Corpus ID: 55418663

To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation

  title={To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation},
  author={E. H. Kim},
  • E. H. Kim
  • Published 2004
  • Data on corporate governance and disclosure practices reveal wide within-country variation that decreases with the strength of investors’ legal protection. A simple model identifies three firm attributes related to that variation: investment opportunities, external financing, and ownership structure. Using firm-level governance and transparency data in 27 countries, we find that all three firm attributes are related to the quality of governance and disclosure practices and that firms with… CONTINUE READING
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