Aggarwal, Reena; Erel, Isil; Williamson, Rohan; Stulz, … - 2007
an appropriate return on their investment. Governance
depends both on country-level as well as firm-level mechanisms … mechanisms that increase the power of minority shareholders to receive a return on their
investment are costly, so that the … adoption of such mechanisms by a firm is an investment, and the
payoffs from that investment differ across countries and …