technology - Faculty of Business & Law ( email )
3 Wakefield Street
Private Bag 92006
Auckland Central 1020
New Zealand
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