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Investor Protection and Corporate Valuation
Rafael La Porta
Dartmouth College - Tuck School of Business; National Bureau of Economic Research (NBER)
Florencio Lopez de Silanes
EDHEC Business School; National Bureau of Economic Research (NBER); Tinbergen Institute
Andrei Shleifer
Harvard University - Department of Economics; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)
Robert W. Vishny
University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)
October 1999
Harvard Institute of Economics Research Paper No. 1882
Abstract:
We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of higher valuation of firms in countries with better protection of minority shareholders, and weaker evidence of the benefits of higher cash flow ownership by controlling shareholders for corporate valuation.
Number of Pages in PDF File: 45
JEL Classification: G32, G31
working papers series
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Date posted: December 13, 1999
Suggested CitationLa Porta, Rafael, Lopez de Silanes, Florencio, Shleifer, Andrei and Vishny, Robert W., Investor Protection and Corporate Valuation (October 1999). Harvard Institute of Economics Research Paper No. 1882. Available at SSRN: http://ssrn.com/abstract=192549 or http://dx.doi.org/10.2139/ssrn.192549
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